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What are pharmaceutical incentives? In the EU, protection mechanisms and incentives for medicinal products, grouped under the term pharmaceutical incentives (PIs), are in place. PIs comprise legislative measures that give originator pharmaceutical companies (originators) a degree of advantage over companies selling medicines with the same active substance at far lower prices (generic or biosimilar companies)-ranging from market protection (MP), through extensions of patent rights, to several years of market exclusivity for a medicinal product. Rationale behind PIs PIs were introduced in the EU to encourage and support originators in discovering and developing new medicinal products. While innovation and discovery typically require considerable time and financial investment, only limited effort is needed to use the knowledge generated afterwards. When a generic or biosimilar company reproduces an invention, it often does not bear the substantial research and development (R&D) costs of creating it and can therefore sell the
Claims by contractors for time and/or money Requests from contractors seeking additional time and/or payment are commonplace on construction projects. A time claim seeks an extension of time (EoT) to complete the works (or achieve a contractual milestone) where a delay event has occurred, whereas a money claim typically pursues reimbursement of extra loss and/or expense incurred by the contractor due to delay or disruption to the works. Such a claim might likewise be brought by a sub-contractor under a sub-contract. These claims are usually founded on an express contractual entitlement—ie the contract specifies situations in which the contractor is entitled to time and/or money—and they are advanced and decided in accordance with the contract terms. They do not, of themselves, involve a breach of contract or require there to be a dispute between the parties, although they may ultimately give rise to
Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) whose registered office is at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) whose registered office is at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) whose registered office is at ] [ address ] (Guarantor) ] 1 Definitions For this Deed, the terms below shall have the following meanings: Effective Date • [ today OR the date of this Deed OR [ other date on which the variation is to take effect ] ] [ Guarantor’s Obligations • the covenants undertaken by the Guarantor in [ the Lease OR a [ describe other
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Across the UK, the Competition and Markets Authority ( CMA) examines mergers using a two-phase procedure. The procedure is presented in the flowchart set out below as follows:......
In certain markets, although there is no misconduct, underlying factors can mean they do not function effectively for consumers overall in practice......
Timeline This timeline reviews the evolution of the UK market abuse framework under Assimilated Regulation ( EU) 596/2014 ( UK Market Abuse Regulation) from 2024 onwards. For earlier milestones, refer to Market Abuse Regulation—timeline. For general guidance on the UK Market Abuse Regulation, consult Practice Notes: Market Abuse Regulation ( MAR)—essentials, UK Market Abuse Regulation ( UK MAR)—one minute guide, and UK Market Abuse Regulation—level 2 and level 3 measures......
Assimilated Regulation ( EU) 596/2014 ( UK Market Abuse Regulation) has effect in the UK from IP completion day (31 December 2020)...
This checklist sets side by side the entry criteria and principal ongoing duties under the UK Listing Rules ( UKLR) for equity share listings across these Official List categories: equity shares (commercial companies), equity shares (international commercial companies secondary listing), equity shares (shell companies) and equity shares (transition). It further considers the main continuing obligations set out under the Disclosure Guidance and Transparency Rules ( DTR) too......
The Competition and Markets Authority ( CMA) examines claims of anti-competitive conduct affecting the UK that could potentially breach the prohibitions in Chapter I and Chapter II of the Competition Act 1998. The stages of a CMA antitrust enquiry are set out as follows in the flowchart below. For more information, please see UK investigations—steps in investigations here......
STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime Finance Act 2025 ( FA 2025), which obtained Royal Assent on 20 March 2025, legislates to abolish the remittance basis of taxation and to introduce a residence-based regime from 6 April 2025. FA 2025 also removes domicile as the principal criterion for determining liability to inheritance tax. Further adjustments include: Amendments to the rules that define excluded property status Abolition of protected settlements status for offshore trusts Changes to overseas workday relief For information on these changes, see: Practice Notes: The abolition of the remittance basis of taxation from 2025–26 Practice Notes: A new residence-based regime for IHT from 2025–26 See also: Finance Bill Tracking Service: Key dates ( Finance Bill 2025) Finance Act 2025 This table compares the principal taxes applicable to home ownership structures for UK...
The general (that is, not linked to specialist fields such as law enforcement) data protection laws in the UK consist of: Assimilated Regulation ( EU) 2016/679 — the UK General Data Protection Regulation ( UK GDPR), a version of Regulation ( EU) 2016/679 ( EU GDPR) incorporated into UK law following Brexit; the relevant provisions of the Data Protection Act 2018 covering general personal data processing, the powers of the Information Commissioner, and sanctions and enforcement. For further detail, see Practice Note: The UK General Data Protection Regulation ( UK GDPR). UK GDPR The UK GDPR sets requirements for anyone who processes personal data—covering both data controllers and data processors. An Insolvency Practitioner ( IP) may act in either or both capacities. Their duties stem both from their formal appointments and from any position they hold within an...
