Day 53 (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...

Checklist When taking charge of a new team, establishing trust with your new colleagues swiftly is essential to unlock peak performance. You will, unavoidably, meet conflict and challenge; handling this promptly and well will ensure it does not undermine your outcomes. This Checklist helps you assess the way you cultivate trust and deal with conflict within a team, while highlighting where you might improve and to spot potential areas for development in your approach and day-to-day practice over time...

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...

In this issue: EU fundamentals Commercial Data protection and cybersecurity Free movement, immigration and employment Financial services Energy Environment IP Life sciences Regulatory TMT Daily and weekly news alerts New and updated content Trackers EU fundamentals European Commission releases March 2024 infringements package The European Commission has unveiled its March 2024 infringements package, highlighting EU Member States it is pursuing for breaches of EU law. It is sending letters of formal notice, issuing reasoned opinions and making referrals to the Court of Justice against Member States including Germany, Spain, Bulgaria, Cyprus, Slovenia, Ireland, Greece, Italy, Hungary, Portugal, Romania, Slovenia, Sweden, Finland, Latvia, Luxembourg, Poland, Netherlands and Croatia, for infringements spanning the environment, internal market, industry, entrepreneurship and small and medium-sized enterprises (SMEs), migration, home affairs and security union, justice, energy and climate, and mobility and transport. See: LNB News 13/03/2024 51. Council of the EU allows EU to...

On 18 July 2025, the Commission issued administrative guidance on the EU AI Act’s rules for GPAI models, designed to clarify scope, core concepts and how these interact with a related code of practice. The guidance sets out key legal terms to map the reach of the EU AI Act’s global partnership and artificial intelligence (GPAI) regime and pinpoint which businesses must comply. An initial draft was released in April 2025 to gather views from stakeholders. Following that consultation, the Commission’s AI Office outlined the principal revisions to EU Member States at a European AI Board meeting in late June 2025. The GPAI provisions will apply from 2 August 2025... Definition of GPAI models The guidance introduces a quantitative test to determine whether a model qualifies as a GPAI model—and is therefore within the AI Act’s remit—based on the computing power used for training. The benchmark, set in the early draft at 10²² floating-point operations per second, or FLOPs, has been increased to 10²³ FLOPs, aligning with the...

In this issue: New technologies Data protection Media Advertising, marketing and sponsorship Telecommunications LexTalk®TMT: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information New technologies European Commission issues guidelines on the definition of AI systems The European Commission has released long‑anticipated, detailed guidance on the definition of artificial intelligence (AI) systems set by Regulation (EU) 2024/1689 (EU AI Act). This practical guidance is designed to help providers, deployers, importers and distributors judge whether a system qualifies as an AI system under the EU AI Act, supporting consistent application and enforcement. The definition of AI systems has applied since 2 February 2025. Dóra Petrányi, Central Eastern Europe managing director and co‑head of the Technology, Media and Communications Group, together with CMS partners Katalin Horváth and Ian Stevens, explore the central features of the definition. See News Analysis: European Commission issues guidelines on the...

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...

ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note collates material on the fiscal events throughout the entirety of the tax year 2023–24, including the following: Tax Administration and Maintenance Day (TAMD), which took place on 27 April 2023 Tax legislation day (L Day), which occurred on 18 July 2023 Autumn Statement, which was delivered on 22 November 2023 the publication of the Autumn Finance Bill 2023 (AFB 2023), also known as Finance Bill 2024 and Finance Bill 2023–24, which was published on 29 November 2023 and which received Royal Assent on 22 February 2024 and was enacted as Finance Act 2024 Spring Budget 2024, which took place on 6 March 2024, and the publication of the Spring Finance Bill 2024 (SFB 2024), also known as Finance (No 2) Bill 2024 and Finance (No 2) Bill 2023–24, which was published on 13 March 2024 and which received Royal Assent on 24 May 2024 and was enacted...

