Closed period meaning

STOP PRESS: A major overhaul of the UK listing framework took effect on 29 July 2024, featuring the abolition of the premium and standard segments and the introduction of a single listing category for equity shares in commercial companies. The commercial companies category is strongly disclosure-led and sits beside other categories, including shell companies, secondary listing and closed ended investment fund categories. A new UK Listing Rules sourcebook commenced to deliver these reforms and the former Listing Rules sourcebook was withdrawn. For more information, see Practice Note: Reform of the UK listing regime—fundamentals. This fundamentals note describes the listing framework as it existed before 29 July 2024. The UK corporate reporting landscape has been influenced by Brexit. For further details see Brexit—accounts and reports. There have been certain amendments to the requirements of the Companies Act, the DTR and the Listing Rules for accounting periods starting on or after the close of the transitional period, although the impact is largely confined to definitions (eg the meaning of a regulated...

Domestic Financial Services and Pensions Ombudsman published annual Overview of Complaints On 26 March 2025, the Financial Services and Pensions Ombudsman (FSPO) issued its annual ‘Overview of Complaints’, presenting statistics on complaints received and closed by the FSPO during 2024 throughout the year. In total, 6,185 complaints were lodged in 2024 during that year. A significant contributor to the volume in this period was the number linked to ‘disputed transactions’ in the banking sector. Almost a third of all banking complaints involved conduct grouped as ‘disputed transactions’, a 12% rise in this category since 2023. Conduct cited within this grouping includes fraudulent transactions, unauthorised withdrawals, failure to provide accurate account information, failure to implement security measures and non-receipt of funds. Overall, the banking sector accounted for the largest share of complaints at 55% of all cases (3,404). This represented a reduction in complaints compared with 2023 (3,850). Most banking complaints related to bank accounts (1,787), followed by mortgages (760) and consumer credit (442) respectively. For all complaints that closed...

In this issue: Brexit highlights Brexit SIs Post-Brexit transition guidance Constitutional and administrative law Equality and human rights Judicial review Information law Public procurement Subsidy control and State aid Other Public Law news Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Brexit highlights Cabinet Office publishes evaluation of Common Frameworks The Cabinet Office has released a review of the Common Frameworks, assessing how the UK Government and the devolved administrations collaborate after Brexit. Drawing on proforma data across 28 frameworks and six case studies, the review concluded that, although the frameworks support effective intergovernmental collaboration, there is scope to enhance cross-framework alignment, stakeholder participation and central guidance. It also observed that many processes within the frameworks remain untried, with limited examples of formal dispute resolution or managing divergence, and recommends continued evaluation as the frameworks mature. See: LNB News 18/07/2025...

In this issue: Key developments Air emissions and climate change Energy efficiency and buildings Energy for environmental lawyers Environmental disputes and proceedings Environmental enforcement and prosecutions Environmental information ESG and sustainability Hazardous substances and chemicals Nature, biodiversity and habitat protection Waste Waste producer responsibility regimes Water, flooding and drainage New and updated content Key developments Environmental Improvement Plan New Environmental Improvement Plan: the Government have published a fresh Environmental Improvement Plan (EIP) under the Environment Act 2021 (EA 2021). This iteration is intended to tackle the weaknesses of the 2023 EIP, yet uncertainty lingers over whether the pace is adequate, whether the route to delivery is sufficiently defined, and whether the resources required to deliver it are in place. Authored by Clare Parry, barrister at Cornerstone Barristers. See News Analysis: Environmental Improvement Plan...

This Practice Note considers the eligibility criteria for indefinite leave to remain under the Tier 1 (Investor) category. The Tier 1 (Investor) category closed to fresh applications, without notice, from 16.00 on 17 February 2022 through Statement of Changes in Immigration Rules CP 632. Holders of existing leave on this route may still prolong their permission, including applying for entry clearance from outside the UK where they have held Tier 1 (Investor) leave at any point in the 12-month period before the application date, and may pursue settlement. Requests to extend, whether made inside or outside the UK, must be filed by 17 February 2026. Applications for indefinite leave to remain must be submitted before 17 February 2028. Specific timings for each cohort are outlined below. In line with other pre-simplification ‘legacy’ routes—and particularly as this route was partly closed due to concerns it enabled the movement of illicitly obtained wealth—both extension and settlement applications are expected to attract rigorous scrutiny. For more on the closure, see: LNB News...

