Single market meaning

ARCHIVED: This Practice Note is archived and is no longer maintained. UCITS is the acronym for undertakings for collective investment in transferable securities. The expression derives from Directive (EC) 85/611 concerning the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (the Original UCITS Directive), which was adopted in 1985. The purpose of the Original UCITS Directive was to establish a single market for open-ended retail investment funds that offered enhanced protection for investors. The UCITS framework has been updated on several occasions, with the Management Company Directive 2001/107/EU adopted in 2002 and the Product Directive 2001/108/EU implemented in 2005 (together referred to as UCITS III); followed by implementation in 2011 of Directive 2009/65/EC (the UCITS Directive, also called UCITS IV), which repealed and replaced the Original UCITS Directive; and Directive 2014/91/EU (UCITS V), which was transposed into national law on 18 March 2016...

STOP PRESS: A major overhaul of the UK listing framework took effect on 29 July 2024, removing the premium and standard segments and introducing a single listing category for equity shares in commercial companies. The commercial companies category is strongly disclosure-led, with an emphasis on transparency, and sits alongside other listing categories, such as shell companies, secondary listing and closed-ended investment fund categories. A new UK Listing Rules sourcebook came into force to deliver and implement the reforms, and the previous Listing Rules sourcebook was revoked in full. For further details, see Practice Note: Reform of the UK listing regime—fundamentals. This Checklist reflects the regime as it stood before 29 July 2024. The allotment and issue of shares are governed by statutory rules, which vary according to the type of company proposing the allotment (private or public, listed or unlisted) and whether that company has a single class or multiple classes of shares. This checklist sets out the procedure for a listed company to allot shares and to...

Links to useful intercreditor materials This table sets out the principal checks a junior lender should make when assessing a simple intercreditor agreement between senior secured lenders, junior secured lenders and unsecured subordinated creditors. It is designed for readers with limited familiarity with intercreditor arrangements. The table highlights the core, commonly encountered points in a straightforward secured bilateral corporate loan and does not attempt to capture every potential negotiation issue, nor matters arising in specialist or more complex deals such as those in the leverage finance market. What is reasonable will vary with the nature of the transaction, the identity of the lender and the parties’ relative bargaining power. For specialist intercreditor topics, see the materials referenced below... Introductory materials Practice Note: Introductory guide to Intercreditor Agreements, covering typical provisions found in intercreditor agreements. Practice Note: How to draft and negotiate intercreditor arrangements in loan transactions, offering introductory guidance on drafting and negotiation. Precedent: Intercreditor deed-single company, a precedent suitable for a straightforward...

STOP PRESS: A major overhaul of the UK listing framework took effect on 29 July 2024, removing the premium and standard listing segments and introducing a single listing category for equity shares issued by commercial companies. The commercial companies category is strongly disclosure-led and sits alongside other listing categories, namely shell companies, the secondary listing and closed ended investment fund categories. To implement the reforms, a new UK Listing Rules sourcebook came into force, and the former Listing Rules sourcebook was withdrawn. For further details and background, see Practice Note: Reform of the UK listing regime—fundamentals. This Flowchart sets out the listing regime as it applied before 29 July 2024, for ease of reference. You can view or print a full sized PDF version...

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: Advertising, marketing and sponsorship Consumer protection International Sale and supply of goods Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q&A Advertising, marketing and sponsorship ASA rulings—12 March 2025 The Advertising Standards Authority (ASA) received a single complaint about an Amazon.co.uk listing for a magnetic building block toy set by Shenzhenshi Senyi Dianzi Shangwu Youxiangongsi t/a Plum Marketing. The concern was that the promotion was irresponsible and harmful as it showed children apparently under three using the product. The ASA upheld the complaint. See: LNB News 12/03/2025 26... Consumer protection CMA chief outlines implementation plans for new digital markets and consumer powers In a speech at techUK on 10 March 2025, Sarah Cardell, Chief Executive of the Competition and Markets Authority (CMA), set out how new digital markets and consumer protection powers will be implemented. The CMA will issue roadmaps for Strategic...

The European Commission’s determination on whether buyers depend on domestic packaging suppliers, or whether the arena is EEA‑wide, will dictate if the merger triggers competition issues for regulators evaluating cross‑border supply dynamics. In earlier probes, the watchdog has increasingly suggested the market is heading clearly towards the latter as the prevailing direction of travel in recent years. Folding cartons are a form of cardboard pack used for everything from beer bottles and frozen pizzas to tobacco and medicines across consumer sectors. How straightforward the parties’ route to clearance proves could also rest on whether officials see a single cartons market, or one divided by end use and application. Ireland’s paper packaging group Smurfit Kappa and US competitor WestRock agreed last September to combine in an US$11bn transaction they say will forge a “global leader in sustainable packaging.” They have not yet filed with the Commission, but have indicated they expect to close in the second quarter of this year. When unveiling the tie‑up last year, the firms called it “geographically...

