Efficient market 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)...

A save as you earn (SAYE) scheme A save as you earn (SAYE) scheme is a tax-favoured employee share plan in which participants receive a tax-efficient option and must commit to a connected savings contract with a bank or building society. These arrangements are also commonly known as sharesave schemes, or as savings-related share option schemes throughout the market...

Checklist Case review: facts, both sides’ legal positions, award enforceability, commercial drivers, and desired outcome. One-page argument summary (diagrams if helpful); if it resists distillation, investigate further. Project plan: routes to objectives, issues, stakeholders, evidence and data handling, initial timetable for claim/defence and later steps, indicative timings, responsibilities, and timing risks. Update the summary and plan throughout. Use them to stay on track, build a staged budget and funding needs, and maintain a document/correspondence tracker. Communications plan: group email or shared repository, cybersecurity/data protection, privilege with the client (esp multiple clients), protocols with tribunal/opponent (incl co-counsel), external notices (eg market), and a retrievable filing system. Evidence plan: locate documents/witnesses, pause destruction policies, collect and code material in a searchable, access-controlled database, schedule witness interviews, and address cybersecurity/data protection. Cost-efficient third-party support: low-cost centres, document tools/review tech, translation and certification. Third-party funding: weigh cost versus benefit, suitability, settlement impact, and the funder’s share. ...

In this issue: Commercial Competition Corporate Data protection and cybersecurity Free movement, immigration and employment Financial services Energy Environment Life sciences Regulatory TMT International trade Daily and weekly news alerts New and updated content Trackers Commercial Commission consults on evaluation of market surveillance regulation The European Commission has launched a consultation to assess and, if needed, update the Market Surveillance Regulation (EU) 2019/1020. It aims to strengthen the operation of the single market by boosting compliance with EU product harmonisation rules, with any amendments scheduled for Commission adoption in Q3 2026. The consultation closes on 4 February 2026. See: LNB News 12/11/2025 22. Commission consults on New Legislative Framework revision The Commission’s Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW H4) has opened a consultation to underpin the revamp of the New Legislative Framework (NLF) governing product law, seeking to capture stakeholder views on...

Liberty Mutual Insurance Europe Se and other companies v Bath Racecourse Company Ltd (and 21 other Claimants listed in Appendix 1 to the Particulars of Claim) and other cases [2025] EWCA Civ 153 What are the practical implications of this case? Composite policies are often adopted as an efficient way to cover multiple insured parties, especially members of corporate groups, within a single policy instrument. The Court of Appeal’s reasoning that such a policy operates as a bundle of distinct insurance contracts between the insurer and each insured, together with its ruling here that each insured enjoyed a separate limit of indemnity, signals that limits in composite wordings will usually be treated as attaching to each individual contract, unless the language expressly provides that the limit is aggregated across all insureds under the composite arrangement. The court’s finding that insureds had to give credit for furlough monies is expected to carry broad market consequences for COVID-19 BI claims. The Court of Appeal’s outcome turned on the construction of...

In this issue: Trusts Court of Protection UK taxation for Private Client Updates to HMRC Manuals Tax avoidance, evasion and non-compliance Regulatory compliance for Private Client Budgets and Finance Bills Family enterprises and ownership frameworks Disputed trusts and estates Pensions, insurance and tax-efficient investments Scotland, Wales and Northern Ireland International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Latest Q&As Useful information Trusts HMCTS issues guidance on applications to recover funds paid into the High Court, Chancery Division HM Courts & Tribunals Service (HMCTS) has issued guidance on making applications to recover money held by the High Court (Chancery Division). Released on 18 December 2025, the guidance covers three situations: surpluses from property repossessions when entitled parties cannot...

Meaning of ‘non-executive director’ The broad definition of ‘director’ is not closed. Under the Companies Act 2006 (CA 2006), a director is any person who occupies the office of director, whatever title they hold. Accordingly, this covers both executive and non-executive directors (NEDs). Executive directors are typically authorised, either by the company’s constitution or by authority delegated from the board, to manage the company’s day-to-day affairs, and they usually have a full-time service contract. NEDs generally: have no executive powers play a pivotal role in the company’s corporate governance are not employees of the company There are a number of challenges around granting shares to NEDs. This Practice Note considers the issues to assess when offering shares or share-based remuneration to NEDs, including: the potential impact on the NED’s independence the share dealing provisions of Assimilated Regulation (EU) 596/2014 for the UK, and the Market Abuse Regulation (Regulation (EU) 596/2014) previously and for the EU ...

Margin squeeze Margin squeeze is a form of exclusionary behaviour aimed at rivals, intended to remove them or undermine their viability—either by driving them from the market or by deterring entry at the outset. Where a vertically integrated firm holds a dominant position in an upstream market for a vital input and also supplies that input to wholesale customers who compete at retail, it can have both the means and the incentive to exclude those competitors from the downstream market. The dominant firm compresses retail rivals’ margins by setting a high wholesale charge, a low retail price, or a mix of the two, thereby narrowing the gap between the cost of essential inputs and the price attainable in the retail market. Consequently, the spread between the dominant undertaking’s retail price for the product or service and the wholesale price it levies on its rivals is insufficient to allow an efficient retail rival to compete effectively. This weakening of effective competition downstream can, in turn, result in higher prices, diminished...

Overview of the use of life insurance in estate planning Life insurance—also called life assurance—often plays a significant role in estate planning. This Practice Note outlines the principal policy types offered in the market, examines how they can support an estate plan, and reviews the key tax implications. A central difficulty in many estates is finding cash to settle the inheritance tax (IHT) that arises on death where no spousal exemption is available and the estate is made up, to a meaningful degree, of hard‑to‑realise assets. These can include land, shares in a business that may fail to attract business property relief, and chattels, for example works of art that fall outside the conditional exemption regime. Although IHT instalment property relief can, for illiquid assets, allow the liability to be spread over ten years with interest charged, the obligation to pay IHT remains, and releasing sufficient liquid funds can be problematic. Life insurance can, on death, provide immediate liquidity to meet the IHT liability...