Business day (Code definition) meaning

STOP PRESS The Loan Market Association (LMA) has released refreshed editions of the standard terms and conditions for Par and Distressed Trade Transactions, the complete set of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide, with effect from 17 March 2026. The changes remove LIBOR references, update IBOR rate definitions and the Target2 definition, and revise ERISA representations to incorporate additional exemptions to the prohibited transaction rules under ERISA and the US Internal Revenue Code. The revised documentation is available exclusively to LMA members, accessible via the LMA’s Documentation Hub. These publications are updated versions issued by the LMA. Summary A core principle of trading under the LMA protocol is that ‘Trade is a Trade’; i.e. once a trade is struck—including an oral contract agreed by telephone—it is binding, and subsequent developments, even if adverse to one or both parties, do not entitle either party to cancel or ‘break’ the trade. By way of example, a failure to secure consent for...

This checklist sets out the key matters to weigh up when preparing post-termination restrictions for a client, whether the aim is to safeguard trade secrets and confidential material, a trade connection, or the stability of the workforce. For guidance on leading rulings and key decisions concerning the enforceability of post-termination restrictions, see Practice Note: Decisions on post-termination restrictions and garden leave in employment contracts. General the individual instructing you on the restrictions should be sufficiently senior and engaged in day-to-day operations to brief you on the business and the employee’s function in it, the legitimate interests to be protected, and the proportionality and reasonableness of the restraints and restrictions, to ensure instructions can be provided for these points pinpoint the employer’s legitimate business interests, namely trade secrets and confidential information, trade connection, and the stability of the workforce—see the Practice Note: Legitimate business interest for reference assess whether the employee’s duties involve access to, or control over, any of these specific legitimate business interests...

Question Answer This Checklist is for in-house lawyers. It helps you gauge how well you grasp the key finance and accounting concepts you are likely to encounter day to day, and how they apply within the business. Use it to spot knowledge gaps-both technical and business-specific-and to prioritise what to tackle next so you can contribute more effectively to commercial discussions. Assess your current confidence level honestly; this will show you where to concentrate your learning. Some questions test awareness of concepts, others explore how you have used this knowledge practically; use both to target your development. If several areas feel uncomfortable, that is common and fixable. See Practice Notes: Introduction to business finance and accounting-financial accounting and external performance and Introduction to business finance and accounting-management accounting and internal decision-making for guidance on the essentials of business finance and accounting, and why this matters for in-house lawyers. See: Improving your financial literacy-checklist for practical steps that you can take to improve your financial literacy and understanding of how...

Background to and scope of this flowchart An individual who conducts a regulated activity in the UK in the course of business, where no relevant exclusion or exemption applies, must be authorised under the Financial Services and Markets Act 2000 (FSMA 2000). For details and context on the consequences of carrying on a regulated activity without authorisation, consult Practice Note: The general prohibition and implications of its breach. For an explanation of what it means to carry on business in the UK, see Practice Notes: What does 'by way of business' mean? and Territorial scope of the general prohibition. For guidance on exemptions and exclusions that may apply in particular circumstances, refer to Practice Notes: Regulated activities—exempt persons and Exclusions and exemptions relating to the general prohibition—an introduction...

Background to and scope of this flowchart On 31 October 2004—often called ‘M Day’—providers and brokers involved in regulated mortgage contracts (RMCs) came within the regulatory perimeter. Any individual or firm undertaking a regulated activity in the UK in the course of business, where no relevant exclusion or exemption applies, is required to hold authorisation under the Financial Services and Markets Act 2000 (FSMA 2000)...

Open or print a full-sized PDF edition...

State aid General Court dismisses action relating to Commission’s decision approving compensation to Česká pošta for universal service obligations The General Court delivered its ruling in Case T-784/22, Zásilkovna v Commission, a challenge to the Commission’s decision of 25 July 2022, which concluded that compensation granted to Česká pošta by the Czech Republic for carrying out the universal postal service obligation for the years 2018-2022 was compatible with the internal market (SA.55208). The General Court rejected the action in full. By its ruling, the Court endorsed the Commission’s approval of the compensation measure. Background Česká pošta, the incumbent postal operator in the Czech Republic, has been designated as the country’s universal postal service provider. Under the universal service obligation (USO), Česká pošta is required, amongst other duties, to make available specified letter and parcel delivery services on each business day throughout the whole territory of the Czech Republic. The General Court upheld this decision on appeal. In January 2018, the Czech authorities pre-notified compensation intended for Česká...

