Final day rule meaning

In this issue: Commercial Competition and state aid Data protection and cybersecurity Financial services Environment Insurance and reinsurance IP Life sciences Regulatory Restructuring and insolvency TMT International Trade Daily and weekly news alerts New and updated content Commercial Temu’s practices found to breach EU consumer laws The European Commission has informed Temu that a number of its practices breach EU consumer law and has instructed the platform to bring them into line. A co-ordinated investigation by the Consumer Protection Cooperation (CPC) Network, the Commission and national authorities concluded that Temu misled shoppers with bogus discounts, pushed customers into purchases by falsely claiming limited stock and looming deadlines, and provided incomplete or inaccurate details about consumers’ rights on returns and refunds. Investigators also reported that users were forced to play a ‘spin the fortune wheel’ game to access the marketplace, that fake reviews were used, and that contact information was...

In this issue: Brexit UK, EU and international regulators and bodies Culture, diversity and inclusion Prudential requirements Financial stability Operational resilience Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Dispute resolution for financial services lawyers Regulation of derivatives Banks and mutuals Investment funds and asset management Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets EEA Agreement Annex IX (Financial Services) Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Brexit Finance Act 2024 The Act sets out measures relating to finance. It commences in part on 1 January 2024, 22 February 2024, 1 April 2024 and 1 April 2027, with remaining provisions to begin on a day specified by the Treasury via Regulations....

On 26 November 2025, Rachel Reeves, the Chancellor of the Exchequer, presented the Labour administration’s second Budget, widely referred to simply as Budget 2025. On the same day, the Office for Budget Responsibility (OBR) set out its economic and fiscal outlook for the UK. Proceedings opened poorly, and chaotically, with an OBR forecast leaking amidst a slew of prior government-led briefings and the release of a frustratingly static index of ‘Budget 2025 tax related documents’ to which hyperlinks were not inserted until close to 8pm, together with a piecemeal, stop‑start publication of tax information across scattered web pages, sending readers on a fruitless treasure hunt for clarity or coherence and with no appearance whatsoever of the Overview of Tax Legislation and Rates (OOTLAR). Headline measures comprised, among other items, extending, for another three years to April 2031, the existing personal allowance and income tax bands for taxpayers, and increasing income tax rates applied to property, savings and dividend receipts, as well as imposing employer and employee National Insurance contributions (NICs)...

This archived Resource Note summarises the principal provisions of the iteration of Rule 31 of The City Code on Takeovers and Mergers (the Code) that applied to firm offers announced before 5 July 2021. It has not been updated since the Code was revised in July 2021. For details of the version of Rule 31 relevant to firm offers announced before 5 July 2021, see Resource Note: Takeover Code—Rule 31—Timing of the offer... Materials covered in this Resource Note include: Practice Statements issued by the Panel Executive (the body responsible for the day‑to‑day supervision and regulation of takeovers) (Executive), offering informal guidance on the Executive’s usual interpretation and application of the Code Panel Statements (P/S) and Panel Instruments published by the Panel Public Consultation Papers (PCP) and Response Statements (RS) from the Code Committee Annual Reports from the Panel discussing general matters (Annual Reports) relevant Lexis+® UK resources 2021 changes to the Code In March 2021, the Panel...

Impact of national insolvency on domestic or foreign arbitration (England and Wales) This Practice Note reviews how insolvency proceedings begun in England and Wales influence arbitration obligations where one of the parties is insolvent. The IBA toolkit on insolvency and arbitration Drawing on the National Report for England and Wales within the IBA Toolkit on Insolvency and Arbitration (IBA Toolkit), and reproduced with permission, this Practice Note summarises key guidance. The IBA Toolkit offers direction to parties, counsel and arbitrators when an arbitration participant is also in insolvency proceedings in one or more jurisdictions. Alongside the England and Wales Report, the IBA Toolkit includes multiple other National Reports. For clarity, the National Report informing this Practice Note is not intended to constitute legal advice tailored to particular facts. Non-application of EU Recast Regulation on Insolvency following Brexit This Practice Note addresses insolvency cases commenced after 11 pm on 31 December 2020 (IP completion day) and proceeds on the basis that the saving provisions relating to...

This Practice Note outlines the timetable for takeovers carried out as contractual offers. It addresses the 28-day ‘put up or shut up’ requirement under Rule 2.6, the Day 0 posting of the offer document, and the key milestones on Day 21, Day 39, Day 53 and Day 60 under the City Code on Takeovers and Mergers (Code), alongside offer revisions and the effect of competing bids on timing. For illustrative schedules, see Timetable—recommended offer and Timetable—hostile offer. For a comparative schedule contrasting takeovers via offer and via scheme of arrangement, see Structuring a takeover: offers and schemes of arrangement—comparative timetables. Legal and regulatory framework Following an offeror’s announcement of a firm intention to make an offer (Firm Intention Announcement), the timetable is governed by: the Code, subject to the Panel consenting to or directing modifications to the Code’s application (eg in competitive scenarios and/or to accommodate the decision-making of UK or overseas competition authorities) company law applicable stock exchange rules ...