Exchange traded meaning

In this issue: Employment taxes Companies and corporation tax VAT Budgets and Finance Bills International Real estate tax Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Employment taxes Court of Appeal dismisses ‘discontinuous contract of employment’ while confirming need for causal link to carelessness for extension of assessment timeframe (Mainpay Ltd v HMRC) In Mainpay Ltd v HMRC [2025] EWCA Civ 1290, the Court of Appeal confirmed that extended assessment time limits apply where there is carelessness, and held that sporadic work under one contract is not continuous employment. HMRC was required to demonstrate a sufficient causal connection between taxpayer carelessness and the tax lost to justify using the longer time limits, and in this instance it satisfied that requirement. See News Analysis: Court of Appeal dismisses ‘discontinuous contract of employment’ while confirming need for causal link to carelessness for extension of assessment timeframe...

In this issue: UK, EU and international regulators and bodies Permissions, approvals and oversight Prudential rules Operational robustness Financial misconduct and sanctions Complaints, redress and claims handling Investigations, enforcement and disciplinary action Capital markets regulation Packaged Retail and Insurance-based Investment Products (PRIIPs) Derivatives regulation Sustainable finance and ESG Banks and mutuals Investment funds and asset management EU MiFID II Insurance regulation Payment services and systems Fintech and cryptoassets Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and refreshed content Key dates for your diary UK, EU and international regulators and bodies Amendments to EEA Agreement Annex IX (Financial Services) published in Official Journal Twelve decisions of the European Economic Area (EEA) Joint Committee revising Annex IX (Financial Services) to the Agreement on the European Economic Area (the EEA Agreement) have appeared in the EU’s Official Journal....

Key deadlines 31 May 2025 - Fund profile return - Every Irish-authorised sub-fund must submit the annual Central Bank of Ireland (CBI) fund profile return for that year. The CBI Portal deadline for these sub‑fund profile returns has shifted from February to May 2025. In 2025, the CBI refreshed its fund profile guidance and template accordingly. 6 June 2025 - EBA consultations on AML/CFT RTS - The European Banking Authority (EBA) is seeking feedback on four draft RTS currently mandated by the EU’s new AML/CFT package, covering consistent ML/TF risk assessments, customer due diligence rules, the choice of institutions for direct oversight by AMLA, and penalties. The consultations formally close on 6 June 2025. 30 June 2025 - Exchange traded funds (ETFs) - ETF management companies should assess the steps set out in the CBI letter on ETF primary and secondary market trading arrangements (as discussed) and, where needed, embed the requisite adjustments into their frameworks and practices by end-Q2 2025. 30 June 2025...

UK real estate investment trusts (UK REITs) The UK regime for real estate investment trusts (REITs, termed UK REITs in statute) took effect on 1 January 2007. There are now in excess of 150 REITs, several of which moved into the structure when the framework first commenced. Those early adopters have since been joined by many more participants owing to revisions to the entry criteria, in particular the following: the removal of the entry charge; permission for REITs to invest in other REITs; and a relaxation of the listing condition so that companies without a formal listing, but admitted to trading and actually traded on a recognised stock exchange (for example on markets such as AIM), can also qualify. Further amendments have been introduced to the REIT rules in recent years with the stated intention of making the regime more appealing to prospective entrants. The principal legislative provisions for the REIT tax regime sit in Part 12 of the Corporation Tax...

This Practice Note summarises the law, guidelines and market practice in relation to holding a general meeting It serves both practitioners and company secretaries dealing with and advising companies whose equity shares are listed on the Main Market of London Stock Exchange plc (listed companies), as well as companies with equity shares admitted to AIM (AIM companies). For details on the notice requirements for a general meeting of a listed or AIM company, refer to Practice Note: General meetings—notice requirements for listed public companies for further information and context. Members of a company may convene and hold a general meeting at any time, and as frequently as required within a year, as needed, so that they can pass resolutions to implement specified changes or to authorise particular actions. The Companies Act 2006 (CA 2006) sets out detailed provisions governing the calling and conduct of general meetings. The CA 2006 also imposes additional obligations on a public company that is a traded company or a quoted company. This captures listed...

What does this Practice Note cover? This Practice Note sets out a high-level guide to foreign exchange (FX) derivatives and how they support currency hedging. It reviews the principal FX instruments and their applications, and explains the difference between deliverable and non-deliverable structures. FX forwards, FX swaps, and FX options It also summarises the documentation frameworks commonly used in FX derivatives markets, including: International Foreign Exchange Master Agreement (IFEMA) International Foreign Exchange and Currency Option (IFXCO) International Currency Options Market (ICOM) Cross Product Master Agreement (CPMA) Additionally, it considers the regulatory environment, the FX Global Code, and the emerging technologies shaping the FX derivatives landscape. What is a FX derivative? An FX derivative is a contract whose payoff is linked to the exchange rates between two or more currencies. The FX market runs into the trillions of dollars and includes a significant volume of FX derivative contracts. Most FX trades involve the...

Recognised growth market exemption from stamp duty and SDRT The recognised growth market exemption from stamp duty and SDRT covers securities admitted to trading on a recognised growth market, provided they are not listed on any market. Although people often say AIM shares are ‘listed on AIM’ or ‘AIM listed’, they are in fact unlisted; it is therefore better to describe them as ‘AIM traded shares’ or simply ‘AIM shares’. They are classed as unlisted because they are not included in the UK official list. Under section 1005(3) of the Income Tax Act 2007 (ITA 2007), a security admitted to trading on a UK recognised stock exchange counts as ‘listed’ only if it appears on the UK official list. Furthermore, section 99A(3) of the Finance Act 1986 confirms that the meaning of ‘listed’ in ITA 2007, s 1005(3)–(5) also applies to the references to ‘listed’ within the recognised growth market exemption from stamp duty and SDRT...