Although ministers insist the bill is “firmly pro-business and pro-worker”, the latest changes have yielded a final version that further ramps up the financial pressures on employers under the Labour government. Sanctions for employers who breach collective redundancy procedures will be doubled, and the Central Arbitration Committee will gain the power to levy fines on businesses that obstruct union access to the workplace. Statutory sick pay will apply to every single worker from the first day of illness, yet there is no indication of a revival of the rebate scheme the government once ran for small and medium-sized businesses and firms. A reduced payment is also presently available to individuals earning below the 2024 threshold of £116.75 per week. MPs are also expected to insert a right to a fortnight of bereavement leave for parents following a miscarriage when the ERB reaches its third reading in the House of Commons next week. On 5 March 2025, Dan Pollard, a partner at Charles Russell Speechlys LLP, described the amendments as “brilliant...

In this issue: Contract law Building safety Litigation Arbitration Tax for construction lawyers Standard form contracts Construction industry news Daily and weekly news alerts New and updated content Construction trackers Contract law Employer deemed out of time in issuing a notification on the Monday after a Sunday deadline (My Contracts v 74 Hamilton Terrace) In My Contracts Ltd v 74 Hamilton Terrace Freehold Ltd [2024] EWHC 2896 (TCC), the TCC issued a declaration at the contractor’s request concerning the construction of a clause that imposed a deadline for the employer to notify costs for which the contractor was responsible. The court concluded the employer missed the deadline by serving the notice on the Monday immediately after the final day for service, which had fallen on a Sunday. Central to the decision was that the clause made no provision for the period to be calculated by reference to ‘Business Days’. See News Analysis: Employer...

Brexit Financial Services Legislation Status Guide This guide outlines high-level information on the status of EU laws regulating the payments sector, namely: the second Electronic Money Directive (Directive 2009/110/EC) (2EMD) the Cross-Border Payments Regulation (Regulation (EC) 924/2009) (CBPR) as amended by Regulation (EU) 2019/518 (CBPR2) the Regulation establishing technical and business requirements for credit transfers and direct debits in euro and amending the CBPR (Regulation (EU) 260/2012) (SEPA Regulation) the Payment Accounts Directive (Directive 2014/92/EU) (PAD) the recast Payment Services Directive (Directive (EU) 2015/2366) (PSD2) the Interchange Fee Regulation (Regulation (EU) 2015/751) (IFR) This Practice Note should be read alongside the following Practice Notes: Impact of Brexit: Payment services and electronic money directives—quick guide [Archived] Impact of Brexit: SEPA Regulation—quick guide [Archived] Impact of Brexit: Payment accounts—quick guide [Archived] Impact of Brexit: Interchange Fee Regulation—quick guide [Archived] During the implementation period from 1 January 2020 to 31 December 2020...

Film and TV glossary A–B Film and TV glossary E–H Film and TV glossary I–L Film and TV glossary M–P Film and TV glossary R–S Film and TV glossary T–W CAP Code for non-broadcast media The UK Code of Non-broadcast Advertising and Direct & Promotional Marketing (the CAP Code) serves as the principal framework governing non-broadcast adverts, promotional sales activity and direct marketing messages. It is drafted by the Committee on Advertising Practice (CAP), a self-regulatory body whose membership comprises organisations representing advertising, sales promotion, direct marketing and media industries. The Advertising Standards Authority (ASA) polices the CAP Code and may require the withdrawal or amendment of any advertisement that contravenes these standards. Refer to Practice Note: Advertising law and regulation. Channel 4 Channel 4 operates as a ‘publisher-broadcaster’: it produces no programmes internally, commissioning content from production companies across the UK. Cinematograph film Under the Copyright Act 1956 (CA 1956), films gained protection as...

