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Impact date/day meaning

What does Impact date/day mean?
In equity capital markets practice, impact date (or impact day) is the date a transaction is publicly launched to the market—typically an IPO, rights issue or placing—by releasing the announcement through a Regulatory Information Service/Primary Information Provider (UK, e.g. RNS) or the Euronext Dublin company announcement service (Ireland). It usually occurs pre‑market on the business day after the “impact board” or launch meeting, at which the board approves the transaction and key documents are signed. This is a market‑practice term, not one defined by legislation or case law, but it is widely used by practitioners across England & Wales, Scotland, Northern Ireland and Ireland with broadly consistent meaning. Key legal and practical features include: - Satisfying disclosure under the Market Abuse Regulation (UK MAR/EU MAR) by making public the inside information concerning the launch. - Starting the deal timetable (for example, marketing/bookbuild, price range or ITF announcement, publication of a prospectus or pathfinder, and—on rights issues—subsequent ex‑rights and record dates). - Triggering associated regulatory and contractual steps (underwriting and selling restrictions, wall‑crossing moving to wider marketing, and alignment with Listing Rules/AIM Rules or Euronext Dublin rules). Where securities are dual‑listed or subject to multiple regimes, announcements are commonly made through each relevant...
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View the related Checklists about Impact date/day

CHECKLISTS
Impact of Bankruptcy on Divorce Financial Remedies: Checklist, Timeline and Challenges for Property Adjustment Orders (England and Wales)

The impact bankruptcy and divorce proceedings have on one another How bankruptcy intersects with divorce has been examined in a raft of decisions in both the bankruptcy jurisdiction and the family courts. Regrettably, it is far from rare for a bankruptcy to be underway whilst a divorce is progressing, and running the two together can produce clashes over how assets are apportioned. Such concurrent proceedings often bring the division of property into sharp focus, as priorities compete. The family court, for its part, aims to make a property adjustment order, assessing, among other factors, the future needs of the spouses and any children; by contrast, the bankruptcy court divides the assets with creditors’ interests placed foremost in the decision-making. This possible tension must be weighed with care, and, in practice, the key issue is timing: when the bankruptcy was commenced compared with the date a property adjustment order was made. This checklist and timeline outlines the effect each step in bankruptcy can have on ancillary relief proceedings within a...

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CHECKLISTS
Fraud red flags in UK road traffic personal injury claims: a practitioner’s checklist

Claimant Claimant's history Has the claimant previously pursued personal injury claims? This can be verified via the Claims Underwriting Exchange (CUE) database, which records all claims that have been lodged with an insurer. Nature of the injuries Do the reported injuries align with, and are they proportionate to, the overall seriousness of the collision event? High occupancy A crowded vehicle (ie several passengers) does not, by itself, prove fraud, yet it may still be relevant where an accident is alleged to have been engineered or staged. No reason to stop Where the defendant maintains the claimant’s car braked without cause, this may potentially point to a set-up incident. Late reported claim Although claimants ordinarily have three full years to bring a claim, when a claim reaches an insurer more than six months after the accident date, without any credible reason at all (eg a prolonged hospital stay, or the claimant’s insurer struggled to identify the defendant’s insurer), there is a...

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CHECKLISTS
UK registered pension schemes: checklist on NMPA 57 increase, 2028 protected pension age (unqualified right), pre‑55 protection, block transfers, and entitlement/retirement conditions

FORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will raise the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028, except for members of the public service pension schemes for firefighters, police and the armed forces. The Finance Act 2022 will also permit members of registered pension schemes to take benefits before 57 if, on or before 4 November 2021, they met certain conditions: they already had an ‘unqualified right’ to take benefits; or they were in the course of a substantive transfer to a scheme providing an unqualified right to a protected pension age below 57 on or before that date. To rely on this new 2028 protection, the scheme’s rules must have included, as at 11 February 2021, an unqualified right to access scheme benefits before age 57. For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact...

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NEWS
UK corporate crime update: DPA breach ruling, court reforms, sanctions enforcement changes, data protection reforms, ICO Grok probe, LIBOR appeals, sentencing updates, proceeds of crime, health and safety

In this issue: Decision to prosecute and alternatives to prosecution Criminal procedure and evidence Proceeds of crime Appeals and judicial review Sentencing Bribery, corruption, sanctions and export controls Cybercrime and data protection offences Fraud, forgery, tax and theft offences Health and safety and corporate manslaughter offences Other corporate crime updates LexTalk®Corporate Crime: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Decision to prosecute and alternatives to prosecution Deferred Prosecution Agreements—an ‘expiry date’ or a ‘best before’? (Guralp Systems Ltd v Serious Fraud Office) The statutory framework for Deferred Prosecution Agreements (DPAs) requires an expiry date within every DPA, mandates that any breach application is made while the DPA remains in force, and provides that where a DPA lasts until its expiry, the proceedings are to be discontinued. In this case, the DPA’s terms specified effectiveness for...

