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Lock-in period meaning

What does Lock-in period mean?
In funds practice, a lock-in period is a fixed timeframe during which an investor cannot redeem, withdraw or transfer their interest (shares, units or partnership interests) in the fund. It is a descriptive market term rather than a defined statutory concept; its scope and duration are set by the fund’s constitutional and offer documents (for example, prospectus, instrument of incorporation or trust deed, limited partnership agreement and subscription documents), subject to applicable regulation and disclosure requirements (including FCA rules in the UK and the Central Bank of Ireland UCITS/AIF Rulebooks). Typical features include: an absolute bar on redemptions and transfers; limited exceptions with manager/general partner consent; or early exit subject to fees or penalties (often described as hard or soft lock-ins). Lock-ins are common in private equity, venture capital and hedge funds to align investor commitments with illiquid strategies and to manage liquidity risk. They are distinct from temporary suspensions of dealings and from gates, which limit rather than prohibit redemptions. Usage and legal effect are broadly consistent across England and Wales, Scotland, Northern Ireland and Ireland, though retail funds face tighter regulatory constraints. The term is also used in capital markets for post-IPO lock-ins, which are governed by separate listing and...
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CHECKLISTS
Employer checklist for career breaks and sabbaticals: policy design, contract status, continuity of employment, pay/benefits, pensions, equality, redundancy/TUPE consultation and return-to-work arrangements

Checklist This Checklist summarises the issues an employer should evaluate when shaping a career break and/or sabbatical policy, and when setting the arrangements to support such leave. The expressions ‘career break’ and ‘sabbatical’ carry no fixed legal definition, and the title used for the break does not dictate its legal character. In practice: ‘Career break’ commonly denotes a longer spell of unpaid absence during which the employment contract may remain in place, though more frequently it does not; and ‘Sabbatical’ typically refers to a shorter period of leave, usually unpaid but potentially paid or partly paid, during which the contract does continue. For detailed information on career breaks and sabbaticals generally, see Practice Note Career breaks and sabbaticals...

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CHECKLISTS
Checklist for lodging Employment Appeal Tribunal appeals from Employment Tribunal decisions: documents, 42-day deadline and HMCTS E-Filing (England and Wales and Scotland)

REMEMBER: The 42-day appeal deadline finishes at 4pm on the 42nd day. It is YOUR duty to ensure ALL required papers are submitted within that period. DO NOT LEAVE IT UNTIL THE LAST MINUTE. If your appeal is missing documents or pages, it is classed as ‘not properly instituted’, meaning it has not been correctly lodged. The Checklist Read sections 1 to 3 of the EAT Practice Direction 2024 and the T440 Guidance. Notice of Appeal: have you completed every section of the Notice of Appeal from decision of Employment Tribunal (Form T444)?...

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CHECKLISTS
Website intellectual property assignment and domain name transfer: drafting and negotiation checklist

How to use this Checklist This Checklist flags common matters that arise when negotiating and drafting agreements to transfer intellectual property rights (IPRs) in a website. Many of the same points are also pertinent to other types of transaction. Key commercial considerations technical and functional requirements defining the relevant IPRs any cross‑licensing arrangements the terms underpinning the transfer of rights rights held by third parties Use the third column to capture observations or remarks as you work through the Checklist. Checklist for the transfer of intellectual property rights in a website &x2610; Verify each party’s legal status and whether any third parties (such as group affiliates) will benefit from the proposed agreement. &x2610; Confirm when the transfer becomes effective and whether it is contingent on any other agreements or events. &x2610; Confirm if the deal is a one‑off assignment of IPRs or if there will be ongoing licensing or support; where continuing...

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FLOWCHARTS
Employer's entitlement to liquidated damages for late completion under JCT Design and Build 2024: procedural steps and effect of termination

The flowchart below summarises the key steps required in order for an employer to be able to claim or deduct liquidated damages under the JCT Design and Build Contract 2024 While it concentrates on liquidated damages for delay in finishing the Works, the identical procedure equally applies to cases of late completion of a Section. Importantly, under the JCT Design and Build Contract 2024, if the contract ends before the Works are complete, the Employer may recover liquidated damages only up to the termination date, and general damages for any ensuing delay thereafter, rather than further liquidated damages for that period instead. For details, refer to Practice Note: JCT contracts—time—Liquidated damages and termination...

