General Principles meaning

To gauge concentration within a particular market, competition authorities often turn to the Herfindahl‑Hirschman Index (HHI) as a primary tool that supports and streamlines their assessment. Although the absolute HHI level provides an early signal of post‑merger competitive pressure, the movement in the HHI (the ‘delta’) functions as a practical proxy for the change in concentration directly attributable to the merger itself and its immediate effects. How to calculate the HHI The HHI is obtained by adding the squares of the individual market shares of all firms participating in the market, without omitting any active competitor...

This Checklist sets out core topics for firms entering consumer credit, addressing essential management and compliance matters within the Financial Conduct Authority (FCA) framework. It organises themes such as authorisation, threshold conditions, the Senior Managers and Certification Regime (SM&CR), systems and controls, business planning, FCA Principles, the Consumer Duty and continuing regulatory duties, including adherence to the Consumer Credit sourcebook (CONC) and the Consumer Credit Act 1974 (CCA 1974). For fuller guidance, including how the application process works, see Practice Note: FCA authorisation of consumer credit firms. Scope and regulatory status Do the firm’s activities amount to regulated consumer credit activities under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), and the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO)? See Practice Notes: The general prohibition and implications of its breach and Regulated activities relating to consumer credit Does the firm offer (or plan to offer) buy now pay later (BNPL)/deferred payment credit (DPC) style products?...

Seeking a freezing injunction is rarely straightforward. Significant procedural and substantive obstacles must be addressed and overcome before a court will restrict a respondent’s ability to handle their own assets. The need to move at speed and obtain urgent relief to avert imminent asset dissipation frequently adds further complexity and pressure, requiring swift, decisive action. The Checklist below acts as a starting point, flagging the principal issues to consider when preparing and making the application. It is tailored to a without notice application for a domestic or worldwide freezing injunction against a proposed defendant. For fuller, general guidance on applying for a freezing injunction, see the following Practice Notes: Freezing injunctions—guiding principles Freezing injunctions—the application Pre-application considerations Before issuing any application for a freezing injunction, ensure the client fully grasps and is properly prepared for the scale and intensity of the undertaking, and that careful thought has been given to the suitability of seeking this relief in the first place. ...

In this issue: Air emissions and climate change Energy for environmental lawyers Environmental disputes and proceedings Environmental permits and consents Environmental taxes, reliefs and incentives ESG and sustainability Hazardous substances and chemicals Marine Nature, biodiversity and habitat conservation Waste Waste producer responsibility regimes Water, flooding and drainage Daily and weekly news alerts New and updated content Air emissions and climate change DESNZ releases quarterly waste data reporting template for the UK ETS. The Department for Energy Security and Net Zero (DESNZ) has issued a template for quarterly waste data submissions under the UK Emissions Trading Scheme (UK ETS). It is designed for waste operators to use when sending quarterly data reports to their regulator during the voluntary monitoring, reporting and verification (MRV) period. See: LNB News 19/02/2026 50. AFME responds to European Commission consultation on climate resilience legislative framework. The Association for Financial Markets in Europe (AFME) has provided...

Representation of Zedra Trust Company (Suisse) SA re C and D Trusts [2023] JRC 213 What are the practical implications of this case Although resolved on its own facts, the court offered broadly useful guidance for trustees managing dynastic trusts intended to support multiple generations. As a family’s philosophy evolves, trustees should assess whether the trust still embodies that shift and, if not, consider whether substantive modifications are required. The ruling will interest practitioners as it confronts public policy and human rights considerations within the framework of trust deed provisions and settlors’ expressed wishes. It underlines that letters of wishes are not binding on trustees, and certainly not on the court, and demonstrates judicial backing for a trustee departing from a settlor’s clear wishes to prevent family discord, here arising from the exclusion of the female line from benefitting from the Trusts. In short, the decision encourages trustees of long‑running family trusts to think carefully about alignment with changing family...

Original news Interserve Construction Ltd v Hitachi Zosen Inova AG [2017] EWHC 2633 (TCC), [2017] All ER (D) 82 (Nov) What are the practical implications of this case? Although the outcome rested largely on the parties’ bespoke terms, the case underscores the need to examine termination provisions with care both when contracting and before attempting to terminate. It also indicates that, when interpreting the parties’ chosen wording, the court is unlikely to construe it in a manner that fails to give operative effect to expressions such as ‘subject to’. What was the background? Hitachi, the EPC contractor for an energy from waste plant in Worcestershire, engaged Interserve as sub‑contractor. Dissatisfied with Interserve’s performance and delay, Hitachi served a notice under sub‑clause 43.1 of the sub‑contract, invoking grounds (h) and (q). Those grounds provided that, if Hitachi failed to proceed regularly or diligently with the works or committed a material breach: ‘…then, subject to Sub‑Clause 43.1A and without prejudice to any other rights or remedies which’...