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NEWS
UK share incentives: Legislation Day 21 July, HMRC Share Schemes Forum takeaways, FTSE 100 pay revolts, updated EOT distribution relief guidance, and key dates — 10 July 2025

In this issue: Budgets, Autumn Statements and Finance Bills Tax treatment Corporate governance Trackers Dates for your diary Weekly highlights from other practice areas Budgets, Autumn Statements and Finance Bills Treasury announces date of ‘Legislation Day’ Draft legislation for the Finance Bill 2026 will be issued on Monday 21 July 2025. In a written statement, James Murray, Exchequer Secretary to the Treasury, confirmed that the UK Government will publish draft clauses on that date, capturing policy changes already trailed. Alongside the draft text, there will be explanatory notes, tax information and impact notes, consultation responses and other supporting documents. The UK Government’s Tax Policy Making Principles paper also reaffirms consulting on draft Finance Bill measures over the summer, together with an intention, where appropriate, to release technical consultations at other points in the cycle far enough ahead of the Finance Bill’s introduction to ease demands on stakeholders. See: Written Statement made on 4 July 2025...

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NEWS
UK Practice Compliance: sanctions and OFSI reforms; DUAA 2025 in force; ICO update; SRA HVCC ‘no win, no fee’ warning; LSB litigation guidance; EU adequacy for Brazil (5 February 2026)

In this issue: Sanctions Data protection Other Practice Compliance updates this week Daily and weekly news alerts Trackers New and updated content Sanctions FCDO announces UK sanctions against Iranian authorities for human rights violations during peaceful protests The Foreign, Commonwealth & Development Office (FCDO) has unveiled the UK’s suite of sanctions against ten individuals and one organisation in Iran for enabling recent human rights abuses against peaceful protestors. This action reflects the UK’s determination to hold the Iranian authorities to account following widespread brutality and violence. The Law Enforcement Forces of the Islamic Republic of Iran (FARAJA) has been designated for its leading role in policing protests in Iran and is subject to an immediate director disqualification and asset freeze, while the listed individuals—including the Minister of the Interior, several Police Chiefs, Islamic Revolutionary Guard Corps (IRGC) commanders, judges and an Iranian businessman—are immediately subject to asset freezes, travel bans and director disqualifications...

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PRACTICE NOTES
West Tankers: practical impact under Brussels I (recast)—no court anti-suit injunctions; tribunals’ power to award damages for breach of arbitration agreements; recognition of anti-suit awards

ARCHIVED: This Practice Note is archived and not kept up to date. Practical implications of West Tankers In short, the current position arising from the West Tankers saga (so far) is: Any EU Member State court seised of proceedings must rule on its own jurisdiction to determine the dispute. Under Brussels I and Brussels I (recast), courts of another Member State cannot remove that competence from it. An arbitral tribunal has jurisdiction to award damages for breach of an obligation to arbitrate. Where jurisdiction is disputed (as it often is), consider advising clients to obtain a standalone final award addressing jurisdiction at the outset, and then seek to have it recognised and enforced by the court (the application would be made under the procedure set out in CPR 62). This should prevent a conflicting court judgment taking precedence, on the basis of issue estoppel. Thereafter, the parties can proceed to the liability and quantum issues within the arbitration. West Tankers—the...

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PRACTICE NOTES
Rome II choice-of-law rules for non‑contractual claims: product liability, competition, environmental damage, IP, industrial action, unjust enrichment and related claims (England and Wales; events 2009–2020)

Practice Note Use this Practice Note to identify the governing law before the courts of England and Wales for harmful events that took place between 11 January 2009 and 31 December 2020. Where incidents happened outside those dates, the UK courts will apply an alternative choice-of-law regime, and the regime engaged turns solely on the date of the occurrence. If the date falls outside that span, a different regime applies, selected by reference to timing of the event. For direction on those regimes and how they interrelate, see Practice Note: Applicable law regimes. It summarises the special rules governing particular heads of claim under Regulation (EC) 864/2007 on the law applicable to non-contractual obligations (Rome II). The topics include product liability, unfair competition and restraints on free competition, environmental harm, intellectual property (IP) rights, industrial action, unjust enrichment, negotiorum gestio—i.e. agency without authority, and culpa in contrahendo—fault in forming a contract, as well as insurance...