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...

STOP PRESS: A major overhaul of the UK listings regime took effect on 29 July 2024, scrapping both the premium and the standard listing segments and replacing them with a single category for equity shares in commercial companies. That commercial companies category is heavily disclosure-led and sits alongside other listing categories, including the shell companies category, the secondary listing category and the closed ended investment fund category, among others. A new UK Listing Rules sourcebook came into force to deliver these changes, and the previous Listing Rules sourcebook was revoked. For further information and detail, see Practice Note: Reform of the UK listing regime—fundamentals. This Practice Note reflects the regime as it existed prior to 29 July 2024. A limited company may buy back shares in itself, provided conditions set out in the Companies Act 2006 (CA 2006) are satisfied, where applicable. This is known as a share buyback or a purchase of own shares. In addition to CA 2006, there are other rules and guidelines that are relevant...

ARCHIVED: This Practice Note is archived and no longer maintained. STOP PRESS: The UK’s prospectus regime, previously derived from the EU Prospectus Regulation, has been superseded by the Public Offers and Admission to Trading Regulations 2024 (POATRs), with all detailed admission to trading requirements now contained in the Financial Conduct Authority (FCA) admission rules. The FCA published its final rules on 15 July 2025, which took effect on 19 January 2026. In October 2025, the FCA issued Primary Market Bulletin 58 which, among other matters, offered guidance on the timetable and approval of prospectuses (and supplementary prospectuses) and confirmed the removal of Listing Particulars as an admission document under the new framework. For more on the key aspects of the POATRs relevant to debt capital markets, see Practice Note: The UK Prospectus Regulation—essentials [Archived]—Reform of the UK prospectus regime. This Practice Note focuses on debt capital markets and summarises the required structure and contents of a prospectus prepared under the current UK prospectus regime. It covers:...

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...

STOP PRESS: A major overhaul of the UK listing framework took effect on 29 July 2024, abolishing the premium and the standard listing segments and introducing a single listing category for equity shares issued by commercial companies. This commercial companies category is strongly disclosure-led and now sits alongside other listing categories that include shell companies, the secondary listing and the closed ended investment fund categories. To deliver these reforms, a new UK Listing Rules sourcebook entered into force and the earlier Listing Rules sourcebook was revoked. For more detailed information, see Practice Note: Reform of the UK listing regime—fundamentals. This Precedent describes the position under the listing regime as it stood before 29 July 2024...

Date of review [Insert date] • Reviewer(s): [Insert name(s)] Business planning A current, market-aware plan with medium aims and short targets; covers succession, positioning and financial health; actionable, reviewed regularly; three‑year funded investment, suitable premises, flexible finances, and fit‑for‑purpose IT. Finances Prudent borrowing, three months’ cash, ongoing reinvestment and funded commitments without single‑funder dependence; balanced KPIs, WIP control and gross‑margin focus (~50% after partner ‘salary’); cash targets met; pricing, fees and spend reviewed; planned IT, marketing and training budgets. People Balanced senior/junior mix, shared business development and external challenge; competitive rewards aid recruitment and retention; broad skills training; future managers developed via exposure to planning, finance and decisions. Clients Profitable long‑term clients plus enough new wins; active cross‑selling; acceptable losses; diversified portfolio; regular, objective feedback; targets can pay, sectors show growth, and our niche positioning sustains advantage. Marketing Client needs asked...

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...

This Q&A considers whether This Q&A explores whether, when a company is planning multiple share buybacks, it must put in place distinct share buyback contracts, each addressing a single intended buyback, or whether a single, overarching share buyback contract may instead cover all the intended buybacks, with each completing on a separate date. It proceeds on the basis that the company concerned is a private company limited by shares proposing to buy back shares off-market and that the contemplated buyback is neither for the purposes of, nor pursuant to, an employees’ share scheme within the meaning of section 1166 of the Companies Act 2006 (CA 2006)...

The higher rates of stamp duty land tax (SDLT) These enhanced rates apply where an individual acquires a major interest in a single dwelling and, by the close of the purchase day, conditions A to D are satisfied: Condition A — the transaction’s chargeable consideration is £40,000 or more; Condition B — on the date of purchase, the dwelling is not held under a lease with more than 21 years left to run; Condition C — the purchaser already holds a major interest in another dwelling with a market value of £40,000 or above, which is also not subject to a lease exceeding 21 years...