Mandate meaning

STOP PRESS: Short Selling Regulations 2025 SI 2025/29 was made and published on 13 January 2025, together with an Explanatory Memorandum. This instrument replaces the assimilated regime and establishes a new statutory framework for UK short selling, creating designated activities and granting the Financial Conduct Authority (FCA) rulemaking powers for those activities, plus powers to intervene in exceptional situations. It reiterates that firms must notify the FCA when net short positions exceed 0.2% of issued share capital; while HM Treasury keeps the ability to adjust this level, the FCA may mandate notifications at a different threshold in exceptional circumstances. Some provisions took effect on 14 January 2025, with the remainder commencing on the date the revocation of the UK Short Selling Regulation takes effect under the Financial Services and Markets Act 2023. For a summary of the background to the new UK regime, see Practice Note: The UK Short Selling Regulation [Archived]. Regulation (EU) 236/2012 (the EU Short Selling Regulation) applies in the EU. In the UK, the assimilated...

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 ...

In this issue: Energy efficiency and buildings Energy for environmental lawyers Environmental enforcement and prosecutions ESG and sustainability Hazardous substances and chemicals Nature, biodiversity and habitat conservation Waste Waste producer responsibility regimes Water, flooding and drainage Daily and weekly news alerts New and updated content Latest Q&A Energy efficiency and buildings The Department for Energy Security and Net Zero (DESNZ) has issued its 2025 post‑implementation review (PIR) of the Energy Savings Opportunity Scheme (ESOS) Regulations 2014 (SI 2014/1643). Using Phase 3 compliance notifications from the Environment Agency, together with unpublished interim data from Phase 3 action plans, and building on the 2020 PIR, it recommends holding off any major amendments to the ESOS Regulations until a full evaluation ends in May 2026, after which a comprehensive PIR will be completed. The research evaluates how energy audits and reporting identify and deliver energy efficiency savings across organisations. See: LNB News 14/08/2025 6...

In this issue: Horizon scanning Status and worker categories Benefits Prohibited conduct Unfair dismissal Settlement Employment tribunals Dates for your diary Trackers New Q&As Employment resources on Lexis+® LexTalk®Employment: a Lexis®Nexis community Daily and weekly news alerts Horizon scanning What to watch in Employment law this winter In 2025, the government’s suite of employment reforms has set the pace, yet noteworthy shifts in case law and workplace culture also merit close attention as winter draws in. Some updates will stem from regulators, including the Financial Conduct Authority, which is anticipated to finalise guidance on tackling non-financial misconduct. Practitioners should also be mindful of the broader adoption of artificial intelligence, alongside a rise in employees voicing politically sensitive opinions at work, both of which demand vigilance as 2026 approaches. See Law360: What to watch in employment law this winter. Status and worker categories European Parliament ready to negotiate better...

In this issue Security Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Claims and remedies Daily and weekly news alerts Updated Practice Notes Useful information Security HM Land Registry has revised Practice Guide 29—Registration of legal charges and deeds of variation of charge. An update to section 4 now explains how to remove a note recorded in the charges register pursuant to section 859H of the Companies Act 2006. See: LNB News 06/05/2025 2. Source: Registration of legal charges and deeds of variation of charge (PG29). Sustainable finance The European Commission has opened a call for evidence to review the Sustainable Finance Disclosures Regulation (EU) 2019/2088 (EU SFDR). The initiative targets unnecessary burdens by simplifying and streamlining obligations, including easing environmental, social and governance reporting for financial market participants so they can focus on information most relevant to investors. Responses are requested by 30 May 2025, and the feedback will guide...

Brief history Before it went into liquidation, Primeo Fund (Primeo) operated as an open‑ended mutual investment vehicle. It was sponsored by Bank Austria and domiciled in the Cayman Islands. As is typical, it collected capital from investors and deployed those monies. A significant proportion of investors were Austrian private individuals, subscribing for shares in Primeo. At the outset, between 1993 and 1996, Primeo allocated its portfolio to several external managers, including Bernard L. Madoff Investment Securities LLC (BLMIS). The directors’ first allocation mandated that 7.5% of Primeo’s assets be placed with BLMIS. In 1996, reflecting BLMIS’s seemingly strong performance, Primeo bifurcated into two sub‑funds: the existing fund became Primeo Global, while a new vehicle, Primeo Select, was formed to invest solely with BLMIS. By February 2001, a decision was taken to wind down Primeo Global, which had underperformed markedly compared with Primeo Select. Primeo Select maintained a direct relationship with BLMIS until May 2007, when it was reorganised to gain exposure indirectly via Herald Fund SPC (Herald). Under that...

A protected party (P) falls within the jurisdiction of the Court of Protection (the court) only where incapacity is evidenced. The court may then transfer its powers by naming a deputy to act for P, pursuant to an order. That authority exists strictly in line with the order’s terms and duration, and endures only so long as those terms allow. Should P cease to fall within the court’s remit, the deputy’s mandate will not continue; likewise, where the deputy cannot act, or it would be inappropriate for them to do so, a change is required. In such cases, having considered the evidence lodged with an application, the court may order the discharge of a deputy and, where apt, appoint a successor. Replacing a deputy There are occasions when a deputy no longer wishes to continue, or is unable to serve. This might be because deputy cannot carry out their obligations and seeks to be replaced, or because a professional deputy plans to retire from practice. A successor may,...

A privacy risk register is a mechanism for bringing together, documenting, monitoring and administering all data protection, information security and privacy risk information in a single location. This Practice Note walks you through how to create such a register. See Precedent: Privacy risk register. The UK GDPR does not mandate keeping a privacy risk register, though guidance from the Information Commissioner’s Office (ICO) indicates the regulator views it as good practice. To build one, you must first pinpoint data protection risks within your organisation. This involves reviewing: The personal data you hold How you handle and process it The purposes for processing With whom it is shared Internal data flows Any transfers of personal data outside the UK Measures to keep personal data accurate and current Retention periods and destruction procedures With these insights, you can determine your data protection and privacy risks and complete the register. Identifying privacy risks—risk assessment To craft an effective...

Term sheet for an unsecured syndicated facility for an investment grade borrower incorporated as a limited liability company in England and Wales with or without guarantees In respect of a £[ • ] term loan facility for [ insert name of borrower ] Date [ • ] 20[ • ] This term sheet is illustrative only, outlining the matters expected in the final documentation. It serves as a guide to content. It does not constitute an offer to make the facility available. Provision of the facility is conditional on satisfactory due diligence, credit committee approval [ , the mandate letter ] and satisfactory final documentation...

Board minutes—private M&A—share purchase—completion—target Company number: [ insert company number ] [ insert company name ] [ LIMITED OR PLC ] Minutes from a meeting of the board of directors (the Meeting) of [ insert company name ] [ Limited OR PLC ] (the Company) Convened at: [ insert place of meeting ] Conducted on: [ 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...

Company number: [ insert company number ] [ Insert company name ] Limited Record of a meeting of the board of directors (the Meeting) of [ insert full name of company ] Limited (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 joining by telephone as permitted by the Company’s articles of association ] (by telephone) ] [ [ Insert names of any directors participating by other means permitted by the Company’s articles of association ] (by [ insert other means ]) ] In attendance: [ [ insert name of any person present who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers) ] ] Apologies: [ [ Insert...