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PRACTICE NOTES
NSIP DCO examination procedure: fast-track, written representations, hearings, changes, local impact reports, statements of common ground, and decision-making under the Planning Act 2008 (including forthcoming 2025 amendments)

The Planning Act 2008 (PA 2008) establishes the consent framework for nationally significant infrastructure projects (NSIPs) across energy, transport, water, waste water and waste. Decisions on development consent order (DCO) applications may be taken by reference to any relevant National Policy Statements (NPSs), which articulate national policy for NSIPs. See Practice Note: National Policy Statements. While the Secretary of State (SoS) is legally accountable for the decision, in practice the government entrusts acceptance and examination of applications to the Planning Inspectorate (PINS). See Practice Note: Examination of nationally significant infrastructure projects—general. The government has issued a ‘Collection: National Infrastructure Planning Guidance Portal’, containing guidance on NSIP pre-examination, the examination itself, the fast-track route for NSIPs, and awards of costs relating to the examination of DCO applications. Collectively, these provisions define the route by which nationally significant schemes are assessed and authorised, with guidance set out in practice notes and the collection. Fast-track process Under PA 2008, s 98(1), the Examining Authority (EA) must conclude examination of the application...

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PRECEDENTS
Precedent letter obtaining employee consent to flexible furlough and contractual variations under the extended CJRS (1 May–30 September 2021) [Archived]

UPDATE: The CJRS concluded on 30 September 2021. This Precedent has been archived and is no longer supported. For additional details on the extended CJRS, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 May to 30 September 2021) [Archived]. [ To be set out on the employer’s headed paper ] [ Date ] Dear [ insert name of employee ], Re: [ insert name of employer ] (the Company) Further to our discussion on [ date ], I outlined that [ the significant decline in our business arising from the coronavirus (COVID-19) pandemic is ongoing OR the Company remains unable to operate in the usual way owing to restrictions implemented by the government in connection with the coronavirus (COVID-19) pandemic ]. [ Provide details of the impact on the organisation, for example whether operations have ceased altogether, or are continuing on a substantially reduced basis, etc. ]...

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PRECEDENTS
Data Protection Impact Assessment (DPIA) Consultation—Stakeholder Response Form (Template)

Introduction [ Provide a concise overview of the project to which this consultation relates, including as appropriate: ] [ —a short introduction to your organisation ] [ —the subject you are consulting on ] We invite you to take part in our consultation, running for [ insert number ] weeks from [ insert date ] to [ insert date ]. This consultation offers you the chance to comment on [ insert details ]. Your views matter to us. Please use this form to share your feedback. Complete as many sections as you wish and send it to: [ insert address ]. We will also accept feedback by email, letter and telephone (see Contact details below)...

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PRECEDENTS
UK plc rights issue board minutes (pre-announcement): approvals for prospectus (FSMA 2000), underwriting, LSE/AIM admission, general meeting, directors’ responsibilities (CA 2006) and related authorisations

Company number: [ insert number ] [ insert company name ] PLC Minutes of a meeting of the [ committee of the ] board of directors (the Meeting) of [ insert company name ] plc (the Company) Venue: [ insert place of meeting ] Date: [ insert day, month and year of meeting ] at [ insert time of meeting ] [ am OR pm ] Present [ Insert names of the director(s) physically present ] [ [ Insert names of any directors present by telephone as permitted by the Company’s articles of association ] (by telephone) ] [ [ Insert names of any directors present by other means permitted by the Company’s articles of association ] (by [ insert other means ]) ] In attendance [ [ Insert name of anyone in attendance, who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers) ] ] ...

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Q&As
UK departure before biometrics: section 3C leave, invalidity risk

section 3C leave This answer proceeds on the basis that no request was submitted to the Home Office to cancel the application, nor to retrieve the passport prior to departing the UK. If someone makes an application from within the UK to extend their permission to stay before their existing leave runs out using the online route, the date on which the application is treated as lodged is the date the online form is submitted, not the enrolment of biometrics. When someone who already has leave to remain applies from inside the UK to extend it, their current leave, together with all attached conditions, continues automatically so long as a valid application is made before that leave expires (known as ‘section 3C leave’)...

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