Internal market meaning

STOP PRESS The Loan Market Association (LMA) has released refreshed editions of the standard terms and conditions for Par and Distressed Trade Transactions, the complete set of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide, with effect from 17 March 2026. The changes remove LIBOR references, update IBOR rate definitions and the Target2 definition, and revise ERISA representations to incorporate additional exemptions to the prohibited transaction rules under ERISA and the US Internal Revenue Code. The revised documentation is available exclusively to LMA members, accessible via the LMA’s Documentation Hub. These publications are updated versions issued by the LMA. Summary A core principle of trading under the LMA protocol is that ‘Trade is a Trade’; i.e. once a trade is struck—including an oral contract agreed by telephone—it is binding, and subsequent developments, even if adverse to one or both parties, do not entitle either party to cancel or ‘break’ the trade. By way of example, a failure to secure consent for...

This Checklist covers the key considerations when formulating a strategy to combat counterfeiting and piracy. Use this Checklist together with Practice Note: Anti-counterfeiting and anti-piracy—strategy. Begin by evaluating how widespread the issue is. Consider who has been consulted: Internal teams close to the market, such as customer services dealing with consumer complaints External investigators gauging counterfeit prevalence across specific channels (online and in store) and carrying out test purchases Agencies including the Chartered Trading Standards Institute (‘Trading Standards’) and HMRC Internet service providers and website operators where targets largely trade online Be aware that staff or members of the public may spot fake goods in shops, market stalls, at events or while on holiday and may proactively alert the rights holder. Confirm whether the following key details have been established: Most affected territories Most affected products Health and safety concerns Degree of risk to consumers and brand value Principal perpetrators Any...

ARCHIVED: This Practice Note is archived and is no longer maintained. On 31 March 2011, the European Commission (Commission) put forward, via the co-decision process, a proposal to adopt a directive on credit agreements for consumers connected to residential immovable property. Subsequently, on 4 February 2014, the European Parliament and the Council of the EU formally adopted the Mortgage Credit Directive (Directive 2014/17/EU) (MCD). Its publication in the Official Journal of the EU followed on 28 February 2014. The MCD covers first- and second-charge mortgages as well as consumer buy-to-let activity on the same basis. It sets out assumptions used to calculate the annual percentage rate of charge (APRC). A tool built on these assumptions is available to assist users (including regulators, consumers, and creditors) in working out the APRC for a particular credit. Per the Commission, the MCD seeks to establish an EU-wide mortgage credit market delivering strong consumer protection. It also aims to support a more effective internal market for mortgage lending throughout Europe across the...

As of 12 January 2023, the EU’s Regulation on foreign subsidies distorting the internal market (FSR) took effect...

During any due diligence on acquiring a leasehold interest in land, it is vital to review whether the tenant may assign, underlet, or charge the premises. Provisions that are too restrictive may: adversely affect the buyer’s ability to dispose of their interest in the property in the future create a burden for day-to-day property management impact the overall value of the property to the buyer This Checklist is directed chiefly at leases granted for a reasonably long term at an annual market rent. For further guidance on: building leases, see Practice Note: Building leases—alienation side-by-side or geared rent leases, see Practice Note: Headlease rent linked to underlease rents long leases granted for a premium at a peppercorn rent where the leasehold interest is virtually equivalent to a freehold interest, see Precedent: Long lease of whole of commercial premises at a premium Assignment Can the tenant assign the lease and is the landlord’s consent...

From 12 January 2023, the EU’s Foreign Subsidies Regulation for the internal market (FSR) officially then took effect...

State aid General Court dismisses action relating to Commission’s decision approving compensation to Česká pošta for universal service obligations The General Court delivered its ruling in Case T-784/22, Zásilkovna v Commission, a challenge to the Commission’s decision of 25 July 2022, which concluded that compensation granted to Česká pošta by the Czech Republic for carrying out the universal postal service obligation for the years 2018-2022 was compatible with the internal market (SA.55208). The General Court rejected the action in full. By its ruling, the Court endorsed the Commission’s approval of the compensation measure. Background Česká pošta, the incumbent postal operator in the Czech Republic, has been designated as the country’s universal postal service provider. Under the universal service obligation (USO), Česká pošta is required, amongst other duties, to make available specified letter and parcel delivery services on each business day throughout the whole territory of the Czech Republic. The General Court upheld this decision on appeal. In January 2018, the Czech authorities pre-notified compensation intended for Česká...

In this issue: UK, EU and international regulators and bodies Prudential requirements Risk management and controls Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals Investment funds and asset management Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Regulation of AI in FS Dates for your diary New and updated content Financial Services Enforcement Database Daily and weekly news alerts LexTalk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies ESAs publish spring 2026 joint risk update The three European Supervisory Authorities—the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority—have released their Joint Committee spring 2026 update examining risks and vulnerabilities across the EU financial system....

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Accountability, culture and social governance Prudential requirements Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Banks and mutuals Investment funds and asset management MiFID II Regulation of insurance Payment services and systems Fintech and cryptoassets Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies ESAs highlight role of behavioural insights in supervisory and policy work The three European Supervisory Authorities — the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) — have issued a joint report arising from their February 2024 workshop on integrating...

