Core portfolio 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...

STOP PRESS: The Loan Market Association (LMA) has issued refreshed versions of the standard terms and conditions for Par and Distressed Trade Transactions, the complete suite of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide, all coming into force on 17 March 2026. Changes comprise the deletion of LIBOR references, updates to IBOR rate definitions and the Target2 definition, plus revised ERISA representations that fold in further exemptions to the prohibited transaction rules under ERISA and the US Internal Revenue Code. The new materials are accessible solely to LMA members via the LMA’s Documentation Hub. Summary A core principle of trading under the LMA protocol is that ‘a Trade is a Trade’: once a trade is concluded (which may include an oral agreement reached by telephone), it is binding, and later events that may disadvantage one or both parties do not permit either side to rescind or ‘break’ it. For instance, not securing consent for an assignment or novation of the...

Asset Management & Investment Funds—EU & International Developments-July 2025 ESMA advice to the European Commission on UCITS Eligible Assets The European Securities and Markets Authority (ESMA) has delivered technical advice to the Commission on updating the UCITS Eligible Assets Directive, highlighting the need for harmonised rules across the EU. The EAD, an implementing directive, sets out which assets a UCITS may invest in. If taken forward, the amendments would materially reshape the UCITS fund landscape. Core proposals include a look through methodology to assess the eligibility of underlying assets for exposures obtained via delta-one instruments, derivatives on financial indices, and closed-ended funds. ESMA also proposes limiting indirect exposure to alternative assets to 10% of a UCITS portfolio; any higher exposure should instead be managed under the AIFMD framework. For more information, see our publication. ESMA thematic note on clear, fair, and not misleading sustainability-related claims ESMA has released a thematic note offering guidance for market participants on making sustainability-related claims, with a particular emphasis on ESG...

In this issue: Key R&I law developments Insolvency litigation Directors and insolvency Creditors’ participation International restructuring and insolvency Daily and weekly news alerts Key dates for restructuring and insolvency professionals New content New Q&As Key R&I law developments Insolvency Service publishes annual plan for 2025–26 fiscal year The Insolvency Service has set out its annual plan for 2025–26, detailing objectives and priorities for the coming fiscal year. As the final year of its current five-year strategy, the plan emphasises supporting economic growth and stability via a more robust regulatory regime. Core aims include bolstering the insolvency framework, tackling financial misconduct, and assisting people facing financial difficulty. The Service also indicates that new longer-term strategic plans, covering Scotland, England and Wales, will be unveiled in early 2026. See: LNB News 22/07/2025 56. Insolvency Service publishes monthly insolvency statistics for June 2025 The Insolvency Service has released its June 2025 monthly insolvency statistics on...

In this issue: Core developments and materials Regulation and licensing of the electricity and gas markets Networks and network connections Renewable energy Capacity Market, balancing services and energy system flexibility Conventional power, waste to energy, biomass and CHP projects Nuclear energy Air emissions, efficiency and climate change International energy Daily and weekly news alerts Updated Practice Note Dates for your diary Key developments and materials Access secured to six market-leading energy law titles We are pleased to share that we have recently broadened our Lexis+ Legal Research portfolio by obtaining an exclusive licence from Globe Law and Business to publish six market‑leading energy law titles. We are currently adding links to these titles within the relevant Practical Guidance in the Energy module on Lexis+...

Family office The phrase ‘family office’ spans a wide array of circumstances, so there is no universally agreed definition. The Family Firm Institute, however, characterises a family office as: ‘A separate entity apart from the operating business (and sometimes created with the assets realised after the sale of a family enterprise) consisting of a diversified wealth portfolio held for the benefit of the family’ (Family Enterprise; understanding Families in Business and Families of Wealth Wiley 2014 (not reported by LexisNexis®)). Such offices are largely, and more commonly, the preserve of high net worth—indeed ultra high net worth—families (ie those with investable assets above $30m), with varied holdings and complex affairs. That complexity can create scope for disputes. Nonetheless, with a well-designed structure supported by a clear strategy and effective family governance, a family office can yield substantial advantages. These benefits accrue not only to the family members themselves but also, through coordinated philanthropic efforts, to the broader community. Likely features of a family office include: a...

This new starter guide offers a primer on trade mark law, distilling the core principles and signposting numerous Lexis+® UK sources and materials for fuller detail. It is aimed at trainee solicitors and readers new to trade marks. Details of other intellectual property (IP) rights, including further starter guides, appear in Practice Note: Intellectual property (IP)—new starter guide. Where topics sit beyond this basic outline, explore the three Trade marks/passing off subtopics: Trade mark transactions and management; Trade mark and passing off disputes; Anti-counterfeiting. For concise summaries of each, see: Trade mark transactions and management—overview; Trade mark and passing off disputes—overview; and Anti-counterfeiting—overview. This guide also explains how to subscribe to the IP daily and weekly news alerts and how to contact LexisAsk... Introductory materials Absolute and relative grounds for refusal to register a UK trade mark Managing a trade mark portfolio Trade mark infringement—UK Introduction to passing off Anti-counterfeiting in the...

Understanding the IP portfolio Effective stewardship of an IP portfolio is vital to protect and enhance the worth of a business’s intangible assets. A well-structured portfolio enables right holders to pinpoint and safeguard core assets, advance commercial aims, and limit legal and financial risk. This Practice Note offers practical guidance for UK right holders and their advisers on running an IP portfolio efficiently. It spans legal compliance (keeping rights valid, current and accurately recorded) and strategic management (aligning IP protection with business goals). What is an IP portfolio? An IP portfolio is the collective set of registered and unregistered IP rights an organisation owns, holds under licence or otherwise controls. It functions as both a legal architecture and a commercial asset base that can generate income, attract investment and deliver competitive advantage. Portfolio management involves systematically recording, protecting, monitoring and exploiting these rights to ensure they continue to create strategic value. Types of rights commonly included Patents: inventions, processes, chemical compositions. Protection method:...