Lead manager meaning

STOP PRESS: The UK’s prospectus framework presently derives from the EU Prospectus Regulation, preserved in domestic law following Brexit as the UK Prospectus Regulation. The government has been reassessing this regime within a broader programme to modernise UK capital markets and make the UK a more appealing place to list. In this context, the UK Prospectus Regulation will give way to the Public Offers and Admission to Trading Regulations 2024 (the POATRs), and all detailed requirements connected to admission to trading will sit within Financial Conduct Authority (FCA) admission rules. The FCA issued its final rules (PS25/9) on 15 July 2025, with implementation expected on 19 January 2026. These changes form part of efforts to reform the capital markets in the UK and enhance the attractiveness of the UK as a listing venue. For more detail on the principal features of the POATRs framework pertinent to the debt capital markets, see Practice Note: The UK Prospectus Regulation—essentials [Archived] — Reform of the UK prospectus regime. Note that numerous steps...

This checklist outlines the essential documents needed at the principal stages of the project lifecycle: Project set up Project planning Project delivery Project closure It can be used alongside Checklist: Project management: key roles and governance—checklist. Project set up A project is regarded as ‘set up’ when a requirement or change has been identified. Permission to commence is provided via a mandate from a suitable senior figure in the organisation, usually the budget-holder who will finance the project. Project mandate the initial business case/justification for the project the purpose of the project how the outputs will be used the budget timescales for the work At this point a management team is formed, often as a project board or steering group, with a lead executive or sponsor appointed. A project manager and/or project support may also be named to handle day-to-day preparation of project documents. Project planning ...

Keighley and another v HMRC [2024] UKFTT 30 (TC) The lead appellant, Keighley, was a shareholder and part of the senior leadership at Primeur Ltd, a trading company that imported doormats. He put sizeable private spending on a corporate credit card, which the company settled in full, yet neither the company’s books nor his self-assessment properly reflected the income tax and National Insurance contributions (NICs) due. HMRC raised discovery assessments and penalties against Keighley, alleging deliberate conduct, covering every year from 2001 to 2017 inclusive. While HMRC held data on the personal expenditure from the 2013–14 tax year onwards, it instead calculated assessments for earlier years on a presumption of continuity. In parallel, HMRC also issued NICs determinations, penalties and assessments to Primeur during the period. Keighley additionally held shares as a shareholder in Valley Dale Properties Ltd (VDP) at the time. He and other shareholders personally advanced unsecured loans to VDP on unsecured terms. Separately, Primeur likewise lent funds to VDP, this time secured by a mortgage over...

What was the background to TPR’s guidance on private market investments? Following the government’s 2023 Mansion House reforms—designed to enable the financial services sector to unlock capital for UK industries, lift savers’ returns and support wider economic growth—TPR released guidance to help occupational pension scheme trustees evaluate whether private market assets could lead to better outcomes for savers. TPR expects trustees to act in savers’ best interests by giving due consideration to the full breadth of investment options, including private markets. The guidance also stresses that trustees should have the right level of knowledge and understanding so they can collaborate effectively with their advisers when judging how access to private market assets may meet their needs. This includes setting clear objectives for investment advisers in relation to advice on private market investments and on improving outcomes for pension scheme members. What are the key messages from TPR outlined in the guidance? Defining private market asset opportunities TPR’s guidance outlines the private market assets an adviser or...

This Practice Note sets out advice for law firms on responding to client account fraud and outlines the applicable legal and regulatory duties. Client funds are inviolable and their careful stewardship is essential and paramount. What is client account fraud? A firm suffers client account fraud where money is unlawfully taken from its client account. Immediate steps to take Act swiftly to limit harm in the immediate aftermath of client account fraud. Do everything possible to prevent further loss and disruption promptly. Form a fraud response team and appoint someone to lead the incident without delay; suitable choices include: the compliance officer for finance and administration (COFA) the finance director the compliance officer for legal practice (COLP) the nominated officer the senior partner another appropriately senior person within the firm The SRA warning notice, Money missing from client account, states that if you discover that funds are missing, you must take steps to ensure...