Introduction to the UK-EU Trade and Cooperation Agreement This Practice Note summarises the key features of the UK‑EU Trade and Cooperation Agreement (TCA) that affect trade in goods between the UK and the EU. It covers customs and export duties and other charges, and outlines the preferential rules of origin operating between the parties. It also considers import and export restrictions and licensing, customs valuation, trade remedies and tariff rate quotas. Further topics include sanitary and phytosanitary measures, technical barriers to trade, and measures on customs and trade facilitation. On 24 December 2020, UK and EU negotiators concluded an accord shaping their future relationship. The UK–EU Trade and Cooperation Agreement is a wide‑ranging instrument arising from the UK’s departure from the EU’s internal market (Brexit) and extends beyond trade in goods and services. It also covers a range of other Brexit‑related matters, including: investment competition state aid tax transparency air and road transport energy and sustainability fisheries data...

This Practice Note outlines the legal and practical considerations relevant to digital rights management (DRM), and examines how far technical tools and other safeguards can be deployed by rights holders to protect and administer their digital works lawfully and effectively in practice. It also sets out the categories of offences that may arise where technological protection measures are bypassed or where rights management information is abused in any context. What is digital rights management? DRM describes the technical mechanisms used by copyright owners of digital material to label, monitor and secure their assets. These controls are applied to block unauthorised copying, for instance by using encryption, ensuring that only approved software and permitted users can open a given digital file where appropriate. DRM also serves to identify content and to manage its distribution to consumers, eg by tracking how often a work is accessed for the purpose of calculating the royalties payable lawfully, or to support business models such as online music subscription services. For example, the video...

The rules regarding Scottish electronic documents and their execution are contained in: Requirements of Writing (Scotland) Act 1995 (RW(S)A 1995) Assimilated Regulation (EU) No 910/2014 on electronic identification and trust services for electronic transactions in the internal market (as amended by the Electronic Identification and Trust Services for Electronic Transactions (Amendment etc) (EU Exit) Regulations 2019) (UK eIDAS) Land Registration etc (Scotland) Act 2012 (LRE(S)A 2012) Electronic Documents (Scotland) Regulations 2014, SSI 2014/83 Land Registration etc (Scotland) Act 2012 (Commencement No 2 and Transitional Provisions) Order 2014, No 41 (C 4) (2014 Order) Land Register of Scotland (Automated Registration) etc Regulations 2014, SSI 2014/347 Legal Writings (Counterparts and Delivery) (Scotland) Act 2015 (LW(CD)(S)A 2015) The Law Society of Scotland has produced a third edition of its guidance on electronic execution of documents: Law Society of Scotland—Electronic signatures guide (Third Edition). Assimilated law is the term used for retained EU law (‘REUL’) that continues in force after the...

1 Internal team Product Safety Lead [Name/contact details]; heads safety; ensures recall records. Product Manager [Name/contact details]; accountable for products. R&D/Design [Name/contact details]; leads R&D/design; ensures traceability. Production [Name/contact details]; person(s) leading production. Quality Assurance [Name/contact details]; QA and risk; market surveillance. Purchasing [Name/contact details]; procures raw materials, components or finished goods. Distribution [Name/contact details]; liaises with distributors/wholesalers. Sales [Name/contact details]; consumer sales; customer traceability. Customer Relations [Name/contact details]; handles queries, concerns and complaints. Logistics [Name/contact details]; transport, storage and disposal for corrective action. Communications [Name/contact details]; PR, media and external communication. Legal and Compliance [Name/contact details]; regulatory/standards compliance; regulator liaison; liability/insurance. Finance [Name/contact details]; financial decisions. 2 External team Trading Standards Contact [Name/contact details]; main contact at Trading Standards/other market surveillance authority. Distributor/Producer Contacts [Names/contact details]; supplier and commercial customer contacts. Product Safety Advisor (Technical) [Name/contact details]; external testing, if applicable. Product Safety Advisor (Legal)...

This Precedent offers a worked illustration of Precedent: Improving efficiency—Voice of the Customer/Client (VOC)—blank and shows how client input can be applied to assess process effectiveness. Any change initiative ought to centre on enhancing the internal and external client experience, which first requires clarity on their needs and expectations. Within continuous improvement (CI), this is described as capturing the ‘Voice of the Customer/Client’ (VOC). That VOC must be weighed against what your team can and is prepared to deliver—the ‘Voice of the Business’ (VOB). This example is tailored to practitioners within an in-house legal function. What do our clients want? Step 1: Identify our clients Who are our current clients? (specific and generic) Internal clients—procurement team, HR, etc. External clients—suppliers. Who are our prospective clients? Could we feasibly supply legal or consultancy support externally to generate revenue? Untapped markets to pursue? Other niche organisations within a comparable market sector. Is our client...

1 Introduction 1.1 We have conducted an organisation-wide review to pinpoint where we are most likely to breach financial sanctions or deal with customers subject to such measures. This document sets out the risks identified and the conclusions drawn, together with how we will mitigate them. The individual accountable for this assessment is [ insert name/role ]. 1.2 Our review considered: 1.2.1 our customers and their counterparties; 1.2.2 the geographical areas we operate in [ , including sanctions regimes in other countries in which we operate ] ; 1.2.3 the [ services AND/OR products ] we offer; 1.2.4 our internal or operational risks. 2 Overview of the organisation Size and nature of the organisation [ Insert details ] Staff [ Insert details eg headcount, composition of staff base, staff turnover, supervisory structure and any other relevant employee metrics ] Description of practice areas and their relative size/significance to the business [ Insert details ]...