PLUS Market meaning

STOP PRESS: The UK’s prospectus framework still derives from the EU Prospectus Regulation, preserved in domestic law after Brexit as the UK Prospectus Regulation. As part of wider reforms to the UK capital markets and to strengthen the UK’s appeal as a listing venue, this regime has been under review. As a result, the UK Prospectus Regulation will be superseded by the Public Offers and Admission to Trading Regulations 2024 (the POATRs), with the detailed admission-to-trading requirements to be set out in the Financial Conduct Authority (FCA) admission rules. The FCA issued its final rules (PS25/9) on 15 July 2025, and they will apply from 19 January 2026. On 17 October 2025, the FCA published Primary Market Bulletin 58 which, among other points, gives guidance on the timing and approval of prospectuses (and supplementary prospectuses), and confirms the removal of Listing Particulars as an admission document, within the new framework. For further information on the key elements of the new POATRs framework relevant to the debt capital markets, see:...

STOP PRESS: The Loan Market Association (LMA) has issued refreshed versions of the standard terms and conditions for Par and Distressed Trade Transactions, the complete suite of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide, all coming into force on 17 March 2026. Changes comprise the deletion of LIBOR references, updates to IBOR rate definitions and the Target2 definition, plus revised ERISA representations that fold in further exemptions to the prohibited transaction rules under ERISA and the US Internal Revenue Code. The new materials are accessible solely to LMA members via the LMA’s Documentation Hub. Summary A core principle of trading under the LMA protocol is that ‘a Trade is a Trade’: once a trade is concluded (which may include an oral agreement reached by telephone), it is binding, and later events that may disadvantage one or both parties do not permit either side to rescind or ‘break’ it. For instance, not securing consent for an assignment or novation of the...

In this issue: Horizon scanning Status and worker categories Cross-border, international and jurisdictional issues Benefits Prohibited conduct (discrimination etc) TUPE and asset purchases Bribery, modern slavery, tax evasion and fraud Employment Tribunals Immigration IRLR Highlights—January 2025 Dates for your diary Trackers New Q&As Employment resources on Lexis+® Daily and weekly news alerts Employment Highlights 2024/2025 Horizon scanning Employment Law—looking back at 2024 and ahead to 2025: The Lexis+® Employment team provide a concise overview of the standout employment law changes across 2024 and signpost what to watch in 2025, including movement on the Employment Rights Bill, the forthcoming employer duty to prevent sexual harassment, the Equality (Race and Disability) Bill, plus other impending legislation and significant cases. See News Analysis: Employment Law—looking back at 2024 and ahead to 2025. Status and worker categories MoD loses application to rehear army reservists pension bias case: In Milroy v...

Private actions The CAT issued its judgment in Infederation Ltd v Google Inc and Others, on an application by Google LLC, Google Ireland Limited and Google UK Limited (together, Google) seeking to strike out sections of Infederation Limited’s (Foundem) particulars of claim relating to Foundem’s damages case against Google, alleging abuse of a dominant position in the market for online search. The CAT rejected the application, concluding that the proposed amendments amounted to a fresh claim that did not arise from the same, or substantially the same, facts as the original claim and was therefore time‑barred—see further, judgment NOTE—For all live private actions in the UK that have been made public, see further, UK private actions—ongoing cases tracker Upcoming dates—For dates of upcoming UK competition developments, see further, UK Competition calendar ...

In this issue: Coronavirus (COVID-19) Ukraine conflict Cases and decisions Market practice Regulation Solvency II New and updated content Case trackers Key dates Daily and weekly news alerts LexTalk®Insurance: a Lexis®Nexis community Coronavirus (COVID-19) Business interruption (Gatwick Investment Ltd and others v Liberty Mutual Insurance Europe Se and other cases) The Commercial Court determined certain preliminary questions raised by multiple claimants pursuing the defendants under business interruption insurance. Emerging from the coronavirus pandemic, the disputes focused on policy construction, including whether sums received as furlough payments under the Coronavirus Job Retention Scheme (CJRS) ought to be taken into account. The claimants were businesses which, in line with government guidance, had been compelled to close during the pandemic. The defendants were the insurers of those various claimants and had provided cover to them subject to the relevant policy limits and indemnity periods...

This Practice Note outlines green loans and the principal considerations when preparing a green loan agreement. It centres on the Green Loan Principles (GLP) issued by the Loan Market Association (LMA), the Asia Pacific Loan Market Association (APLMA) and the Loan Syndications and Trading Association (LSTA)... Clarifies the meaning of a green loan Introduces the GLP and the accompanying GLP guidance Sets out the four core components of a green loan under the GLP and summarises the related guidance Condenses GLP and GLP guidance on what qualifies as a green loan, on reviews, and on greenwashing risks Provides sources for precedent wording, including the Loan Market Association draft provisions, plus drafting pointers What is meant by a green loan? Under the GLP, green loans encompass any form of loan instrument and/or contingent facility (for example, bonding lines, guarantee lines or letters of credit) where the proceeds, or an equivalent amount, are applied solely to fund, re-finance or guarantee, in...

