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Index meaning

What does Index mean?
In legal practice, an index is a publicly available numerical measure tracking the value or performance of specified underlying assets, prices or data, used as a reference point in contracts, securities documentation and regulation. In financial services, the term is defined in the UK Benchmarks Regulation and the EU Benchmarks Regulation; when an index is used to determine amounts payable under a financial instrument or contract, or to measure a fund’s performance, it is treated as a benchmark, engaging regulatory and licensing requirements. Market indices (for example, the FTSE All-Share Index, which tracks the performance of most companies listed on the London stock Exchange’s Main Market) are commonly referenced in prospectuses, derivatives and index‑linked products. Outside capital markets, index often refers to inflation measures used in indexation clauses (e.g. CPI, CPIH or RPI in the UK; CPI/HICP in Ireland) for rent review, price adjustment and long‑term service contracts. Usage is broadly consistent across England & Wales, Scotland, Northern Ireland and Ireland, though post‑Brexit the UK BMR applies in the UK and the EU BMR applies in Ireland. Drafting should identify the administrator and series precisely, address licensing, and include robust fallbacks for index revisions, restatements or cessation.
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View the related Checklists about Index

CHECKLISTS
Applications for reporting restriction orders in family proceedings: procedural flowchart under the Family Procedure Rules 2010 PD12I and Cafcass Practice Note (England and Wales)

This flowchart sets out the steps to be taken on an application for a reporting restriction order under the Family Procedure Rules 2010, PD 12I (Applications for reporting restriction orders) and the Practice Note (Official Solicitor: Deputy Director of Legal Services: Cafcass: Applications for reporting restriction orders), also known as the Cafcass Practice Note. For comprehensive, practical guidance on each stage shown and on transparency in the family courts—covering overviews, Practice Notes, precedents, procedural guides, client guides, legislation, forms and further reading—see: Media access and transparency—overview, or select the related documents listed on the right-hand side of the flowchart. For focused guidance on reporting restriction orders, consult the following Practice Notes: Reporting restriction orders—procedure Reporting restriction orders and notifying the media For information about providing advance notice to the media of a reporting restriction order application, refer to: Giving advance notice to the media of a reporting restriction order application—flowchart. For the full collection of Lexis+® UK flowcharts spanning numerous...

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CHECKLISTS
Accelerated First Appointment in Financial Remedy Proceedings—Financial Remedies Court Flowchart (England and Wales)

STOP PRESS: The Financial Remedies Guide 2026 Published on 13 March 2026 by Mr Justice Peel and His Honour Judge Hess, and approved by the President of the Family Division, the Guide replaces and supersedes: efficiency statement for High Court judge cases (1 February 2016) efficiency statement below High Court judge level (11 January 2022) Financial Remedies Court Primary Principles (11 January 2022) Notice: electronic bundles (19 April 2022) Allocation of financial remedies cases to High Court judge level (21 May 2024) This document is being updated accordingly. The flowchart maps the steps when the accelerated first appointment procedure is available in the Financial Remedies Court within the Family Court. For practical guidance—including overviews, Practice Notes, precedents, guides, legislation, forms and further reading—see Financial provision—practice and procedure—overview or the related documents on the right-hand side of the flowchart; for all Lexis+ UK family flowcharts see Index of family flowcharts; for the accelerated route, see Accelerated first appointment...

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CHECKLISTS
Herfindahl–Hirschman Index (HHI) in merger control: calculation, examples, thresholds, delta interpretation and red flags—practical checklist for competition lawyers

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...

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NEWS
UK competition law round-up (30 April 2025): CMA 4Ps guidance under DMCCA 2024, SMS investigations milestones, Spreadex/Sporting Index remittal timetable, and interim Chair’s policy reflections

Digital markets CMA sets out how it will implement the 4Ps to support growth and investment under the new digital markets competition regime. The CMA has released guidance explaining its approach to meeting its four strategic objectives—pace, predictability, proportionality, and process (4Ps)—within the new digital markets competition regime created by the Digital Markets, Competition and Consumers Act 2024 (DMCCA). The 4Ps are intended to bolster growth, encourage investment, and strengthen business confidence across the UK’s competition and consumer frameworks...