This Practice Note examines the provisions of the Civil Jurisdiction and Judgments Act 1982 (CJJA 1982) that resolve questions of international jurisdiction for employment proceedings commenced on or after 1 January 2021. For a visual summary, see: Determining jurisdiction in employment disputes (1 January 2021 onwards)—flowchart. For guidance where proceedings began on or before 31 December 2020, see: Practice Note: International jurisdiction—allocating employment cases between national courts and tribunals pre-1 January 2021 [Archived] Determining jurisdiction in employment disputes (to IP completion day)—flowchart [Archived] Background Where a common law claim is brought in the courts—such as a damages claim for breach of contract or to enforce post-termination restrictions (restrictive covenants)—jurisdiction is governed by the CJJA 1982 and the Civil Procedure Rules (CPR). These rules apply to proceedings instituted on or after 1 January 2021 and replace Retained Regulation (EU) 1215/2012, Brussels I (recast) (commonly known as the Brussels 1a Regulation), and the Lugano Convention, which applied to proceedings started before the end of...

Use this in conjunction with our Decision-making guide, which outlines our organisation’s approach to decision-making and explains why we have such a process in place. We recognise that colleagues make decisions at work every day. We do not expect you to follow the Decision-making guide and this framework for minor or operational business decisions, though some of the principles in this framework may prove helpful in day-to-day practice. The Decision-making guide and framework should be applied whenever a significant business decision is required, so that such choices are grounded in evidence and logic. A significant business decision is one that [ insert your criteria, eg may have a significant effect on our business, operations, staff, customers or external stakeholders ], eg [ insert examples eg a decision to proceed with a key project or business initiative, a decision relating to a complex situation or that is likely to have a commercial impact ]. The full criteria for a significant business decision is set out in the Decision-making guide. This framework...

This Agreement is entered into on [ insert date ] Parties [ insert name ], a company incorporated in [ England and Wales ] with number [ insert company number ] and having its registered office at [ insert address ] (Licensor); and [ insert name ], a company incorporated in [ England and Wales ] with number [ insert company number ], whose registered office is at [ insert address ] (Licensee). Each of the Licensor and the Licensee is a party, and together the Licensor and the Licensee are the parties. BACKGROUND (A) The Licensor [ is the [ registered ] proprietor of OR is the applicant to register OR has the right to licence and/or sub-licence ] certain intellectual property rights. (B) The Licensee is [ insert background to licence/relevant transaction ]. (C) The Licensor has agreed to grant a licence of those intellectual property rights to the Licensee, and the Licensee has...

1 Definitions and interpretation 1.1 Within this Agreement: Affiliate – refers to any entity that, whether directly or indirectly, Controls, is Controlled by, or is under shared Control with, another entity; Business Day – means any day other than a Saturday, Sunday, or a bank or public holiday in Scotland; Control – signifies [ the beneficial ownership of more than 50% of a company’s issued share capital, or the lawful power to direct, or to cause the direction of, the company’s management OR has the meaning assigned in the Corporation Tax Act 2010, s 1124 ], and Controls and Controlled shall be construed accordingly; Dispute Notice – has the meaning set out in clause 2.2; Force Majeure – has the meaning set out in clause 6.1...

No estate will be placed on the register until any existing caution has been properly resolved. Should an application to register be lodged, HM Land Registry (HMLR) will alert the cautioner and advise them of their entitlement to oppose it. The cautioner may then submit an objection within the stipulated timeframe. As provided by the Land Registration Rules 2003, SI 2003/1417, r 53, that period usually expires at 12 noon on the 15th business day following the issue date of the Registrar’s notice, unless a different arrangement is agreed. Nevertheless, the cautioner may ask the Registrar, with reasons, to allow extra time. Any such request must be lodged before 12 noon on the 15th business day after the Registrar’s notice is issued...

Under section 193 of the Trade Union and Labour Relations (Consolidation) Act 1992 Employers are required to inform the Secretary of State for Business, Energy and Industrial Strategy (BEIS) before issuing any redundancy notices and, in any event: where 20 or more dismissals are contemplated within 90 days, no less than 30 days before the first dismissal takes effect where 100 or more dismissals are contemplated within 90 days, no less than 45 days before the first dismissal takes effect For BEIS notification purposes, the full 30- or 45-day interval must pass before the first dismissal occurs. Notification is made on Form HR1, submitted to The Insolvency Service. For additional details, see Practice Note: Collective redundancy—statutory information and consultation obligations, under the heading Obligation to notify BEIS (Form HR1). As stated in the Advance notification of redundancies: guidance for employers accompanying Form HR1, the notification date is ‘the date on which we receive your completed form’. Forms with any required information...

As regards the requirement to serve, the controlling rule is CPR 55.10...