Commercial paper meaning

In this issue: Advertising, marketing and sponsorship Consumer protection Contracts Intellectual property International Sale and supply of goods Supplier management Daily and weekly news alerts New and updated content Dates for your diary Trackers Advertising, marketing and sponsorship ASA rulings—17 January 2024 The Driver Vehicle Standards Agency (DVSA) lodged a complaint with the Advertising Standards Authority (ASA) about statements on www.escooters4less.co.uk—an online seller of electric scooters—concerning e-scooters and their illegality. The ASA upheld the complaint. See: LNB News 17/01/2024 63... ASA to regulate online advertising of less healthy food and drink products Ofcom has designated the Advertising Standards Authority (ASA) to regulate online advertising of less healthy food and drink products, using its designation powers under the Communications Act 2003. Ofcom is satisfied that, among other considerations, the ASA is a fit and proper body, has adequate financial resources to ensure the effective performance of the Designated Functions, and will...

The European Commission’s determination on whether buyers depend on domestic packaging suppliers, or whether the arena is EEA‑wide, will dictate if the merger triggers competition issues for regulators evaluating cross‑border supply dynamics. In earlier probes, the watchdog has increasingly suggested the market is heading clearly towards the latter as the prevailing direction of travel in recent years. Folding cartons are a form of cardboard pack used for everything from beer bottles and frozen pizzas to tobacco and medicines across consumer sectors. How straightforward the parties’ route to clearance proves could also rest on whether officials see a single cartons market, or one divided by end use and application. Ireland’s paper packaging group Smurfit Kappa and US competitor WestRock agreed last September to combine in an US$11bn transaction they say will forge a “global leader in sustainable packaging.” They have not yet filed with the Commission, but have indicated they expect to close in the second quarter of this year. When unveiling the tie‑up last year, the firms called it “geographically...

In this issue: Transferring property Commercial real estate finance Statutory compliance Property development Easements, rights and covenants Residential property Insurance Property taxes Additional property updates this week Daily and weekly news alerts New and updated content Trackers New Q&As Transferring property HMLR announces plans to share data on avoidable requisitions with customers HM Land Registry intends to provide firms with visibility of the proportion of their applications that include simple-to-avoid requisitions, such as mismatched names, missing documents, and witness information. These insights are scheduled for publication in Autumn 2025. Across firms, current levels vary, with between 0% and 24% of applications affected. In tandem, HMLR is refining its processes and systems to better support users: raising requisitions only where necessary and automatically validating certain details at the drafting stage. The goal is to achieve accurate registrations first time, without the need for extra clarification or additional supporting material. See: LNB...

This Practice Note examines core aspects of the UK framework for money market funds (MMFs) that stems from Regulation (EU) 2017/1131 (the EU MMF Regulation). It also looks at suggested changes to the framework, with the Financial Conduct Authority (FCA), HM Treasury and the Bank of England (BoE) working jointly to bolster its resilience and align it with post‑Brexit regulatory objectives. For background on the EU MMF Regulation, see Practice Note: EU MMF Regulation—essentials. What is an MMF? Money market funds (MMFs) are investment funds that invest in short‑term debt instruments and so play a significant role in the short‑term financing of the economy. In particular, MMFs are open‑ended, liquid investment funds that invest in fixed income through short‑term debt, for example money market instruments issued by banks, governments or companies (including treasury bills, commercial paper and certificates of deposit) which pay interest. They therefore form an important connection between demand for, and the supply of, short‑term debt. Further information on the eligible assets of an MMF is...

In most bond or note offerings, the issuer will appoint an agent—or more frequently a panel of agents—to perform a range of administrative tasks on its behalf in connection with the issue. One agent will co-ordinate the activities of the others. Where the transaction does not include a trustee, that co-ordinating role falls to the fiscal agent. If a trustee is involved, the principal paying agent performs the co-ordinating function instead. The primary benefit of a fiscal agency structure for a straightforward bond issue is the potential for lower costs overall. By comparison, putting in place the alternative arrangement with a trustee and principal paying agency is typically more expensive to establish in practice. For ease of reference in this Practice Note, the term ‘bonds’ is used in a generic sense to cover all forms of debt securities (including bonds, notes and commercial paper). For guidance on the difference between ‘bonds’ and ‘notes’ and the meaning of ‘commercial paper’, see Practice Note: Types of debt securities. Who is the...

What does this Practice Note cover? This Practice Note describes the duties and functions of a bond trustee appointed under an English law trust deed for a bond issue. A trustee is not a feature of every bond offering. Some issues proceed without one. The issuer chooses whether to use a trustee or a fiscal agent—see Practice Note: Parties in an issue of debt securities—Fiscal agent or trustee. Bringing in a trustee has significant implications for the issuer and for bondholders (see: Reasons for appointing a trustee below). In this Practice Note, ‘bonds’ is used as a catch-all term for debt securities of all kinds (such as bonds, notes and commercial paper). Be aware, however, that alternative considerations can arise in structured finance deals. For an explanation of the difference between ‘bonds’ and ‘notes’ and the definition of ‘commercial paper’, see Practice Note: Types of debt securities. Who is the bond trustee? The trustee is appointed by the issuer and serves as the go-between for the issuer...

TO BE PRINTED ON THE BORROWER’S SOLICITORS’ HEADED PAPER To: [ insert details of the lender’s solicitors ] (the Lender’s Solicitors) and [ insert details of the lender ] (the Lender) Dear [ insert organisation name ] Completion undertaking This undertaking concerns the acquisition of [ insert property description ] (the Property) by [ insert borrower’s name ] (the Borrower) under a sale contract dated [ insert date ] between [ insert seller’s name ] (the Seller) and the Borrower (the Sale Contract), together with the grant of a first legal charge over the Property in favour of the Lender pursuant to a facility agreement dated [ insert date ] between [ insert details ] (the Facility Agreement). For the purposes of this letter, ‘completion’ means completion of the Transfer of the Property to the Borrower (the Transfer), and does not include registration of the Transfer at HM Land Registry. We are instructed by the Borrower. We enclose: ...

[ To be printed on the employer’s letterheaded paper ] [ Date ] Dear [ insert name of employee ], Re: [ insert name of employer ] (the Company) As you will be aware, [ outline the commercial grounds for redundancy, e.g. the Company has suffered weak sales over an extended period. Our expectation that demand for our products would recover has, to date, not materialised ]...

[ To be issued on the landlord’s headed paper ] Your Ref: Our Ref: Date: From: [ name of Landlord ] [ of OR a company incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (‘Landlord’, ‘we’, ‘us’) To: [ name of Tenant ] [ of OR a company incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (‘Tenant’, ‘you’, ‘your’) [ CC: [ name of Guarantor ] [ of OR a company incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] Dear Sirs, Re: Request for reduced rent payments under your lease dated [ date ] of [ description ] (Property) made between (1) [ name of original landlord ] [ , OR and ] (2) [ name of original tenant ][ and [ name of any original...