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NEWS
UK competition: CMA Phase 2 remittal provisionally finds Spreadex/Sporting Index monopoly, considers divestment; CMA consults on DMCCA SMS levy rules/apportionment (closes 3 July 2025); key dates

Mergers The CMA has issued its interim report and potential remedies following the remittal of its phase 2 review into Spreadex Limited’s completed purchase of the B2C business of Sporting Index Limited, and has provisionally identified competition concerns. Spreadex and Sporting Index both offer fixed odds betting and sports spread betting to UK customers. Spreadex also operates in financial spread betting and casino betting. The firms are the only licensed providers of online sports spread betting services, and the CMA concluded that any remaining out-of-market constraints post-merger—such as unlicensed sports spread betting operators, financial spread betting firms, and sports fixed odds betting providers—are weak...

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NEWS
Local government legal round-up: Procurement Act 2023 guidance and draft regulations, duty of candour ruling, social housing and education consultations, mental health and CQC updates, planning case law

In this issue: Public procurement Governance Social housing Education Children's social care Social care Planning Daily and weekly news alerts New and updated content Public procurement Cabinet Office publishes first suite of Procurement Act 2023 guidance documents The Cabinet Office has issued an initial tranche of guidance on the Procurement Act 2023 (PA 2023). Designed to offer technical support, the materials explain interpretation and application of PA 2023, and are directed at procurement practitioners and commercial policy leads within contracting authorities. Each document should be read alongside PA 2023 and the related regulations. The Cabinet Office confirms a staggered release, aiming to complete the full set by June 2024. The Procurement Regulations 2024 have likewise been released in final form for Parliamentary debate. These draft regulations include the amendments flagged in the government’s consultation response issued on 22 March 2024. Separate guidance for devolved Welsh authorities will be issued by the Welsh Government in...

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View the related Practice Notes about Index

PRACTICE NOTES
Insolvency Act 1986 litigation flowcharts: index with links to overviews, practice notes, checklists, precedents and news analysis, plus new starter guide

Index of Restructuring & Insolvency flowcharts This Practice Note provides pathways to Flowcharts within Lexis+® UK Restructuring & Insolvency, focused on insolvency disputes, with additional subjects to follow progressively. Each Flowchart also signposts pertinent Overviews, Practice Notes, Checklists, Precedents, News Analysis, with supplementary materials for study. Insolvency litigation Misfeasance claims under section 212 of the Insolvency Act 1986—flowchart ...

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PRACTICE NOTES
2015 key restructuring and insolvency judgments: domestic and cross‑border case index with practitioner analysis [Archived]

2015: Key Restructuring & Insolvency cases [Archived] This Practice Note is archived and no longer being maintained...

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PRACTICE NOTES
Archived UK guidance on Annex II (pro forma financial information) of the former Prospectus Rules and its relevance under the Prospectus Regulation/PRR

ARCHIVED: This Practice Note is archived and no longer maintained. Last revised July 2019. From 21 July 2019, the Prospectus Regulation (EU) 2017/1129 applied in full across EU member states and the Prospectus Directive was revoked. The Prospectus Regulation now determines when a prospectus must be published for an offer of securities to the public in the UK, or for the admission of securities to trading on a regulated market in the UK. The FCA brought the FCA Handbook into line with the Prospectus Regulation by removing the Prospectus Rules in their entirety and substituting the Prospectus Regulation Rules sourcebook. For further details see Practice Note: The UK Prospectus Regulation—essentials [Archived] and The UK Prospectus Regulation—is a prospectus required? [Archived]. This note, and related notes concerning the now repealed Prospectus Rules, have been kept for reference because the commentary may remain relevant to equivalent provisions within the Prospectus Regulation Rules (PRR). This Resource Note signposts pertinent commentary, analysis and materials to aid interpretation of, and offer practical guidance on the...

