Sanctions developments were a key focus, particularly recent UK measures. Members discussed due diligence obligations and market practice, concluding that responsibility for sanctions screening appropriately remains with individual firms, while noting the importance of consistent and robust processes.

The Committee considered geopolitical developments and the potential need for notices of cancellation in high-risk regions, agreeing that preparatory frameworks should be developed while maintaining compliance with competition requirements. 

Updates were also provided on technical initiatives, including continued progress on LSW169A and discussions around ports and terminals risk codes. Emerging issues in energy transition liability wordings were highlighted, with concerns around consistency and scope. Claims and legal discussions covered sanctions enforcement, US litigation risk and regulatory change.