Parameters meaning

This checklist outlines the requirements an alternative investment fund manager (AIFM) must include in its remuneration policy under the AIFM Remuneration Code (the Code) in the Financial Conduct Authority (FCA) Handbook’s Senior Management Arrangements, Systems and Controls (SYSC) sourcebook (SYSC 19B), as well as the remuneration disclosures that belong in an alternative investment fund (AIF)’s annual report. What is the AIFM Remuneration Code (SYSC 19B)? The Code sits in SYSC 19B. It applies to a full-scope UK AIFM managing a UK AIF or a non-UK AIF. It covers pay and bonus for staff. It sets parameters for pay and bonus awards for specified Code staff. The Code comprises nine remuneration principles, set out in SYSC 19B.1.5 R to SYSC 19B.1.24 R. For guidance on each of these principles, see Practice Note: UK AIFMD—Remuneration Code—What are the AIFM Remuneration Code principles? The principles operate on a proportionate basis, meaning an AIFM must apply them in a manner suitable to its size, internal organisation and the complexity of its activities...

In this issue: Electricity and gas market regulation and licensing Networks and network connections Renewable energy Capacity Market, balancing services and energy system flexibility International energy Daily and weekly news alerts Dates for your diary Trackers Electricity and gas market regulation and licensing DESNZ launches consultation on regulating TPIs in the retail energy market The Department for Energy Security and Net Zero has opened a consultation to bring Third Party Intermediaries in the retail energy market under regulation, bolstering consumer protection and aiding the shift to a cleaner energy system. Triggered by cases of consumers and businesses being targeted by unregulated rogue brokers and other TPIs, this forms part of the government’s ongoing support for Ofgem to develop an effective market for non-domestic customers, alongside implementing recommendations from Ofgem’s July 2023 non-domestic policy consultation. The consultation closes on 15 November 2024. See: LNB News 20/09/2024 36. Ofgem launches statutory consultation on SoLR Levy Offset...

A number of record companies, among them Warner, Sony Music and Atlantic Records, have brought actions against Suno and Udio, issuing two lawsuits that accuse generative AI of producing ‘convincing imitations’ of existing tracks. Pre-action correspondence indicates that, as with other US disputes over generative AI, the companies’ core defence will rest on the claim that any copying amounted to fair use. How Suno and Udio allegedly hit the wrong note The claims assert that Suno (which has a deal to feature within Microsoft’s Copilot AI chatbot) and Udio ingest vast numbers of recordings, then refine and standardise them for use as training data, before extracting parameters from that dataset to build their AI models. When a user supplies a text prompt (for example, make a jazz song about New York), the service outputs one or more tracks—typically with lyrics—on the chosen theme. In a well-trained model, the goal is for results to reflect a generalisation of the training corpus. Here, however, it is alleged that the Suno...

On 18 July 2025, the Commission issued administrative guidance on the EU AI Act’s rules for GPAI models, designed to clarify scope, core concepts and how these interact with a related code of practice. The guidance sets out key legal terms to map the reach of the EU AI Act’s global partnership and artificial intelligence (GPAI) regime and pinpoint which businesses must comply. An initial draft was released in April 2025 to gather views from stakeholders. Following that consultation, the Commission’s AI Office outlined the principal revisions to EU Member States at a European AI Board meeting in late June 2025. The GPAI provisions will apply from 2 August 2025... Definition of GPAI models The guidance introduces a quantitative test to determine whether a model qualifies as a GPAI model—and is therefore within the AI Act’s remit—based on the computing power used for training. The benchmark, set in the early draft at 10²² floating-point operations per second, or FLOPs, has been increased to 10²³ FLOPs, aligning with the...