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PRECEDENTS
Law firm strategy away day: delegate pack index and programme for performance review, market analysis, USPs, clients, SWOT, objectives and implementation plan

Attendees are invited to assess documents before the strategy away day, flagging concerns and noting ideas...

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PRECEDENTS
UK financial crime prevention due diligence form for appointing overseas agents and intermediaries

To be completed by [ insert name of organisation appointing the agent/intermediary ]... 1 Geographical factors Consider the location of the agent or intermediary. Country where the agent or intermediary is located [ Insert country ] That country’s Transparency International Corruption Perceptions Index score [ Insert score ] Is there credible reason to believe that business in this country is often secured through bribery of officials and/or that such payments are commonplace? If yes, give particulars, including how this came to your attention, for example via other multinational organisations operating there, local contacts, periodicals or news reports. ☐ Yes—[ Insert requested details ] ☐ No Have enquiries been made into the relevant civil/criminal law of the country to identify any material differences from UK law (eg legality of facilitation payments)? ☐ Yes ☐ No—[ Insert details ] Is the country known or reasonably suspected to: —operate high levels of secrecy; —be used as a tax haven; —not subscribe to the Common Reporting Standard;...

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PRECEDENTS
UK schemes of arrangement: offeror/offeree checklist of documents, announcements, court filings and website disclosures under the Takeover Code and Companies Act 2006

Unless stated otherwise, every item appears on the document list for both the offeror and the offeree. Mentions of the ‘Code’ denote the City Code on Takeovers and Mergers, and ‘CA 2006’ means the Companies Act 2006. A. Preliminary documents Index of documents — OfferEE/OFFEROR Scheme schedule — OfferEE/OFFEROR Parties list — OfferEE/OFFEROR Financial adviser’s client letter on confidentiality, etc — Rule 2.1(b) — FINANCIAL ADVISER Due diligence checklist — OFFEROR AND (IF APPROPRIATE) OFFEREE Application to inspect the offeree’s share register and register of interests, plus other details on the offeree’s share capital, shareholders and option holders, etc — CA 2006, ss 114 and 808; Note 3 on Rule 10.1 — OFFEROR Request for details about share interests — CA 2006, s 793 — OFFEREE/OFFEROR Request for information provided to a competing offeror (if appropriate) — Rule 21.3 — OFFEROR Note for directors on legal, Code and other duties — Rules 2.1(b) and 19.1 — OFFEROR/OFFEREE ...

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Q&As
Does a tithe rentcharge apportionment cost clause bind the owner?

Contributing tithes for the maintenance of a parish is a very long-standing practice, traceable well back to the Saxon era. In 1836, the Tithe Act 1836 indeed replaced the obligation to pay tithes with a rentcharge over land, recalculated annually by reference to the price of corn. In substance, it functioned as a locally levied, index-linked charge. Later enactments continued to control tithe payments until, in 1936, the Tithe Act 1936 (TA 1936) abolished rentcharges arising from tithes. Compensation was then made payable to reflect that change. Accordingly, the concise conclusion is that a tithe rentcharge is not legally enforceable...

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Q&As
NRB trust IHT 10-year charge: RPI-linked debt; excepted settlement

How should the trustees report the amount of the debt for the purposes of IHT ten-year charge? Should they include any index-linked element of the debt? We have found no authority directly answering this. The principal, or ten‑year, charge is imposed on the value of relevant property held by the trustees immediately before the ten‑year anniversary (TYA). See Practice Note: Relevant property trusts—the principal (ten‑year) charge. Where the trustees’ asset is encumbered by a charge with an index‑linked feature, the trust fund must be valued correctly just before the TYA. That exercise turns on the precise balance outstanding at that point and on whether the index‑linkage ought to be reflected, notwithstanding it would only bite once the loan is redeemed. As a broad rule, where property is charged, the amount secured is deductible from the property’s value when computing the IHT charge (section 5(3) and sections 162–166 of the Inheritance Tax Act 1984 (IHTA 1984)). There are, however, limited departures from that general position. Consequently, the amount to be...

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