Rules and guidance The principal rules on publishing and laying a company’s annual accounts and reports appear in Part 15 of the Companies Act 2006 (CA 2006). For these purposes, a company’s annual accounts and reports comprise: the annual accounts the directors' report the strategic report (unless the company is not obliged to prepare one) the directors' remuneration report, which may include a directors’ remuneration policy, and any separate corporate governance statement not included in the directors' report (for a quoted company) the auditor’s report on the accounts, the directors’ report, the strategic report, the auditable part of any directors’ remuneration report and any separate corporate governance statement (unless the company qualifies for audit exemption) Certain statutory requirements governing publication and laying differ according to whether the company is public or private, and whether it is quoted or unquoted. Quoted companies cover UK companies with shares listed in the UK or in another EEA state; AIM companies do...

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...

This [ Agreement OR DEED ] is entered into on [ insert day and month ] 20[ insert year ] Parties [ insert name of buyer ] [ of [ insert address ] OR trading as [ insert trading name ] of [ insert address ] OR a firm with its principal place of business at [ insert address of firm ] OR [ an LLP OR a company ] incorporated in [ insert place of incorporation, eg England and Wales ] with registered number [ insert registered number ] whose registered office is at [ insert address ] ] (the Buyer); and [ insert name of seller ] [ of [ insert address ] OR trading as [ insert trading name ] of [ insert address ] OR a firm with its principal place of business at [ insert address of firm ] OR [ an LLP OR a company ] incorporated in [ insert place of incorporation, eg England and Wales ] with...

Company No: [ insert number ] [ Insert company name ] PLC Minutes from a meeting of [ a committee of ] the board of directors (the Meeting) of [ insert full name of company ] plc (the Company) Convened at [ insert place of meeting ] On [ insert day, month and year of meeting ] at [ insert time of meeting ] [ am OR pm ] Present [ Insert the names of the director(s) in physical attendance ] [ Insert the names of any directors attending by remote means (except where such means are specifically disallowed by the Company’s articles of association) (via [ insert mode of attendance for each director participating remotely ]) ] In attendance: [ Insert the name of anyone in attendance who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers) ] Apologies: [ Insert...

A well-known problem amongst procurement professionals A widely recognised headache for procurement practitioners arises from the duty in regulation 53 of the Public Contracts Regulations 2015 (PCR 2015), SI 2015/102 (PCR 2015, SI 2015/102, reg 53). It requires the ‘procurement documents’ to be accessible at the time a public contract is advertised in the Official Journal of the European Union (the Official Journal, or OJEU). In essence, contracting authorities must use the internet to provide unrestricted, complete and immediate access, at no cost, to those documents from the day a notice, issued under regulation 51, appears in the Official Journal, or from the day an invitation to confirm interest is dispatched. The issue most often raised, particularly for public procurements run under the restricted procedure (and comparable routes that involve a pre-qualification phase ahead of the award stage), is whether the invitation to tender and the specification must already be available when the contract notice is published in the OJEU. Timing this disclosure often proves challenging for contracting authorities...

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...

A landlord of commercial premises let under a lease may invoke the mechanism in Schedule 12 to the Tribunals, Courts and Enforcement Act 2007 (TCEA 2007) to recover rent due from the tenant under that lease. This mechanism is known as commercial rent arrears recovery (CRAR) (TCEA 2007, s 72(1)). When TCEA 2007 commenced on 6 April 2014, CRAR supplanted the landlord’s former common law right to distrain, which from that date was abolished (TCEA 2007, s 71). TCEA 2007, accordingly, provides a complete statutory code defining the scope of the landlord’s remedy where rent on commercial premises is outstanding under the CRAR regime. If a tenant leaves rent unpaid, the landlord may serve a notice on any subtenant specifying the sum it is entitled to recover under CRAR (TCEA 2007, s 81). That notice takes effect after 14 clear days have elapsed from service (TCEA 2007, s 81(5) and the Taking Control of Goods Regulations 2013, SI 2013/1894, reg 53)...