Relevant market meaning

Set out below are the key practical competition law considerations when preparing and submitting the Form CO to the European Commission (the Commission): Confirm eligibility for a Short Form CO to reduce disclosures. Build in time; a full Form demands extensive data, including Member State market shares. For turnover, use the Commission’s official ECB exchange rate and support the filing with economic analysis. If information is unavailable, explain why and estimate; if requests seem irrelevant, justify and obtain a waiver with the case team. Check accuracy; inaccuracies render the Form CO ineffective until the Commission is satisfied. Provide precise contact details for customers, competitors and suppliers, and include caveats for any assumptions. Allow time for authorisations and, where required, signature of the declaration by the relevant business person or in-house lawyers. Prepare required copies (one original, three paper, two CD or DVD) and translate supporting documents not in an EU official language. Review supporting documents for any “anti-competitive” language...

In March 2018, Euronext acquired the Irish Stock Exchange plc, which then joined Euronext’s federal structure and now trades as Euronext Dublin, with Ireland recognised as one of Euronext’s six core countries. Euronext is the foremost pan-European marketplace in the Eurozone, operating across Belgium, France, Ireland, The Netherlands, Portugal and the UK. Its mission is to energise pan-European capital markets to fund the real economy, uniting buyers and sellers in venues that are transparent, efficient and dependable. What are the rules applicable to listing debt securities on Euronext Dublin? Euronext Dublin—EU Regulated Market The Central Bank of Ireland (CBI) is the competent authority responsible for reviewing and approving a prospectus (Prospectus) for the purposes of the Prospectus Regulation (EU) 2017/1129 (PR). The PR prescribes the relevant annex items to be included in a prospectus, depending on the issuer’s profile and the nature of the transaction. The European Union (Prospectus) Regulations 2019 (the Irish Regulations) took effect on 21 July 2019, replacing the prior Irish Prospectus (Directive 2003/71/EC)...

Is there an actionable claim? Note: private competition claims are predominantly governed by national law, and procedural as well as substantive rules differ markedly across the EU; accordingly, when planning competition litigation, assessments will need to be made for each individual jurisdiction. Possible causes of action Assess whether UK competition law has been breached (or EU competition law where the period predates the end of the Brexit transition period). Determine if the loss arises from an agreement or concerted practice between undertakings, particularly between competitors (see further, The prohibition on restrictive agreements). Evaluate whether an undertaking that is arguably dominant—typically indicated by a substantial share of a relevant market—caused the loss through abusive conduct contrary to Chapter II of the Competition Act 1998 (and/or Article 102 TFEU if before the end of the Brexit transition period) (see further, The prohibition on abuse of dominance). Consider whether other national or foreign competition laws have...

The Landlord and Tenant Act 1987 (LTA 1987), Part I Under the Landlord and Tenant Act 1987 (LTA 1987), Part I, qualifying tenants of flats have a right of pre-emption (the right of first refusal), enabling them to acquire their landlord’s interest when the landlord intends to dispose of it. A landlord may not make a relevant disposal without first serving notice on the qualifying tenants, and if, having confirmed the tenants do not wish to exercise that right on the stated terms, any allowed disposal must not proceed on terms more favourable than those originally offered to the tenants. Should the tenants accept the landlord’s offer, a statutory process then governs completion of the disposal. Click here to download a PDF version of the flowchart:...

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...

In this issue: UK mergers UK private actions UK market investigations EU antitrust EU State aid Daily and weekly news alerts LexTalk®Competition: a Lexis®Nexis community New and updated content Caselex UK mergers The CMA has issued its final positions following reviews of three sets of merger remedies and a single market investigation order: discharge undertakings in lieu of reference from August 2011 linked to Acergy SA’s acquisition of Subsea 7 Inc discharge undertakings in lieu of reference from August 2008 relating to Home Retail Group plc’s purchase of 27 leasehold properties from Focus (DIY) Ltd discharge undertakings dating from February 2002 by Lloyds TSB Group plc concerning its acquisition of Abbey National plc revoke the Energy Market Investigation (ECOES/DES) Order 2016 The CMA determined that, due to changes in circumstances, all of the relevant remedies are no longer suitable and should therefore be released (for the undertakings)...

In this issue Security Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Claims and remedies Daily and weekly news alerts Updated Practice Notes Useful information Security HM Land Registry has revised Practice Guide 29—Registration of legal charges and deeds of variation of charge. An update to section 4 now explains how to remove a note recorded in the charges register pursuant to section 859H of the Companies Act 2006. See: LNB News 06/05/2025 2. Source: Registration of legal charges and deeds of variation of charge (PG29). Sustainable finance The European Commission has opened a call for evidence to review the Sustainable Finance Disclosures Regulation (EU) 2019/2088 (EU SFDR). The initiative targets unnecessary burdens by simplifying and streamlining obligations, including easing environmental, social and governance reporting for financial market participants so they can focus on information most relevant to investors. Responses are requested by 30 May 2025, and the feedback will guide...

Resource Note This Resource Note signposts key commentary, analysis and materials to aid interpretation and offer practical direction on using Chapter 2 of the Disclosure Guidance and Transparency Rules (DTR 2). Where relevant, it draws on: the Financial Conduct Authority (FCA) Handbook FCA Knowledge Base—Procedural and Technical notes (formal guidance binding on the FCA) FCA consultation and discussion papers, policy and feedback statements, and warnings Primary Market Bulletins and other FCA publications legacy UKLA technical and procedural notes and the UKLA’s newsletter List!, where still pertinent assimilated EU legislation EU Directives and EU Regulations, where helpful to construing a provision Lexis+® UK analysis and resources Setting the scene What it covers: DTR 2 prescribes the framework for issuers to disclose and manage inside information, supporting timely and even-handed release of market-sensitive information. It also identifies specific situations permitting a delay to public disclosure of inside information, together with the safeguards required to keep such information...

