Market definition 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...

Power purchase agreements (PPAs), and the consequent checklist considerations, will differ according to several elements, such as the generation technology adopted and, notably, whether any feedstock or fuel is necessary to run the finished plant. The nature of the deal—be it a short-term trading arrangement or a longer-term contract required to support financing—will likewise be influential. This Checklist proceeds on the basis of a ‘conventional’ PPA with a licensed supplier as the counterparty. Other forms exist, including corporate PPAs where the buyer is an end user, potentially linked to the plant by a private wire. For additional detail on corporate PPAs, see Practice Note: Corporate Power Purchase Agreements—an introduction to structuring power purchase arrangements between large energy users and remotely located generators. What is/check the duration of the agreement? Where a PPA is needed to underpin external financing for a new generating asset, the PPA term should, as far as practicable, ideally align with the tenor of any loans advanced to fund the scheme and the associated project...

Market definition is fundamental to the application of competition law. This Checklist helps to determine the relevant market for competition-law purposes and the kinds of evidence that can be used when delineating a relevant market (see further, Market definition and analysis in EU and UK competition law)... Framework for assessment Keep in mind the purpose of defining the market in competition cases. Market definition is not a goal in itself; it is a tool for identifying the strongest and most immediate competitive pressures acting on a firm or firms for the evaluation of market power. Key points to bear in mind when defining and analysing markets are as follows: Consider the context in which the market-definition exercise is undertaken (whether it concerns the assessment of restrictive agreements, abuse of dominance, or mergers)...

The following chart provides a concise outline of the principal information and the questions to weigh when determining whether something amounts to inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (the EU Market Abuse Regulation) and Assimilated Regulation (EU) 596/2014 (the UK Market Abuse Regulation). For fuller detail, consult Practice Note: Market Abuse Regulation (MAR)—essentials—Definition of inside information...

Mergers AG advises Court of Justice to reject appeal against conditional Phase II clearance of the PKN/Gupto Lotos merger Advocate General Medina has delivered his opinion in Case C-541/23 P, Polwax v Commission, an appeal against the General Court’s judgment in Case T-585/20 that upheld the Commission’s 14 July 2020 decision conditionally clearing the acquisition of PKN Orlen after a Phase II investigation (M.9104). He recommends that the Court of Justice dismiss the first ground of appeal, which concerns the definition of the upstream market. Background On 14 July 2020, the Commission approved, subject to conditions, the proposed acquisition of Lotos by PKN Orlen (the Commission’s 2020 decision). Lotos and LKN Orlen were two large Polish integrated oil and gas companies. Following its Phase II review, the Commission concluded that the merger would harm competition, notably in the following areas: the wholesale and retail supply of motor fuels in Poland; the supply of jet fuel in Poland and the Czech Republic; and ...

The European Commission’s determination on whether buyers depend on domestic packaging suppliers, or whether the arena is EEA‑wide, will dictate if the merger triggers competition issues for regulators evaluating cross‑border supply dynamics. In earlier probes, the watchdog has increasingly suggested the market is heading clearly towards the latter as the prevailing direction of travel in recent years. Folding cartons are a form of cardboard pack used for everything from beer bottles and frozen pizzas to tobacco and medicines across consumer sectors. How straightforward the parties’ route to clearance proves could also rest on whether officials see a single cartons market, or one divided by end use and application. Ireland’s paper packaging group Smurfit Kappa and US competitor WestRock agreed last September to combine in an US$11bn transaction they say will forge a “global leader in sustainable packaging.” They have not yet filed with the Commission, but have indicated they expect to close in the second quarter of this year. When unveiling the tie‑up last year, the firms called it “geographically...

Government response to consultation: Tackling non-compliance in the umbrella company market What could this signify?...

Meaning of ‘non-executive director’ The broad definition of ‘director’ is not closed. Under the Companies Act 2006 (CA 2006), a director is any person who occupies the office of director, whatever title they hold. Accordingly, this covers both executive and non-executive directors (NEDs). Executive directors are typically authorised, either by the company’s constitution or by authority delegated from the board, to manage the company’s day-to-day affairs, and they usually have a full-time service contract. NEDs generally: have no executive powers play a pivotal role in the company’s corporate governance are not employees of the company There are a number of challenges around granting shares to NEDs. This Practice Note considers the issues to assess when offering shares or share-based remuneration to NEDs, including: the potential impact on the NED’s independence the share dealing provisions of Assimilated Regulation (EU) 596/2014 for the UK, and the Market Abuse Regulation (Regulation (EU) 596/2014) previously and for the EU ...

Nanotechnology—opportunities and risks Nanotechnology deals with the fabrication and application of matter at ultra-small scales. Nanomaterials are quantified in nanometres (nm) and can be many thousands of times thinner than a human hair; a single hair measures around 80,000 to 100,000 nm across. At these dimensions, substances display properties that diverge from those of the same material in bulk form, enabling novel uses while potentially introducing distinct hazards. Current adopters span key fields and wider industries: Biomedicine, electronics and energy Cosmetics, defence, automotive and agriculture Applications range from high-volume commodities, for example carbon black in car tyres, through to specialised, low-volume technologies. Cosmetics commonly incorporate nano titanium dioxide and zinc oxide to deliver functions such as UV filtering, while gold and silver nanoparticles feature in medical diagnostic tools. A 2023 report put the global nanotechnology market at US$69.15bn in 2022, projecting expansion to US$248.56bn by 2030. The European Commission regards micro/nano—electronics and photonics as a Key Enabling Technology that should be...

This Practice Note sets out the applicable product governance obligations under the Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) that firms must observe and comply with when designing, approving, marketing and overseeing the ongoing management of products throughout their entire lifecycle. It also summarises the relevant delegated acts adopted by the European Commission—particularly Articles 9 and 10 of Directive (EU) 2017/593 (the MiFID II Delegated Directive)—as well as the guidelines issued by the European Securities and Markets Authority (ESMA). Background to MiFID II and product governance The recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II), together with the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (collectively, the MiFID II framework), entered into force on 2 July 2014. The bulk of the framework’s provisions largely applied from 3 January 2018. MiFID II establishes a suite of product governance requirements so that firms manufacture and distribute products in a manner that ensures they act in clients’ best interests across every stage of the lifecycle...

For the purposes of the Gambling Act 2005 (GA 2005) Under GA 2005, s 3, gambling encompasses ‘gaming’, ‘betting’ and taking part in a ‘lottery’. ‘Gaming’ is defined in GA 2005, s 6 as playing a game of chance for a prize under that provision. A game of chance covers the following: a game that contains both an element of chance and an element of skill, a game where the element of chance can be eliminated by superlative skill, and a game presented as involving an element of chance, but it does not include a sport. There must be some element of chance and the prospect of winning a ‘prize’ for the activity to qualify. The Q&A does not indicate the setting in which the mystery box of prizes is being offered to participants. If the prize is to be obtained by taking part in a game of chance as described in GA 2005, s 6, it will fall within the...