Cy-près meaning

In March 2018, Euronext acquired the Irish Stock Exchange plc, which then joined Euronext’s federal structure and now trades as Euronext Dublin, with Ireland recognised as one of Euronext’s six core countries. Euronext is the foremost pan-European marketplace in the Eurozone, operating across Belgium, France, Ireland, The Netherlands, Portugal and the UK. Its mission is to energise pan-European capital markets to fund the real economy, uniting buyers and sellers in venues that are transparent, efficient and dependable. What are the rules applicable to listing debt securities on Euronext Dublin? Euronext Dublin—EU Regulated Market The Central Bank of Ireland (CBI) is the competent authority responsible for reviewing and approving a prospectus (Prospectus) for the purposes of the Prospectus Regulation (EU) 2017/1129 (PR). The PR prescribes the relevant annex items to be included in a prospectus, depending on the issuer’s profile and the nature of the transaction. The European Union (Prospectus) Regulations 2019 (the Irish Regulations) took effect on 21 July 2019, replacing the prior Irish Prospectus (Directive 2003/71/EC)...

This checklist outlines the competition law factors that matter for corporate transactions... Preliminary considerations Before approaching the other party, it is vital to: Assemble a deal team and set up clear lines of communication across all relevant parts of the business. You may need specialist advisers, depending on PR needs, anticipated complexity or regulatory matters, for example: lobbying/PR specialists economists accountants Be careful with document creation (internal and external) and with public and internal statements Manage expectations, including any potential competition issues and early timing considerations Confirm that the proposed transaction has a legitimate objective Consider preserving legal privilege for relevant communications (see further, Legal privilege in EU competition cases) Issues before and during negotiation From the point a deal is contemplated and throughout negotiations, be mindful of risks, particularly avoiding any possibility of collusion and not creating ‘hostages to fortune’ that competition authorities could...

Existence and validity of trusts Provincial Equity Finance Ltd v Dines (née Breda) [2023] EWHC 103 (Ch) News Analysis: A literary epigraph—‘By prosperous voyages I often made… and the great care of goods at random left’—introduces a consideration of resulting trusts and the scope of express trusts. The decision underscores the practical obstacles in proving a resulting trust where a disorganised deceased ran bank accounts for mixed ends, and confirms that an express trust can override the presumption of a resulting trust even if the contributor of funds is not a party to the express trust. Author: Nicholas Holland, McDermott Will & Emery UK LLP Jurisdiction: England & Wales Attorney General v Zedra Fiduciary Services (UK) Ltd and others [2022] EWHC 102 (Ch) News Analysis: The court sanctioned a cy près scheme for a £600m charitable trust to be used towards reducing the National Debt, addressing the suitable application of the National Fund. The judgment considers...

In this issue: Brexit headlines Brexit SIs Post-Brexit transition guidance Constitutional and administrative law Judicial review Equality and human rights Public Procurement Subsidy control and State aid Information law Other Public Law news LexTalk®Public Law: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Brexit headlines The Foreign Affairs Committee urges a White Paper on the UK-EU reset and the publication of the Dynamic Alignment Bill. Its Third Report of Session 2024–26, From a Common Understanding to Common Ground: Building a UK EU Strategic Partnership fit for the future, assesses the government’s approach and progress on reconfiguring UK-EU relations. Aimed at shaping parliamentary scrutiny of the next phase of UK-EU engagement, it lands while discussions with the EU and internal cross-government efforts continue. The Committee concludes that, although the Lancaster House summit in May 2025 created a platform...

In this issue: Key developments UK immigration control: how it works Sponsored work Family routes Long residence, discretion and human rights EU law rights and EU Settlement Scheme Challenging immigration decisions and enforcement Preventing illegal working Citizenship applications Daily and weekly news alerts New and updated content Latest Q&As Key developments Future developments—Immigration calendar Our Immigration calendar highlights key upcoming developments for business immigration advisers. UK immigration control: how it works Home Office confirms eVisas will replace all vignettes in 2026 The Home Office has amended its eVisa guidance to state that from 12 January 2026, most recipients of visit visas and some other routes will get both an eVisa and a vignette. Those issued a valid UK vignette before that date will be able to retrieve their eVisa through their UK Visas and Immigration account. The guidance also confirms that later in 2026, vignettes will be discontinued...

Does a criminal prosecution prevent civil contempt proceedings? (First Capital East Limited v Ilmi Plana & Anor) Practical implications There is a steadily growing momentum across the wider insurance sector, especially in the personal injury sphere, to seek the toughest sanctions realistically available against those who attempt to advance fabricated or inflated claims. Although, to some, such measures may, at first blush, seem heavy-handed — and the PR dimension is ever-present — where the dishonesty is both clear and brazen, often shown by the deployment of covert surveillance, the urge to make examples of fraudsters is entirely understandable. The critical point in this matter appears to have been that the individual had been acquitted and there was no fresh evidence. In general, contempt applications ought to be brought as soon as possible after the civil proceedings and before any criminal prosecution. As the judge remarked, this could be achieved more readily if the route for obtaining permission from the County Court to the High Court were made more...