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FLOWCHARTS
Freedom of Information Act 2000 compliance flowchart: receiving, validating and costing requests; fees; held information; exemptions; public interest test; responding within 20 working days

In brief The deadline for handling a freedom of information request is 20 working days, although in certain limited circumstances this period can be extended. Upon receipt of a request, an authority should: carefully log the exact date the request arrived check that the request is valid determine whether it holds information matching the description provided in the request estimate the likely cost of complying decide whether to levy a fee assess whether any exemptions apply issue a response to the applicant within the deadline For guidance on the freedom of information regime generally, see Practice Notes: Introduction to freedom of information Who is subject to the freedom of information regime For an overview of the whole process click here to view or print a separate PDF version...

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FLOWCHARTS
Final Payment Process under JCT Design and Build Contract 2011 — Archived Flowchart

Clause 20.2 claims flowchart summary (FIDIC 2017) This flowchart describes the process for claims by the Contractor or Employer under clause 20.2 of the FIDIC Red and Yellow Books 2017, and applies to the following: Employer claims for the following: additional payment or a decrease in the Contract Price; and/or an extension of the Defects Notification Period Contractor claims for the following: additional payment; and/or an extension to the Time for Completion The party making a claim must also meet any specific requirements found in the clause setting out the relevant entitlement. For more information, see Practice Note: FIDIC contracts 2017—Contractor and Employer claims...

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NEWS
EU competition and State aid: pharmaceutical enforcement 2018–2022, MEO test guidance on risk finance, mergers update (26 January 2024)

Competition policy Commission publishes report on enforcement of EU antitrust and merger control rules in the pharmaceutical sector between 2018–2022 The Commission has issued a report on competition enforcement—covering antitrust and merger control—in the pharmaceutical sector, outlining the activities undertaken by the Commission and national competition authorities during 2018 to 2022. It updates an earlier 2019 report that examined the period from 2009 to 2017. Alongside a broad overview of enforcement in pharmaceuticals, the report describes the sector’s key features that guide competition assessments and, through concrete and practical examples, clearly demonstrates how competition law action protected undertakings and consumers, including in the course of the Covid-19 crisis...

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NEWS
EU competition update: General Court upholds Česká pošta USO compensation; upholds Commission refusal of access to Luxembourg ATAs; merger clearances, filings and appeal; FSR ADNOC/Covestro timetable suspended

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...

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NEWS
UK and EU environmental law weekly: consultations, policy and case updates across climate, hydrogen, buildings, enforcement, nuclear, ESG, chemicals (PFAS), biodiversity, waste and water—9 October 2025

In this issue: Air emissions and climate change Contamination and pollution Energy efficiency and buildings Energy for environmental lawyers Environmental information Environmental taxes, reliefs and incentives ESG and sustainability Hazardous substances and chemicals Nature, biodiversity and habitat conservation Waste Water, flooding and drainage Daily and weekly news alerts New and updated content Air emissions and climate change Greenhouse Gas Removals (GGR)-UK government publishes Business Model documentation On 27 August 2025, the Department for Energy Security and Net Zero (DESNZ) released a suite of papers on its proposed Greenhouse Gas Removals (GGR) Business Model and accompanying policy. The Lexis+ Energy team, working with Navraj Singh Ghaleigh, Senior Lecturer in Climate Law at the University of Edinburgh Law School, set out the context for the GGR Business Model; its relationship with the Power BECCS Business Model; the technologies the GGR framework intends to encompass; its legal footing and principal features; and how...

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PRACTICE NOTES
UK DTR 2: issuer obligations on disclosure, delay, control and selective disclosure of inside information—FCA/ESMA guidance, case law, COVID‑19 context and enforcement (post‑Brexit UK MAR)

Resource Note This Resource Note signposts key commentary, analysis and materials to aid interpretation and offer practical direction on using Chapter 2 of the Disclosure Guidance and Transparency Rules (DTR 2). Where relevant, it draws on: the Financial Conduct Authority (FCA) Handbook FCA Knowledge Base—Procedural and Technical notes (formal guidance binding on the FCA) FCA consultation and discussion papers, policy and feedback statements, and warnings Primary Market Bulletins and other FCA publications legacy UKLA technical and procedural notes and the UKLA’s newsletter List!, where still pertinent assimilated EU legislation EU Directives and EU Regulations, where helpful to construing a provision Lexis+® UK analysis and resources Setting the scene What it covers: DTR 2 prescribes the framework for issuers to disclose and manage inside information, supporting timely and even-handed release of market-sensitive information. It also identifies specific situations permitting a delay to public disclosure of inside information, together with the safeguards required to keep such information...

