Bear market meaning

Market definition is fundamental to the application of competition law. This Checklist helps to determine the relevant market for competition-law purposes and the kinds of evidence that can be used when delineating a relevant market (see further, Market definition and analysis in EU and UK competition law)... Framework for assessment Keep in mind the purpose of defining the market in competition cases. Market definition is not a goal in itself; it is a tool for identifying the strongest and most immediate competitive pressures acting on a firm or firms for the evaluation of market power. Key points to bear in mind when defining and analysing markets are as follows: Consider the context in which the market-definition exercise is undertaken (whether it concerns the assessment of restrictive agreements, abuse of dominance, or mergers)...

What is the background to the consultation? IP rights confer exclusive monopolies on their owners. Ordinarily, those protections stop others from selling, trading in, or importing products that infringe the monopoly. Exhaustion The principle of exhaustion curbs that exclusivity for items already placed on the market with the rights holder’s consent. Once goods are put on the relevant market with permission, the IP proprietor cannot object to their sale, subsequent dealing, or import. A central issue within exhaustion is identifying the relevant market; by placing goods into that market, the proprietor’s rights are exhausted. This matters especially when considering the entitlement to import products covered by IP rights. Many rights holders aim to command premium prices in high-income territories, yet they also wish to supply lower-income markets that cannot bear such premiums. The difficulty arises when those lower-priced goods reach high-income markets, undercutting authorised channels and eroding profit margins. Unauthorised imports—known as parallel imports because they occur alongside authorised imports—therefore create challenges for rights holders. This focus on market...

In this issue: Data protection New technologies Internet Media Advertising, marketing and sponsorship LexTalk®TMT: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Data protection ICO wins UT appeal on Clearview AI jurisdiction under UK GDPR The UK Upper Tribunal (UT) has allowed the Information Commissioner’s Office (ICO) appeal against the First-tier Tribunal (FTT) in the Clearview AI Inc matter. The US-based firm was fined £7.5m in 2022 for unlawfully harvesting images of UK residents from the web and deploying them in a facial recognition database. Upholding three of the ICO’s four grounds, the UT decided Clearview’s handling of personal data amounts to monitoring UK residents’ behaviour and is therefore caught by UK data protection law, irrespective of the company’s overseas location or clientele. It further found the FTT erred in law in deciding the processing fell outside the material scope of...

What is the rationale for CCUS NPT policy development? DESNZ outlines clear reasons for intervening in NPT, highlighting obstacles that prevent the market from delivering alone: price and revenue market failures (CCUS costs outstrip the prevailing carbon price and likely receipts, with weak revenue certainty and insufficient demand pull for low‑carbon products) co‑ordination failures spanning multi‑party value chains first‑mover disadvantages driven by high upfront expenditure and technology/market risk the need to recognise unpriced positive externalities (‘societal spill‑overs’) arising from CCUS deployment DESNZ concedes that existing capture business models and the T&S Regulatory Investment (‘TRI’) model were chiefly conceived for pipeline transport (rather than NPT) and for permanent geological storage (not intermediate or above‑ground storage). Industry feedback has stressed that full‑chain NPT costs remain a significant brake on investment, requiring tailored NPT support. DESNZ’s objective is to create sufficient policy certainty for NPT projects to progress, while steadily scaling back direct government intervention...

PizzaExpress Financing 2 plc applied for a Part 26A restructuring plan (RP) at a convening hearing in September 2020 and sanction hearing in October 2020. The principal points are outlined below; unless specified otherwise, capitalised expressions bear the meanings set out in the convening judgment. This Deal Debrief sits within our Restructuring plans collection. For an in-depth look at key metrics from the 2023 RPs and commentary from leading figures in the restructuring arena, see Practice Note: Market Insights Trend Report—trends in Part 26A restructuring plans in 2023 [Archived]. Plan company: PizzaExpress Financing 2 plc (the Company) Industry: Restaurants Debtor’s incorporation and jurisdictional aspects: England & Wales, with COMI in the UK Pre-convening development: the Company executed a Contribution Deed one month prior to the convening hearing, which in effect rendered it a primary obligor...

OTC derivatives and ETDs Derivatives fall into two principal categories: over the counter (OTC) derivatives, and exchange traded derivatives (ETDs) OTC derivatives can be further divided into: non-cleared OTC derivatives, and cleared OTC derivatives, which combine characteristics found in both non-cleared OTC derivatives and ETDs For additional detail on OTC derivatives and ETDs, see Practice Notes: OTC and exchange traded derivatives—key features and concepts and OTC and exchange traded derivatives—documentation. Why are derivatives regulated? Derivatives trading is a significant area of financial activity and has long been regulated—however, the purpose and scope of that regulation shifted after the 2007–2008 global financial crisis. Before the crisis, in broad terms: ETDs were regulated because they were traded on public exchanges and there was a wish to protect market users and the public from fraud, manipulation, and abusive practices, but OTC derivatives were viewed as private bilateral arrangements that could be left...

Practice Note This Practice Note highlights some of the principal legal considerations to bear in mind when engaging in online trade with consumers. The term ‘consumer’ varies across statutes, yet typically denotes a natural person acting for reasons wholly or chiefly beyond that person’s trade, business, craft or profession. Broad commercial law topics—such as the state of goods, standard of services, competition, and taxation—are not examined in depth in this Practice Note. Additional legal obligations may influence particular online ventures depending on sector-specific regimes or the nature of the goods or services offered (eg rules relevant to financial services, consumer credit, ticket sales or resales, unsolicited products, auctions, gambling, or online pornography); where pertinent, these should be reviewed and likewise fall outside the scope of this Practice Note. For guidance and commentary on business-to-business (B2B) e‑commerce, consult Practice Note: Business to business e‑commerce—legal issues. This Practice Note includes references to assimilated law. Assimilated law is the term applied to retained EU law (‘REUL’) that continues to have effect after...

Parties On [date], [Seller details] (Seller) and [Buyer details] (Buyer) enter this Option Agreement. Definitions Deposit: £[...]; Option Fee: £[...] plus any VAT; Interest: [4]% above [bank] base rate. Option: Buyer may require transfer on paying the Price within the Option Period ending [time/date]. Legislation, VAT and Working Day as defined; Property, Price and solicitors as specified. Grant of Option For the non-refundable Option Fee (separate from the Price unless stated), the Seller grants the Option; it lapses if not exercised in time; any necessary mortgagee consent is/will be in place. Exercising the Option The Buyer may serve an Option Notice within the Option Period for the whole Property [and must pay any Deposit as required]. On valid exercise, the sale contract in the Schedule immediately arises. Notices, Costs and VAT Notices are by hand or pre-paid post to stated addresses; VAT is additional; costs are as provided; overdue sums bear Interest. Termination and...