STOP PRESS: From 24 February 2025, the core provisions of the Procurement Act 2023 (PA 2023) have taken effect. Any procurement launched on or after that date must proceed under PA 2023. Procurements started under the earlier frameworks—the Public Contracts Regulations 2015 (PCR 2015), the Utilities Contracts Regulations 2016, the Concession Regulations 2016, and the Defence and Security Public Contracts Regulations 2011—must continue to be run and overseen in line with those rules. See Practice Note: Introduction to the Procurement Act 2023—PA 2023. This content relates to the Procurement Act 2023 regime. This practical guidance addresses public procurement under PA 2023. Under this regime, tender notices replace contract notices under the Public Contracts Regulations 2015 (PCR 2015), SI 2015/102. For practical guidance on contract notices under PCR 2015, see Practice Note: Prior information notices and contract notices. What is a tender notice? Under PA 2023, a tender notice is required to launch a competitive tendering process. PA 2023, s 21 sets out: when...

Unrestricted funds—general use of assets The overarching rule for applying a charity’s assets is that, unless a specific restriction applies, both income and capital should be used to further the charity’s purposes and to deliver public benefit. Even where funds are classed as unrestricted, there may still be constraints on spending income and capital on the charity’s assets, typically set out in the charity’s constitution. Constitutions may impose conditions on distributing income, on carrying income forward for use in later years, or on accumulating it and converting it into capital. Limits on distributing capital may likewise be specified in the constitution. Where the constitution is silent, the usual expectation is that trustees will, as a minimum, distribute income and have discretion to distribute capital. Funds that are not unrestricted generally fall into three main types: designated funds (which are truly a subset of unrestricted funds) restricted funds (which, generally speaking, include the misnamed category of expendable endowments) endowments (sometimes also referred to as permanent,...

This Practice Note is a practical ‘how to’ guide on managing consumer complaints. It is a clear and commercially focused document that sets out the processes, systems, policies and procedures organisations should have in place, from first contact with a consumer, right through escalation, to the subsequent PR handling and management of adverse publicity. Consumers are a sub-set of all customers. This Practice Note concentrates on specific individuals acting for purposes that are wholly or mainly outside their trade, business, craft or profession. Where this note expressly refers to customers, it means customers in their consumer capacity. Where appropriate, this Practice Note signposts readers to additional detailed content on relevant consumer law and related practice, where necessary. Why is good customer service necessary? It is vital that customers have a positive experience with the trader so they return again and again. Customer service processes and procedures must be capable of looking after customers, whatever the issue, and complaints must be dealt with promptly when they arise, both from...

This note sets out clear, broad guidance on what to do straight after a death and outlines the standard probate process for lay personal representatives and grieving close relatives. See the Probate—client guide as well. A probate practitioner can offer bespoke advice suited to your particular situation and circumstances. Coping with a loved one’s death brings numerous difficulties, emotional as well as practical. If you are a personal representative (PR) formally handling the estate—the assets and belongings of the person who has died—as an executor or administrator, you may encounter an unfamiliar role with jargon that feels odd and confusing. In the days after a death, various practical matters can arise, sometimes unexpectedly and at short notice. This guidance is designed to help you decide what requires prompt attention and what can sensibly wait for the coming weeks. Taking time off work Following the death of a dependant, you may take unpaid time away from work to organise and attend the funeral. You should tell your employer...

References to ‘AIM Rules’ denote the AIM Rules for Companies; references to ‘PRR’ mean the Prospectus Regulation Rules; references to ‘DTR’ concern the Disclosure Guidance and Transparency Rules; references to the ‘PR Regulation’ indicate Retained Regulation (EU) 2019/980; references to the ‘LSE’ signify the London Stock Exchange plc; and references to the ‘nomad’ mean the company’s nominated adviser...

This document offers general guidance on the probate process for non‑professional personal representatives and bereaved family members. Your probate practitioner can provide tailored advice specific to your circumstances. It is aimed at those administering estates without professional expertise and at families coping with a bereavement. It provides broad information, not case‑specific guidance. FORTHCOMING CHANGE relating to IHT on pension death benefits At the Autumn Budget 2024 on 30 October 2024, the government confirmed that, from 6 April 2027, unused pension pots and death benefits paid from a pension will be included in a person’s estate for IHT. The rule will cover both defined contribution and defined benefit arrangements, and apply to UK‑registered plans as well as qualifying non‑UK pension schemes. A technical consultation on how these reforms will operate runs from 30 October 2024 to 22 January 2025. For further details, see: Autumn Budget 2024—Private Client analysis — Inheritance tax. Coping with the death of someone close can bring significant emotional and practical hurdles. If you are...

When a baby is born, the birth must be registered, and the surname entered at that time is intended to be the name by which the child is known. If a parent later wishes to change the child’s surname, they should first consult any other person who holds parental responsibility before any step is taken. This applies irrespective of the existence of a child arrangements order, and regardless of whether that person has contact with the child (Re PC (Change of Surname)). Where there is disagreement, the matter must be placed before the court for a determination. A contested change of surname must not be made unilaterally (Dawson v Wearmouth). Altering a name is a significant matter and should not be approached lightly. In deciding whether to grant leave, the court is guided by the welfare principle in section 1(1) of the Children Act 1989 (ChA 1989), and will act accordingly...

Parental responsibility Parental responsibility, as defined in section 3(1) of the Children Act 1989 (ChA 1989) itself, means all the rights, duties, powers, responsibilities and authority which, by law, a parent has regarding the child and his property. Anyone with parental responsibility is, as a matter of right, entitled to copies of both medical records and school reports, and the surgery or school should provide these...

If the court issues a child arrangements order under section 8 of the Children Act 1989 (ChA 1989) directing that a child is to reside with someone other than a parent or guardian, that individual acquires parental responsibility for the child for as long as the order is operative, insofar as it provides for the child to live with them (ChA 1989, s 12(2)). That individual continues to hold parental responsibility under that provision for as long as the provision requiring the child to live with them still remains effective...