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PRACTICE NOTES
UK FCA DTR 1–1C: application, post‑Brexit and 2024 listing reforms, MAR interplay, audit committees, misleading disclosures and related party rules

This Resource Note spotlights commentary, analysis and materials to aid interpretation and give practical guidance on applying Chapters 1, 1A, 1B and 1C of the Disclosure Guidance and Transparency Rules: DTR 1, DTR 1A, DTR 1B and DTR 1C respectively. Materials referenced here include, where pertinent: the Financial Conduct Authority (FCA) Handbook FCA Knowledge Base guidance—Procedural notes and Technical notes (constituting formal guidance and binding on the FCA) FCA consultation papers, discussion papers, policy statements, feedback statements and warnings Primary Market Bulletins and other FCA publications former UKLA technical and procedural notes and the UKLA newsletter List!, where still relevant to interpreting or applying a provision assimilated EU legislation EU Directives and EU Regulations, where relevant to interpreting a provision Lexis+ UK analysis and resources Setting the scene What it covers: DTR 1 sets out the Disclosure guidance, explaining its scope and purpose; DTR 1A sets out the transparency rules with their scope and purpose;...

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PRACTICE NOTES
Distressed debt: tax consequences of creditor enforcement—sale, receivership, administration, foreclosure, and transfers to lenders (satisfaction or set-off)

This Practice Note sets out the principal tax considerations where creditors move to enforce security over the assets of a distressed company or corporate group. Related Practice Notes in this series address tax issues concerning: acquisitions of distressed debt, and debt restructurings (ie waivers, debt/equity swaps or renegotiations) In addition, Tax and distressed debt—checklist of points to consider distils the main tax points to bear in mind when dealing with distressed debt in general. This Practice Note reviews the enforcement routes open to creditors of troubled businesses and the consequences that may follow. For a detailed look at the loan relationships provisions on debt releases, see: Loan relationships—impairment and debt releases Loan relationships—impairment and debt releases: connected companies Types of enforcement As explained in Practice Note: Tax and distressed debt—debt restructurings, lenders will frequently engage in a restructuring of a distressed group’s debt to help the underlying business continue. Enforcing security over a borrower’s assets...

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PRECEDENTS
Comprehensive Amendments to SBCC 2016 Standard Building Contract (Without Quantities) for Scotland: Design Liability, Third-Party Agreements, Insurance, Bonds, Collateral Warranties, Payment, Retention, Fluctuations, Dispute Resolution and Insolvency

The Contract comprises the completed Standard Building Contract Without Quantities for use in Scotland 2016 published by the SBCC subject to the following amendments: Recitals and Articles updated: contractor to provide a master programme and Schedule of Information Requirements; CDP responsibility accepted; Principal Contractor duties priced; arbitration deleted; Schedule of Amendments prevails; Third Party Agreements duties. Contract Particulars: arbitration entries removed; Rectification Period set at 12 months; fluctuations and certain PII/guarantee entries deleted. Conditions: key definitions revised (Practical Completion, Copyright Material, Design sub‑contractors, Funder, Site); Scottish jurisdiction; approvals mean principles only; entire agreement; variations in writing. Design/materials/programming: contractor accepts ER/CP; quality and non‑deleterious materials; programme reporting; site risk; drawings/info supply; tighter discrepancy notices. Time/defects: mitigate and advise on delay; narrower Relevant Events; Practical Completion clarified; stronger rectification, consequential damage and indemnity; phased as‑built/occupation information. IP/confidentiality/BIM: broader licence, moral rights waivers and delivery; confidentiality reinforced; BIM where adopted. Management/sub‑contracting: access, approved Site Manager, meetings; prescribed sub‑contracts; collateral warranties/third‑party rights; CDM duties; insurance...