ARCHIVED This Practice Note is archived and no longer maintained. It offers historical context and outlines concepts such as UK mini-bonds and the Order Book for Retail Bonds (ORB). With the advent of the new UK prospectus regime, these concepts are being phased out or materially reformed. It is provided for background information only. For more on the new UK prospectus regime, see Practice Note: The UK Prospectus Regulation—essentials [Archived]—Reform of the UK prospectus regime. Introduction Traditional debt capital markets Historically, large corporates have tapped the debt capital markets to raise funds from an investor base made up largely of investment funds, pension funds, insurance companies and other institutional investors. Consequently, debt capital markets transactions have typically been characterised by: substantial issue sizes—typically at least £50m (or the equivalent in another currency) and frequently above £100m uniform distribution and underwriting procedures, whereby a lead manager with co-managers—or dealers for issues under a Euro Medium-Term Note (EMTN) programme—interposes between the issuer and prospective...

Programmes and projects sit at the heart of business operations. Though closely connected, there are important distinctions that in-house lawyers should understand. In this Practice Note we will cover the: differences between programme and project management purpose of programme and project management definition of a project and a programme, and how project managers can work productively with programme managers For further reading on project management, see the subtopic: Project management, in particular the Practice Notes: A guide to project management—An introduction to project management, the key parameters and the key players in projects, Project management: Project lifecycle and set-up, and Tips for in-house lawyers participating in or leading projects. The differences between programme and project management Think of programmes and projects as an orchestra performing a symphony. Projects are the individual sections—strings, percussion, wind, etc. Each section can be treated as a distinct ‘project’: part of the overall performance yet separate in its own right. Each section also has...

The Architect shall: General responsibilities (Stages 0–7) Lead Consultant: advise on scopes, guide specialists, integrate and co‑ordinate design, chair design meetings with minutes, manage Client–Design Team communication, collate stage reports. Act as or liaise with the Principal Designer under CDM 2015 and Building Regulations 2010; manage Client instructions; agree deliverables; design to budget; brief on duties; liaise with the BIM Manager. Stage 0: advise on risks, finance and feedback; visit site; assist with Design Team appointments; Stage 0 report. Stage 1: feasibility; arrange/collate surveys; develop the strategic brief into the Project Brief (sustainability, quality, spatial needs); set procurement, programme and PEP; align budget; Stage 1 report. Stage 2: concept and outline proposals aligned to cost plan and strategies; cost advice; compliance route and pre‑application planning; Stage 2 report. Stage 3: spatial co‑ordination; planning applications/consents, revisions and conditions; select materials/methods; value engineering; tender support; Stage 3 report. Stage 4: technical design, specifications and packages; building regulations submissions; ERs, Construction Phase Plan; Stage...

Parties Issuer [ • ] Guarantor [ • ] Lead Manager [ • ] Settlement Manager [ • ] Principal Paying Agent [ • ] Trustee [ • ] Registrar [ • ] Auditors [ • ] Tax Advisers Lead Manager Legal Advisers [ • ], acting as legal counsel to the Lead Manager, and [ • ], acting as legal counsel to the Trustee Issuer Legal Advisers [ • ], serving as legal counsel to the Issuer and the Guarantor The Depository Trust Company ( DTC ) Euroclear Bank SA/NV ( Euroclear ) Clearstream Banking S.A. ( Clearstream ) Common Depositary [ • ], in its role as Common Depositary [ The London Stock Exchange plc ] ( Stock Exchange ) [ The Financial Conduct Authority ] ( FCA ) [ Regulatory News Service of the Stock Exchange ] ( RNS ) SIGNING AGENDA ...

1. Data breach team Limiting harm is the immediate priority after a security incident. You will require a dedicated group to oversee the data breach. What should you do? ☐ Form a data breach team, including your data protection officer (DPO) and/or data protection manager (DPM) (if you have one), head of legal/compliance, head of IT, and head of HR (if employee data is affected). ☐ Nominate a person to lead the team (ideally not your head of IT). 2. Preliminary notifications Your first reaction might be to inform affected individuals and regulators, but you need sufficient detail before deciding if that is required or appropriate. The deadline for notifying the Information Commissioner’s Office (ICO) under the UK General Data Protection Regulation (UK GDPR) is 72 hours from becoming aware of the breach, and the UK GDPR Recitals indicate you should notify the ICO first before contacting data subjects. In the first 24 hours, prioritise containment and recovery. What should you...