Net asset value meaning

In this issue Key developments and materials Electricity and gas market regulation and licensing Networks and network connections Renewable energy Conventional power, waste to energy, biomass, and CHP projects Nuclear energy International energy LexTalk®Energy: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Key developments and materials National Grid has unveiled a strategic tie-up between its Distribution System Operator (DSO) and Electron to boost the scale and value of flexibility for system operators and flexibility service providers (FSPs) by enabling market interoperability. Electron will link its flexibility market platform, ElectronConnect, with the DSO’s Market Gateway, giving FSPs wider choice in how they access and engage with flexibility on the electricity distribution network. The collaboration also aims to reduce entry hurdles and drive broader market participation. See: LNB News 02/05/2024 7. Electricity and gas market regulation and licensing Ofgem has opened a consultation...

In this issue: UK, EU and international regulators and bodies Prudential requirements Operational resilience Financial crime and sanctions Consumer protection Investigations, enforcement and discipline Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK MiFID II Regulation of insurance FSMA 2023 FSMA regulated pensions activity Payment services and systems Fintech and cryptoassets Regulation of AI in FS LexTalk®Financial Services: a Lexis®Nexis community 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 The Financial Conduct Authority has issued Handbook Notice No 123, setting out amendments to the FCA Handbook agreed by the FCA Board on 29 and 31 October 2024. See: LNB News 01/11/2024 44. The FCA has also published replies to questions not addressed during its...

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK MiFID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets LexTalk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts Updated content Dates for your diary UK, EU and international regulators and bodies FCA seeks expressions of interest from UK and Swiss firms under the Berne Financial Services Agreement. The Financial Conduct Authority (FCA) is inviting firms in the UK and Switzerland to register interest in delivering cross-border...

This Practice Note sets out the delegated acts, implementing decisions and guidance issued under the Benchmarks Regulation (EU) 2016/1011 (the EU Benchmarks Regulation). For background on the EU Benchmarks Regulation, consult these Practice Notes: EU Benchmarks Regulation—essentials EU Benchmarks Regulation—one minute guide EU Benchmarks Regulation—timeline EU Benchmarks Regulation—Level 2 measures RTS/ITS Commission Implementing Regulation (EU) 2016/1368 sets the list of critical benchmarks in accordance with Article 20(1) of the Benchmarks Regulation. It was later amended by: Commission Implementing Regulation (EU) 2017/1147 Commission Implementing Regulation (EU) 2017/2446 Commission Implementing Regulation (EU) 2018/1106 Commission Implementing Regulation (EU) 2019/482 Commission Delegated Regulation (EU) 2018/66 defines how to assess the nominal amount of financial instruments other than derivatives, the notional amount of derivatives, and the net asset value of investment funds for the purposes of Article 20(1) of the Benchmarks Regulation. Commission Delegated Regulation (EU) 2018/65 details technical elements of the definitions of...

This Practice Note: provides a synopsis of the three principal forms of fund finance: capital call facilities (often referred to as equity bridge facilities) net asset value (NAV) (or asset backed) facilities hybrid facilities examines green and sustainability-linked finance, together with some types of fund-related finance, GP/Manager facilities and co-invest facilities sets out key security and documentary considerations, including financial covenants, representations, undertakings, events of default and prepayment events The capital call facility market is well-established and largely standardised, though approaches to assessing investor creditworthiness and differences driven by varied fund structures can diverge. By contrast, NAV facilities and hybrid facilities are highly flexible, taking multiple forms with differing security packages and covenant frameworks. Much of this Practice Note proceeds on the basis that lending is made to a typical private equity fund structured as a limited partnership registered under the Limited Partnerships Act 1907 (LPA 1907), including Private...

Practice Note This Practice Note sets out how gains and deficits are brought into account for corporation tax when a derivative contract serves as a hedge. As with most matters involving derivatives, the tax treatment of hedging instruments is hard to grasp without a basic grounding in the pertinent accounting rules and concepts. Accordingly, this Practice Note first outlines the accounting for hedging arrangements and then turns to the applicable tax provisions. For broader background on the accounting framework and the principal accounting ideas relevant to taxing financial instruments, see Practice Note: Loan relationships—accounting framework and principles. A comprehensive description of the relevant accounting concepts and principles lies outside the scope of this Practice Note. Any discussion of accounting rules here is not exhaustive and does not amount to accounting advice. It is provided solely to aid understanding of the derivative contracts tax regime and to signpost further enquiry where needed. Nothing in this Practice Note should be relied upon as a substitute for obtaining accounting advice, which should...