ARCHIVED: This Practice Note is archived and is no longer maintained. This chronological timeline outlines every UK and EU development concerning the regulation of crowdfunding. It also covers the various forms of crowdfunding and the differing approaches adopted by UK and EU regulators, legislators and industry groups towards crowdfunding. Crowdfunding (sometimes called ‘crowdsourcing’ or ‘crowd financing’) operates on the basis that people seeking finance, such as entrepreneurs, present projects or businesses on an internet platform, and members of the public provide money through that platform. There is no ceiling on any single person’s contribution; however, in contrast to more established fundraising methods, many platforms enable participants to give as little as £10. Usually, the entrepreneur must set a target sum and a cut-off date, and will not obtain the funds from the platform unless that target is achieved by the stated...
This Checklist outlines which companies and limited liability partnerships ( LLPs) fall within the main UK and EU compulsory environmental reporting regimes. It offers a high-level overview and points to the sources for the applicable reporting rules. For fuller coverage of the binding reporting obligations, see Practice Notes: CSR, ESG and human rights reporting and initiatives and EU mandatory corporate sustainability reporting. For an overview of the voluntary disclosures many companies and LLPs follow, see Practice Notes: TCFD recommendations and other ESG reporting frameworks, standards and benchmarks [ Archived] and Investor group guidance on environmental, social and governance ( ESG) issues. UK requirements Strategic report to contain description of principal risks and uncertainties. Scope: All companies (other than micro and small companies). Traded LLPs and banking LLPs. ...
This timeline shows key developments relating to Assimilated Regulation ( EU) 648/2012 ( UK EMIR) from 2024 onwards For prior milestones, consult European Market Infrastructure Regulation ( EMIR)—timeline [ Archived]. 23 January 2026 — ISDA | UK Finance ISDA and UK Finance Respond to FCA and HMT Consultations The International Swaps and Derivatives Association ( ISDA) and UK Finance filed joint submissions to a Financial Conduct Authority ( FCA) consultation and an HM Treasury ( HMT) draft statutory instrument, focused on simplifying the UK EMIR intragroup framework. The measures would create a permanent, streamlined intragroup regime under UK EMIR and codify, on an enduring basis, exemptions available under the temporary intragroup exemption. ISDA backs the approach and encourages additional simplifications. 11 December 2025 — Bo E Consultation paper: Exempting post-trade risk reduction transactions from the clearing obligation The Bank of England ( Bo E) is seeking views on...
ARCHIVED: This archived checklist outlines the ways in which the 2016 iteration of the UK Corporate Governance Code varied from the 2014 UK Corporate Governance Code. It is not updated and is supplied for background purposes only. Checklist—2014 UKCG Code and 2016 UKCG Code compared In April 2016, the Financial Reporting Council issued a fresh edition of the UK Corporate Governance Code (the 2016 UKCG Code) to incorporate changes arising from Regulation ( EU) 537/2014 ( EU Audit Regulation), Directive 2014/56/ EU ( Statutory Audit Amending Directive) and the Statutory Audit Services for Large Companies Market Investigation ( Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014 ( Statutory Audit Services Order). The 2016 UKCG Code applied to companies with accounting periods starting on or after 17 June 2016. This table sets out how the 2016 UKCG Code diverged from the text issued in 2014...
ARCHIVED: This archived checklist summarises how the 2014 edition of the UK Corporate Governance Code differed from the 2012 edition of the UK Corporate Governance Code. It is no longer maintained and is provided for background purposes only and for reference. Checklist—2012 UKCG Code and 2014 UKCG Code compared In September 2014, the Financial Reporting Council issued a new, updated version of the UK Corporate Governance Code (the 2014 UKCG Code) following its biennial consultation on potential amendments to the UK Corporate Governance Code ( UKCG Code), which began in April 2014. The 2014 UKCG Code took effect for companies with accounting periods starting on or after 1 October 2014. The following summary shows how the 2014 UKCG Code diverged from the version published in 2012: Provision — 2012 UKCG Code — 2014 UKCG Code compared Preface: Wording specific to the 2012 edition and the earlier review of the UKCG...
ARCHIVED: This archived checklist summarises how the 2012 edition of the UK Corporate Governance Code differed from the 2010 UK Corporate Governance Code. It is not maintained and is supplied for background information only. Checklist—2010 UKCG Code and 2012 UKCG Code compared In September 2012, the Financial Reporting Council issued a new edition of the UK Corporate Governance Code (the 2012 UKCG Code) following its two-yearly consultation on potential amendments to the UK Corporate Governance Code ( UKCG Code), which began in April 2012. The 2012 UKCG Code applies to companies with accounting periods commencing on or after 1 October 2012. The points below indicate how the 2012 UKCG Code varied from the version released in 2010 (the 2010 UKCG Code): Governance and the Code: Wording unique to the 2010 edition and the preceding review of the UKCG Code has been removed. ...