This Resource Note spotlights commentary, analysis and materials to aid interpretation and give practical guidance on applying Chapters 1, 1A, 1B and 1C of the Disclosure Guidance and Transparency Rules: DTR 1, DTR 1A, DTR 1B and DTR 1C respectively. Materials referenced here include, where pertinent: the Financial Conduct Authority (FCA) Handbook FCA Knowledge Base guidance—Procedural notes and Technical notes (constituting formal guidance and binding on the FCA) FCA consultation papers, discussion papers, policy statements, feedback statements and warnings Primary Market Bulletins and other FCA publications former UKLA technical and procedural notes and the UKLA newsletter List!, where still relevant to interpreting or applying a provision assimilated EU legislation EU Directives and EU Regulations, where relevant to interpreting a provision Lexis+ UK analysis and resources Setting the scene What it covers: DTR 1 sets out the Disclosure guidance, explaining its scope and purpose; DTR 1A sets out the transparency rules with their scope and purpose;...

CASE HUB NOTE—appeal lodged before the Court of Justice in Cases C-806/19 P and C-883/19 P ARCHIVED —this archived case hub records the state of play as at the judgment dated 24 September 2019; it is no longer maintained. See further: timeline and relevant/related cases. Case facts Outline: Appeal brought before the General Court challenging the Commission’s decision of 7 December 2016, which found infringements and levied fines on three banks that did not settle, due to their involvement in a cartel in the Euro interest rate derivatives (EIRD) market (Case AT.39914). Latest developments On 24 September 2019, the General Court delivered its judgment, largely confirming the Commission’s conclusion that HSBC Holdings plc took part in a single and continuous infringement of Article 101(1) TFEU. Nonetheless, the General Court set aside the fine imposed on HSBC Holdings plc because the Commission provided ‘insufficient reasons’ for the methodology used to calculate that penalty...

Memorandum prepared by [ Name of Firm ] for the directors of [ insert company name ] (the Company) providing guidance on annual environmental reporting obligations and disclosures 1 Scope This memorandum sets out the principal environmental disclosures the Company must present in its annual report and accounts. It reviews and explains the Companies Act 2006 (CA 2006) obligation to provide climate-related disclosures in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), the need to state greenhouse gas (GHG) emissions, energy consumption and actions to improve energy efficiency under the Streamlined Energy and Carbon Reporting (SECR) regime, and other environmental legislation [ , as well as relevant principles and provisions within the QCA Corporate Governance Code (QCA Code) and the Wates Corporate Governance Principles for Large Private Companies (Wates Principles) ]. It also offers practical guidance for companies when assembling their environmental disclosures for reporting purposes. [ As an AIM company, the Company is subject to continuing disclosure obligations under the AIM...

Memorandum prepared by [ Name of Firm ] For the directors of [ insert company name ] (the Company) advising on annual environmental reporting 1 Scope This memorandum outlines the principal environmental disclosures the Company must include within its annual report and accounts. It addresses the UK Listing Rule and Companies Act 2006 ( CA 2006 ) obligations to present climate-related information consistent with the recommendations of the Task Force on Climate-related Financial Disclosures ( TCFD ). It also covers the duty to disclose greenhouse gas ( GHG ) emissions, energy consumption and measures to improve energy efficiency under the Streamlined Energy and Carbon Reporting ( SECR ) framework, together with other environmental legislation [ , and relevant principles and provisions from the UK Corporate Governance Code ( UKCG Code ) ] . In addition, it provides practical guidance to assist companies in compiling robust environmental disclosures. As a listed entity, the Company is further subject to continuing disclosure duties under the UK Listing Rules, the Disclosure Guidance...

We are strong but fair competitors We pursue competition with energy while upholding integrity and complying with all relevant competition laws. These laws exist to protect businesses and consumers from anti-competitive behaviour, and to preserve effective competition. Competition laws forbid 'restraints of trade', covering certain kinds of agreements or conduct involving rivals, customers or suppliers, and can also apply to a single undertaking with a dominant market position...

Passporting provisions in the Prospectus Regulation Under the Prospectus Regulation, an issuer must publish a prospectus and have it approved by a competent authority when offering securities to the public in the EEA or when applying for admission of securities to a regulated market, where no relevant exemption applies. To streamline cross-border share offerings within the EEA, the EU prospectus regime provides passporting arrangements that permit companies to produce a single prospectus usable throughout the EEA, avoiding the preparation of multiple documents for separate jurisdictions. Articles 24 to 26 of the Prospectus Regulation (EU) 2017/1129 set out these passporting provisions, stating that a prospectus approved by the competent authority in one EEA state (the home member state) can be relied upon in another EEA state (the host member state) without requiring the prospectus to be approved again by the competent authority in the host member state. As a result, a UK issuer has been able to undertake a cross-border share offer across the EEA on the basis of...

Net settling a share award Net settling a share award is employed to cut down the quantity of shares a company is required to issue in order to discharge the award. Awards can, in principle, be net settled against both any exercise price due and any tax or National Insurance contributions (NICs) that arise. Key benefits of net settlement include reduced dilution for existing shareholders and the possibility for a company to stretch its headroom under any relevant dilution limits, thereby enabling those limits to accommodate more awards. Net settlement for tax and NICs means the company issues to the award holder a number of shares whose value equals the post‑tax amount they would have retained had they taken the full, gross allocation and sold sufficient shares on‑market to meet the pay as you earn (PAYE) and NICs obligations due at that point in time in practice. The company then settles the PAYE and NICs by remitting a cash payment to HMRC...