The Panel discussed the latest Committee Effectiveness Survey, welcoming improved scores for collaboration and agreeing to revisit findings at the next meeting; members were invited to share confidential feedback to inform improvements. Key wording developments included ongoing market debate on clarification of war clause notification and determination (including consideration of an external panel), with regulators briefed and potential intervention noted if no solution emerges. The Panel also received an update on the LMA’s work on data centre aggregation, and members were invited to provide TPV input. Members noted increased notifications linked to fast-moving events in the Middle East and emphasised leadership and caution in interpreting early information. Further updates covered RDS developments and planned liaison with the TPV Claims Panel