Portfolio meaning

The suitability obligation All authorised firms are subject to a suitability obligation, which requires them to take reasonable steps to ensure that any personal recommendations, or decisions to trade, are suitable for their clients. The suitability obligation applies to: firms providing investment advisory services, and firms providing discretionary portfolio management services Firms providing non‑advised investment services will instead be subject to the appropriateness obligation (see Practice Note: Appropriateness). Firms must gather the information ‘necessary’ about their clients in respect of their: knowledge and experience in the investment field relevant to the type of investment or service, financial situation, and investment objectives For more information on the suitability obligation, see Practice Note Suitability. When does the obligation to provide a suitability report apply? In certain circumstances, firms are required to provide suitability reports to their clients under COBS 9.4...

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...

This checklist Summarising the FCA’s findings, this checklist outlines examples of effective practice around implementing the FCA’s Consumer Duty, together with instances of weak practice drawn from areas the FCA has flagged for improvement. It provides the FCA’s sector-specific implementation portfolio letters, accompanied by links to practical guidance tailored to each sector...

In this issue: Lending Security Debt capital markets Derivatives Cryptoassets Daily and weekly news alerts New and updated content Useful information Lending Nova Leipzig Sarl v Gravity Fitness Ltd [2025] EWHC 1262 (Comm) An application to the Commercial Court sought a stay on the basis of forum non conveniens. The court held that Gravity Fitness Limited, an English company, had not satisfied its burden on the ‘More Appropriate Forum’ question. The defendant’s reliance on the potential application of German law was insufficient to establish that Germany was a more suitable forum than England, whether viewed from the parties’ interests or the broader interests of justice. Security Brooke Homes (Bicester) Ltd v Portfolio Property Partners Ltd (in administration) [2025] EWHC 1305 (Ch) This dispute examines equitable rights and duties between secured creditors after development land was sold by the first-ranking mortgagee, Desiman. The second-ranking creditor, Brooke Homes, sought an equitable account and pressed...

In this issue: Sustainable finance and ESG weekly round-up Moveable Transactions (Scotland) Act 2023 Football Governance Bill LIBOR and benchmarks Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Technology in banking & finance transactions Structured products and securitisation Regulation for banking lawyers Banking & Finance Highlights 2024/2025 Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG weekly round-up For this week’s coverage of Sustainable finance and ESG developments, please see: Sustainable finance and ESG weekly round–up—19 December 2024. Moveable Transactions (Scotland) Act 2023 Moveable Transactions (Scotland) Act 2023 (Commencement) Regulations 2024 SSI 2024/378: From 1 April 2025, the outstanding provisions of the Moveable Transactions (Scotland) Act 2023 (the Act) will come into effect. See: LNB News 17/12/2024 9. Moveable Transactions (Forms) (Scotland) Regulations 2024 SSI 2024/379: These prescribe the forms to be used for the purposes set out...

UK developments FCA publishes final greenwashing guidance and proposes extension of sustainability disclosure and labelling regime to portfolio managers With the anti‑greenwashing rule set to take effect on 31 May 2024, the Financial Conduct Authority (FCA) has issued its finalised guidance, FG24/3, for firms. The FCA has also put out consultation paper CP24/8, proposing to widen the sustainability disclosure requirements (SDR) and labelling regime to portfolio management, with responses requested by 14 June 2024. See: LNB News 23/04/2024 9. Sources: FCA confirms anti‑greenwashing guidance and proposes extending sustainability framework FG24/3: Finalised non‑handbook guidance on the Anti‑Greenwashing Rule CP24/8: Extending the Sustainability Disclosure Requirements (SDR) regime to Portfolio Management...

Family office The phrase ‘family office’ spans a wide array of circumstances, so there is no universally agreed definition. The Family Firm Institute, however, characterises a family office as: ‘A separate entity apart from the operating business (and sometimes created with the assets realised after the sale of a family enterprise) consisting of a diversified wealth portfolio held for the benefit of the family’ (Family Enterprise; understanding Families in Business and Families of Wealth Wiley 2014 (not reported by LexisNexis®)). Such offices are largely, and more commonly, the preserve of high net worth—indeed ultra high net worth—families (ie those with investable assets above $30m), with varied holdings and complex affairs. That complexity can create scope for disputes. Nonetheless, with a well-designed structure supported by a clear strategy and effective family governance, a family office can yield substantial advantages. These benefits accrue not only to the family members themselves but also, through coordinated philanthropic efforts, to the broader community. Likely features of a family office include: a...