This Practice Note offers practical direction on the recently unveiled trade arrangement between the United Kingdom (UK) and the European Union (EU). Introduction On 19 May 2025, at the inaugural UK–EU Summit, the EU and UK revealed a new trade deal. Termed the Strategic Partnership, the arrangement is intended to build upon the Withdrawal Agreement, the UK–EU Trade and Cooperation Agreement and the Windsor Framework. For materials, see: For guidance on trade in goods under the UK–EU Trade and Cooperation Agreement, see Practice Note: Trade in goods under the UK–EU Trade and Cooperation Agreement. For guidance on trade in services under the UK–EU Trade and Cooperation Agreement, see Practice Note: Trade in services under the UK–EU TCA—an overview. For guidance on the Windsor Framework, see Practice Note: Joint Decision for Windsor Package to commence. The new deal is not yet finalised. Rather, the EU and UK have settled on a path for their negotiations towards a trade agreement. The...

Business In periods of economic unpredictability (eg arising from high inflation and/or wider instability), organisations frequently cut costs. This can involve shedding contractual obligations and resolving legal disputes, but also purchasers seeking to withdraw from deals—for example, where a business or asset acquisition that seemed compelling to a buyer a couple of years or even months earlier becomes far less attractive. Yet unpicking an acquisition is rarely straightforward and, if not managed with care, can produce unforeseen tax consequences. This Practice Note outlines the tax issues that may emerge where a business or asset sale is unwound after signing and after certain assets and liabilities have already been transferred. It proceeds on the assumption that the buyer and seller are unconnected, are both UK tax resident, and are large corporate entities. For detail on the tax considerations relevant to undoing a share sale, see Practice Note: Unwinding a share sale—key tax consequences. For discussion of tax considerations relevant to an asset sale—many of which also apply when reversing an...

CASE HUB ARCHIVED This archived case hub sets out the position as at the judgment dated 23 October 2014 and is not being updated. See further: timeline commentary related/relevant cases Case facts Outline National reference from the Latvian Augstākās Tiesas Senāts to the Court of Justice, seeking a preliminary ruling under Article 267 TFEU to clarify several issues concerning the application of Regulation (EC) No 44/2001 (the Brussels Regulation) to a claim for competition damages — in particular, matters arising from a challenge, in Latvia, to the enforcement of interim measures ordered in Lithuania. On 23 October 2014, the Court of Justice held that a damages action for breach of competition law constitutes a ‘civil and commercial matter’ and thus falls within the ambit of the Brussels Regulation. The Brussels Regulation lays down the core parameters for identifying jurisdiction where claims involve parties situated in different Member States. In the context of competition litigation, the Brussels Regulation — alongside...

FORTHCOMING CHANGE: On 26 November 2025, as part of Budget 2025, it was confirmed that, with effect from 6 April 2026, the following EMI parameters will be uplifted: The gross assets limit will rise from £30 million to £120 million. The maximum number of full-time equivalent employees will increase from 250 to 500. The overall limit on the value of unexercised EMI options that a company or group can have in existence at any given time will go from £3 million to £6 million. The permitted exercise period will extend from 10 years to 15 years. It will also be possible to amend existing EMI options to reflect this longer exercise period without losing tax advantages, provided the changes are consistent with the legislation (which will form part of Finance Bill 2025–26). Furthermore, it was announced that, from April 2027, the requirement for the grant of EMI options to be notified to HMRC in order for them to take...

Definitions and interpretation This Agreement between the Company and the Artist sets out key terms, including defined periods (Publicity, Recording, Pre-production, Shooting, Post-production), fees (Weekly Rate, Daily Rate, Guaranteed Payment, Use Fees), and rights (copyright, Performers’ Property Rights, Rental Right). Time is of the essence; singular includes plural; references to statutes include amendments. The Services mean the Artist’s exclusive professional contribution worldwide across the Production Schedule. The Company may shift dates within the Production Schedule, extend the Shooting Period for industry holidays, and require publicity, rehearsal, filming, recording and post-synchronisation. The Artist assigns all relevant rights in the product of the Services to the Company for worldwide exploitation, waives moral rights where permitted, and agrees to dubbing provisions. Payment structures, expenses, VAT, and independent contractor status are specified, alongside warranties on originality, health, conduct and availability. Conditions precedent, suspension and termination rights, distribution control, screen and advertising credit parameters, accounting, insurance, equitable relief, nudity and hazardous work protocols, and no obligation or reversion clauses are included. Notices, severability, assignment,...