Timeline of key developments for Assimilated Regulation ( EU) 2016/1011 (the UK Benchmarks Regulation) This timeline outlines major developments concerning Assimilated Regulation ( EU) 2016/1011 (the UK Benchmarks Regulation) from January 2024 onwards. For prior developments, see Benchmarks Regulation—timeline [ Archived] 2025 17 December 2025 — HMT; FCA Open consultation: Future regulatory regime for benchmarks and benchmark administrators Consultation [ PDF]; FCA welcomes reform to the UK Benchmarks Regulation HM Treasury ( HMT) has opened a consultation on the Specified Authorised Benchmark Regime ( SABR), a wholly new benchmarks framework intended to replace the UK Benchmarks Regulation, regulating only those benchmarks or benchmark administrators that could present systemic risks to UK financial markets. HMT anticipates that SABR could shrink the population of benchmark administrators within scope by roughly 80 to 90 per cent....
This timeline outlines key milestones for the UK bank recovery and resolution framework from January 2024 onwards. For prior milestones, consult Bank Recovery and Resolution Directive ( BRRD)—timeline [ Archived]. 2026 Date Source Document Description 23 February 2026 Financial Stability Board Thematic Peer Review on Public Sector Backstop Funding Mechanisms: Summary Terms of Reference The Financial Stability Board ( FSB) has initiated a thematic peer review assessing how FSB member jurisdictions have implemented public sector backstop funding mechanisms to support the resolution of financial institutions. The exercise evaluates delivery against Key Attribute 6 and the Guiding Principles on the Temporary Funding Needed to Support the Orderly Resolution of a Global Systemically Important Bank. The FSB has issued questionnaires to member authorities and requested input from financial firms, industry bodies, academics and other stakeholders on matters such as financial stability vulnerabilities, design aspects of backstop...
This checklist summarises the actions to undertake and the matters to weigh up when the Transfer of Undertakings ( Protection of Employment) Regulations 2006 ( TUPE 2006), SI 2006/246 are engaged on a business disposal or a change in service provision, where appropriate. It additionally flags up the pertinent Practice Notes and Precedent materials. It is not produced for clients, though it can be tailored for them if required. See also the following TUPE-related checklists: What transfers under TUPE, and who is liable—checklist Pension issues on a TUPE transfer—checklist Checklist—immigration-related requirements on a TUPE transfer Drafting a tripartite settlement agreement—checklist Legal background For a summary of TUPE 2006’s general effect and obligations, consult TUPE and asset purchases—overview. Obtain essential information Pin down exactly what is being transferred or contracted out (this could be a business, a business unit, or another...
Determine whether a business relationship is being established: Does a business relationship already exist? If so, no checks for discrepancies are at present required Will the firm deliver services to the trustees, eg agreed terms of business? Will the relationship be ongoing rather than a single instruction? ......
Trustees' responsibilities on the termination of a trust When a trust concludes, trustees are obliged to: confirm the trust has ended establish who is entitled to the trust property review any tax consequences ensure all liabilities are settled decide whether they need personal protection before releasing the trust assets A checklist can be a helpful aid. The termination of a trust diarise the termination event, eg beneficiary reaching 25 consider tax planning in advance of termination check the termination documents are valid confirm the termination date Accounts and liabilities identify and settle liabilities finalise tax liabilities prepare final accounts Distribution of assets identify beneficiaries identify assets calculate the amount due to each beneficiary obtain...
This Checklist This Checklist should be read alongside Practice Notes: Trusts—disclosure of beneficial ownership information through the Trust Registration Service ( TRS), and Practice Notes: record-keeping and Trust Registration Service ( TRS). See also Practice Notes: Trust Registration Service ( TRS)—table of registration requirements and deadlines, and Trust Registration Service ( TRS)—trusts excluded from registration. These Practice Notes provide guidance on trustees’ obligations arising from implementing, in relation to trust registration, the EU’s Fourth Anti- Money Laundering Directive, Directive ( EU) 2015/849 (4MLD), via the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017 ( MLR 2017), SI 2017/692, and the EU’s Fifth Anti- Money Laundering Directive, Directive ( EU) 2018/843 (5MLD), via the Money Laundering and Terrorist Financing ( Amendment) ( EU Exit) Regulations 2020 ( MLR 2020), SI 2020/991. As part of this...
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When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...
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