This new starter guide offers a primer on trade mark law, distilling the core principles and signposting numerous Lexis+® UK sources and materials for fuller detail. It is aimed at trainee solicitors and readers new to trade marks. Details of other intellectual property (IP) rights, including further starter guides, appear in Practice Note: Intellectual property (IP)—new starter guide. Where topics sit beyond this basic outline, explore the three Trade marks/passing off subtopics: Trade mark transactions and management; Trade mark and passing off disputes; Anti-counterfeiting. For concise summaries of each, see: Trade mark transactions and management—overview; Trade mark and passing off disputes—overview; and Anti-counterfeiting—overview. This guide also explains how to subscribe to the IP daily and weekly news alerts and how to contact LexisAsk... Introductory materials Absolute and relative grounds for refusal to register a UK trade mark Managing a trade mark portfolio Trade mark infringement—UK Introduction to passing off Anti-counterfeiting in the...

This Practice Note addresses the regulated activity of managing investments... Definition Managing investments is a regulated activity under article 37 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). It entails exercising discretion over assets that beneficially belong to another person, where those assets consist of, or include, any investment categorised as a ‘security’, a ‘structured deposit’ or a ‘contractually-based investment’. For further detail on what constitutes a ‘security’, a ‘structured deposit’ or a ‘contractually-based investment’, see Securities, structured deposits or contractually-based investments below)... The exercise of discretion This regulated activity only arises where the investment manager exercises discretion. Where portfolio management is non-discretionary—for example, the manager purchases shares strictly on client instructions, or simply receives and forwards client orders—the work is more likely to fall within another regulated activity, such as ‘dealing in investments, either as principal or agent’ (RAO SI 2001/544, arts 14 and 21) or ‘arranging deals in investments’ (RAO SI 2001/544, art 25)...

Precedent trade mark filing sheet This Precedent trade mark filing sheet exists to offer a streamlined way for a business to outline clear directions on the format and extent of any fresh trade mark applications it intends to submit. It captures key particulars of the mark for filing, the goods, relevant classes, proprietor and country, together with any priority claim and any applicable seniorities. The sheet is downloadable, and its second column will automatically expand to accommodate all entries provided. Use it in conjunction with Practice Note: Managing a trade mark portfolio. Mark to file Goods Classes Proprietor Country Priority claim Seniorities (EUTM) ...

Precedent transfer A flexible Word copy of precedent form TR5 is available via the link on this page to download, store or print. You can save it locally or print a hard copy. Drafting notes to precedent transfer Refer to HM Land Registry Practice Guide 33: large scale applications and calculation of fees for official guidance on completing form TR5. It provides HM Land Registry’s detailed guidance therein. Panel 1—Title numbers List each title number in alphanumeric order as standard. Enter ‘U’ in the first column where the Property is unregistered, when applicable. In the second column, show whether the whole or part of the title is transferred by inserting ‘W’ or ‘P’ accordingly. Attach plans for a part transfer of a registered title, or for a transfer/conveyance of unregistered land accordingly. Where the price is apportioned across multiple Properties, you may state the amount for each Property in the last column. If implied covenants for title for...

Precedent trade mark search sheet This Precedent trade mark search sheet provides a streamlined way for a business to set out instructions on the scope of clearance searches before unveiling a new or updated brand. It records the precise trade mark to be applied, the goods and/or services it will cover, together with any related goods and/or services. It further notes the proprietor, the intended launch date, and the territories where the trade mark is to be used, and can include any additional useful details to help assess the breadth of the searches required. The sheet is available to download, and the second column will automatically expand to accommodate its contents. It should be used alongside Practice Note: Managing a trade mark portfolio. Exact mark to be used Goods/services Related goods/services Proprietor Launch date Countries and proposed entry dates Special needs/comments...

What is a DCFA? Most practitioners know the ‘pure’ CFA, commonly referred to as a ‘no win, no fee’ agreement. Working under a pure CFA, the lawyer or legal representative is remunerated only upon a win, as the CFA expressly defines it. If that outcome is not achieved, no fee is payable for the professional work undertaken on the matter. For additional detail, see the subtopic: CFAs and DBAs for further information. A DCFA is often described as a ‘no win, lower fee’ arrangement in contrast to the pure CFA. Under a DCFA, the client agrees to meet the lawyer’s fees in full on success; if the case fails, a reduced fee is payable to the representative. The role of success fees Success fees exist to ensure a solicitor’s portfolio of CFA-backed litigation can operate at nil net loss overall. Put differently, the success uplifts on winning matters are designed to meet the base costs that cannot be recovered on losing matters within that portfolio...