Updated November 2025 Introduction The Argentine Republic comprises 23 provinces plus a federal district—the City of Buenos Aires, the nation’s Federal Capital. Sitting on the south-eastern edge of South America, Argentina ranks eighth worldwide by land area and second in Latin America, spanning roughly 3.8 million square kilometres (about 1.5 million square miles). Its population exceeds 45 million, with around 15 million residing in Greater Buenos Aires, and an overall density close to 15 inhabitants per square kilometre. With a GDP near US$633bn, Argentina stands among Latin America’s biggest economies. Yet recurrent swings in growth and entrenched institutional constraints have hampered development. Although urban poverty has fallen compared with the prior year, it remains elevated at roughly 32% of residents, according to recent data. In December 2023 a new right-of-centre coalition assumed office, pledging a shift towards more market-friendly measures, such as easing foreign exchange controls, sharply cutting public expenditure, and pursuing other significant reforms. At the time of writing the government succeeded...

Batteries—legal framework Batteries in the UK are governed by the following instruments: The Batteries and Accumulators (Placing on the Market) Regulations 2008 (BAPMR 2008), which set limits on specified substances in batteries and prescribe labelling obligations The Waste Batteries and Accumulators Regulations 2009 (WBAR 2009), which establish arrangements for separate collection, treatment and recycling of waste batteries and help the UK achieve its waste battery collection targets The term ‘waste’ in these regulations is interpreted in line with Articles 5 and 6 of the Waste Framework Directive 2008/98/EC. These measures initially transposed the Batteries Directive, Directive 2006/66/EC. For further detail, see Practice Note: EU Batteries Directive—snapshot [Archived]. For information on departures from EU law, see Practice Note: Environmental law divergence tracker. UK battery policy In September 2023, the Department for Business and Trade opened a call for evidence on the scope and priorities of the UK Battery Strategy. As part of this work, the Government signalled a whole life cycle...

date [ date ] Parties [ name of (first) Seller ] [ and [ name of second Seller ] both ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Seller) [ name of Buyer ] [ of OR incorporated in England and Wales (company registration number [ number ]) whose registered office is at [ address ] ] (Buyer) 1 Definitions For this Agreement, the terms below shall have these meanings: Buyer’s Solicitors – [ name ] of [ address ] (reference [ details ]) or any other solicitors the Buyer notifies to the Seller; Deposit – £[ amount in figures ] ([ amount in words ] pounds); [ Independent Surveyor – an independent chartered surveyor with at least [ 10 ] years’ experience in valuing property of a comparable type and in a comparable location to the Property; ]...

DEFINITIONS The following terms apply throughout unless context dictates otherwise: parties/governance cover [ Offeree ] (its Directors, General Meeting, Group, Optionholders, Shareholders, Share Plans, Shares, Warrantholders and Warrants) and [ Offeror ] (its Directors, General Meeting, Group, [ Offeror Parent ], boards, shareholders and any [ Offeror ] Shareholder Resolutions). Transaction references include the Acquisition via the Scheme (or, with Panel consent, a Takeover Offer), the Announcement, Conditions, Meetings, Long Stop Date, Offer, Offer Period, Offer Price and the Resolution. Court/regulatory matters comprise the Court, Court Meeting, Court Hearing, Court Order, the Code, Companies Act, CMA, FCA, FSMA, UK Listing Rules/Market Abuse Regulation, Disclosure Guidance & Transparency Rules, the Panel and any Regulatory Information Service. Market/settlement terms include London Stock Exchange, Official List/Daily Official List, Business Day, Closing Price, CREST, Euroclear, CREST Regulations/Manual, certificated or uncertificated form and CREST sponsored member, plus the Registrars and Registrar of Companies. Scheme mechanics span the Scheme Document and Explanatory Statement, Forms of Proxy, Effective/Effective Date, Voting and Scheme Record Times, Scheme Shareholders/Shares,...

Strictly private and confidential Wall-crossed investor script We are getting in touch to discuss a potential [ description of the nature of the securities to be offered (ie equity securities) ] offering in relation to a company (Company) operating within the [ description of industry ]. Before sharing further particulars, I must advise that the information is material, non-public and highly confidential. For this discussion and any confirming email, any reference to ‘you’ covers you, your organisation, and anyone at your organisation who receives any such further information about the Company or the proposed offering. Once you receive this information, including the Company’s industry sector and details of the potential offering, you may be regarded as an ‘insider’ as defined in Article 8(4) of Assimilated Regulation (EU) 596/2014 (the UK Market Abuse Regulation). Before obtaining any additional information about the Company or the proposed offering, you must agree that: you will not disclose this information to anyone within or outside of your organisation with ...