STOP PRESS From 24 February 2025, the core provisions of the Procurement Act 2023 (PA 2023) take effect and apply. Competitions commencing on or after that date must proceed under PA 2023, while procurements started under the earlier regimes — 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 and procedures accordingly. See Practice Note: Introduction to the Procurement Act 2023—PA 2023. This material concerns the Procurement Act 2023 regime. It provides practical guidance on public procurement under the Procurement Act 2023 (PA 2023). For practical guidance on light touch contracts under the former legislation, see Practice Note: Considerations when authorities procure contracts that are not subject to the full procurement regime. Overview of the light touch public procurement regime Under PA 2023, light touch contracts (LTCs) mean contracts wholly or predominantly for the delivery of identified...

Trustees and personal representatives can, in fact, carry on a trade. For example, where a self-employed trader dies, the personal representative may keep the business running until it is wound down or sold. In the same way, trustees or interest in possession beneficiaries might be trading and could qualify for reliefs such as roll-over relief or business asset disposal relief. The broad tax rules governing trading apply to all traders alike, whether they are individuals, trustees, or personal representatives. This Practice Note sets out those principles below. Is there a trade? The key issue to examine is whether there is a trade. At times this will be clear, for instance when personal representatives step in to continue the deceased’s business; however, in other situations even a solitary transaction can amount to a trade. As an illustration, trustees who buy a property to renovate may, depending on the circumstances, be regarded as operating a property development business. If so, any gain on the later sale would fall within income...

CASE HUB ARCHIVED This archived case hub sets out the position as at the judgment of 23 October 2017; it is no longer maintained. For more, see the timeline and relevant/related cases. Case facts ARCHIVE 26/10/2017 Outline An appeal to the General Court against the European Commission decision refusing VIMC’s complaint pursuant to Article 13(1) of Regulation 1/2003. Latest developments On 23 October 2017, the General Court handed down its judgment, rejecting in full the action to annul the European Commission’s decision to refuse VIMC’s complaint, on the basis that the matters raised were already being examined by a national competition authority (Case AT.40231). The General Court held that the Commission correctly applied the principles in Article 13(1) of Regulation 1/2003, exercising its discretion not to open an investigation because the Austrian national competition authority was already conducting one...

This Deed is executed on [ date ] Parties 1 [ insert name ] of [ insert address ] together with [ insert name ] of [ insert address ] (the Trustees ) and 2 [ insert name ] of [ insert address ] (the Appointor ) Background (A) This Deed supplements: (i) a trust (the Trust ) dated [ insert date ] and constituted by [ insert name ] and [ insert name ] and [ insert name ] (the Trust Deed ) and (ii) those deeds and events set out in [ the ] the Schedule. (B) The Trustees are currently the trustees of the Trust. (C) The Appointor is the present Appointor of the Trust...

SPECIAL RESOLUTION[S] 1 THAT, if [ insert reference to the resolution granting authority to allot ] is approved, the Board shall be empowered to issue equity securities (as defined in the Companies Act 2006) for cash under the authority conferred by that resolution and/or to dispose of ordinary shares held by the Company in treasury for cash, as though section 561 of the Companies Act 2006 did not apply to any such issue or sale, such power to be restricted as follows: [ insert wording to limit the authority to disapply pre-emption rights to allotments for rights issues and other pre-emptive issues ]; to the issue of equity securities or the disposal of treasury shares (other than pursuant to paragraph (A) above) up to an aggregate nominal amount of £[ insert amount, to be not more than 10 per cent of the issued ordinary share capital (excluding treasury shares) of the Company as at the latest practicable date prior to publication of the notice of...

Precedent presentation This Precedent presentation acts as a resource to upskill your staff in the fundamental principles of data protection and in managing them within the workplace. The Precedent is generally applicable, yet integrates the requirements of the UK General Data Protection Regulation (UK GDPR) wherever pertinent as and when needed...

Under section 55A of the Family Law Act 1986 (FLA 1986), a party can apply to either the Family Court or the High Court for a declaration determining whether a person named in the application is, or was, the parent of another individual in question. The court’s authority depends on domicile or habitual residence in England and Wales, as set out in FLA 1986, s 55A(2). Where the application is successful, and a declaration of parentage is granted by the court, it shall give notice to the Registrar General (FLA 1986, s 55A(7))...

This query addresses what is required for a notice to quit to be effective. In general, such notices are controlled by common law principles that have developed over time. There are, however, situations in which service is not permitted (for instance, where a residential tenancy benefits from the Housing Act 1985 (HA 1985) or the Housing Act 1988 (HA 1988)) and circumstances where a particular format is mandated (for example, where a business tenancy enjoys the protection of the Landlord and Tenant Act 1954 (LTA 1954), the giving of a notice under LTA 1954, s 25 being comparable to a notice to quit, albeit with significant distinctions in important respects when compared)...

Under general principles of trust law, a beneficiary’s or settlor’s spouse may serve as a trustee of a settlement without any prohibition. More broadly, there are few limits on eligibility for appointment as trustee; any person with capacity in law to hold the legal title to the trust property can be lawfully appointed as a trustee of that property...