ARCHIVED: This Practice Note has been archived and is not maintained. How are contracts for difference (CfD) and the renewables obligation (RO) connected? The renewables obligation (RO) is designed to stimulate investment in renewable generation. It achieves this by placing a duty on customer-facing electricity suppliers—who obtain electricity from generators, whether directly or indirectly—to procure an ever-increasing share of their wholesale supply from renewable sources. The Secretary of State (SoS) for Business, Energy and Industrial Strategy (BEIS) determines the proportion required each period. Suppliers prove compliance by submitting renewable obligation certificates (ROCs) to the Office of Gas and Electricity Markets (Ofgem). New ROCs are issued solely to accredited renewable generators, encouraging suppliers to purchase renewable output (together with separately priced ROCs) from such projects, thereby delivering a degree of financial support to those developments. For further details, see Practice Note: Renewables Obligation (RO)—accreditation of renewable electricity generators [Archived]. On 31 March 2017, the RO closed to most categories of new generation. The RO will continue to...

This practice note applies to defined benefit occupational pension schemes The importance of identifying a scheme’s statutory employer(s) A fundamental element of the law governing occupational pension schemes, particularly defined benefit (DB) schemes, is that the main burden of supporting the scheme lies with its sponsoring employers, as a matter of law alone indeed. An employer might have exited the scheme previously without settling all liabilities owed to it; in such circumstances they may still be a ‘statutory employer’ even though they no longer participate. They may therefore continue to bear obligations in relation to the scheme. Under the registered pension scheme regime, various specific obligations fall upon those who qualify as ‘statutory employers’, a notion carried over from the earlier tax-exempt approval regime in force before A-day (for further information on the pre A-day regime, see The pre A-day pensions tax regime [Archived]). These duties will typically extend beyond those that a participating employer assumes under the scheme’s trust deed and rules. For...

1 General information Monitoring review date [ Insert date ] Individual carrying out the monitoring review [ Insert name ] 2 Consolidated data Criteria During the last [ insert period, eg quarter ] Across the previous 12 months Count of routine file audits/reviews mandated under supervision/risk management procedures [ Insert number ] [ Insert number ] Count of routine file audits/reviews completed [ Insert number ] [ Insert number ] Count of closed file audits/reviews completed [ Insert number ] [ Insert number ] Total count of file audits/reviews completed (routine plus closed file audits) [ Insert number ] [ Insert number ] 3 Data by file...

A: General information Review date Reviewer(s) B: Data 1 Rolling data Criteria During the past [ insert period, e.g. quarter ] Across the last 12 months Count of suspected conflict / confidentiality / disclosure issues referred to the COLP for a decision on whether we could act (“reported cases”) Count of reported cases where instructions were declined following review by the COLP Count of reported cases where instructions were approved following review by the COLP (including cases that are now closed) 2 Snapshot data Count of reported cases with a decision outstanding from the COLP (e.g. on whether we can act or other actions required) Count of reported cases in which we are presently acting (i.e. instructions were approved following review by the COLP) ...

PART ONE—GENERAL PROVISIONS 1 Definitions and interpretations This Rule sets out the glossary for the Plan and how those terms should be read. Defined expressions cover, among others: Awards and outcomes: Contingent Awards, Restricted Awards, Matched Awards, Options and Cash Awards, together with Date of Grant, Option Price, Exercise Price, Market Value, Dividend Equivalent and the concept of Vesting; People and entities: the Company (acting through the Board or a duly authorised committee, which may include the Remuneration Committee), Eligible Employees, Participants (and their personal representatives), the Group and its Subsidiaries, Associated Companies, the Grantor, the Nominee, the Trustee and Trust, and HMRC; Timeframes and dealing: Financial Year, Dealing Day, Closed Period, Grant Period, Holding Period, Relevant Period and the Plan Period; Shares and schemes: Shares, Employees’ Share Scheme and Company Share Scheme, Invested Shares and Invested Share Amount, and Matched Awards linked to such co‑investment; Legal and tax concepts: Control (as in ITA 2007, s995), ITEPA, Tax liabilities and any...