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PRECEDENTS
No-fault divorce under the DDSA 2020: client guide to procedure, timings, joint applications and costs (England and Wales)

This document offers general guidance on divorce procedure. Your family solicitor can provide advice tailored to your circumstances. Specific advice will depend on your circumstances, and your family solicitor can provide this. No fault divorce The Divorce, Dissolution and Separation Act 2020 (DDSA 2020) substantially reshaped divorce law, aiming to lower acrimony by bringing in the commonly called ‘no fault divorce’. The legislation removes the need to attribute fault when initiating proceedings, rather than apportion blame at the outset. It entirely dispenses with attributing blame at the commencement of divorce proceedings. Historically, to obtain a divorce in England and Wales, the applicant had to demonstrate that the marriage had irretrievably broken down, which required proving one of five facts. Three rested on fault—adultery, unreasonable behaviour, and desertion—while two depended on a qualifying period of separation: two years with consent, or five years without consent...

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PRECEDENTS
Commercial lease clause suspending tenant repair obligations during pandemic trading/use restrictions, with scope set by the Landlord’s Surveyor and defined Restricted Period and Competent Authority triggers

Definitions (General) Competent Authority • any body exercising jurisdiction over the Property, its occupation or its use; Restricted Period • any period [ exceeding [ number ] [ continuous ] weeks ] within the Term when a Pandemic Restriction is operative; Pandemic Restriction • any Legislation, or any requirement from, or guidance issued by, a Competent Authority that: (a) arises from [ COVID-19 or the occurrence of any other OR any ] national or local pandemic disease; and (b) prohibits, hinders or limits the Tenant from [ fully ] [ trading at the Property OR using [ more than [ number ]% (measured by floor area) of ] the Property for the Permitted Use ] . 1 Repair—suspension of Tenant’s repair obligation for pandemic reason The Tenant’s obligation to observe [ this clause OR clause [ number ] ] is suspended to such extent as the Landlord’s Surveyor deems fair...

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Q&As
Tenancy deposit claim if prescribed information names agent, not landlord — 2007 Order para 2(g)(iii)

Section 213 of the Housing Act 2004 (HA 2004) sets out the obligations on landlords who take a deposit in relation to an assured shorthold tenancy. Every deposit must be handled in line with an authorised scheme (HA 2004, s 213(1)), and the scheme’s initial requirements must be met within a period of 30 days from receipt of the deposit (HA 2004, s 213(3))...

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Q&As
BEIS Form HR1 rejected—notice date: first send or resubmission?

Under section 193 of the Trade Union and Labour Relations (Consolidation) Act 1992 Employers are required to inform the Secretary of State for Business, Energy and Industrial Strategy (BEIS) before issuing any redundancy notices and, in any event: where 20 or more dismissals are contemplated within 90 days, no less than 30 days before the first dismissal takes effect where 100 or more dismissals are contemplated within 90 days, no less than 45 days before the first dismissal takes effect For BEIS notification purposes, the full 30- or 45-day interval must pass before the first dismissal occurs. Notification is made on Form HR1, submitted to The Insolvency Service. For additional details, see Practice Note: Collective redundancy—statutory information and consultation obligations, under the heading Obligation to notify BEIS (Form HR1). As stated in the Advance notification of redundancies: guidance for employers accompanying Form HR1, the notification date is ‘the date on which we receive your completed form’. Forms with any required information...

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Q&As
RLMT: If salary range added, must the 28‑day job advert restart?

Resident Labour Market Test (RLMT) When placing a vacancy under the resident labour market test (RLMT), a sponsor must retain a screenshot of the website taken on the day the advert first goes live, unless the advert itself shows the date it was posted, in which case the screenshot can be produced at any point while the listing remains valid. See Practice Note: Resident Labour Market Test. If the wording of the advert is altered, the screenshot held by the sponsor to meet the above requirement will not match the actual particulars of the role (including the remuneration package). This inconsistency could lead, on audit, to a finding that the RLMT process was not followed. To minimise the risk of non-compliance on this matter, it is advisable to repost the advert, capture the requisite screenshots on the first day it appears as required by the RLMT, and refrain from changing the advert’s contents throughout the minimum 28-day period...

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