Target date meaning

This timeline outlines key developments in the UK regulation of central securities depositories, including under Assimilated Regulation (EU) 909/2014 (the UK Central Securities Depositories Regulation), from 2024 onwards. For earlier milestones, see Central Securities Depositories Regulation (CSDR)—timeline (Archived). 2026 26 January 2026 — IA: The Investment Association presents a roadmap for the move to T+1; IA: T+1 Settlement: Navigating the UK, EU and Swiss Transition [PDF]. UK Accelerated Settlement Taskforce Quarterly Review — Q4 2025: FCA welcomes the Accelerated Settlement Taskforce’s 2025 update on T+1 progress. The T+1 Accelerated Settlement Taskforce has issued its Q4 2025 progress review, detailing advances towards adoption of a trade-date-plus-one (T+1) settlement cycle, with 11 October 2027 as the current target. In tandem, the Investment Association (IA) released T+1 Settlement: Navigating the UK, EU and Swiss Transition, which sets out a proposed roadmap for shifting the UK and EU securities markets from trade-date-plus-two (T+2) to T+1. See: Progress report and roadmap published for transition to T+1 settlement cycle...

ARCHIVED: This Practice Note is archived and is no longer maintained. This chronological timeline outlines every UK and EU development concerning the regulation of crowdfunding. It also covers the various forms of crowdfunding and the differing approaches adopted by UK and EU regulators, legislators and industry groups towards crowdfunding. Crowdfunding (sometimes called ‘crowdsourcing’ or ‘crowd financing’) operates on the basis that people seeking finance, such as entrepreneurs, present projects or businesses on an internet platform, and members of the public provide money through that platform. There is no ceiling on any single person’s contribution; however, in contrast to more established fundraising methods, many platforms enable participants to give as little as £10. Usually, the entrepreneur must set a target sum and a cut-off date, and will not obtain the funds from the platform unless that target is achieved by the stated deadline...

Dish Technologies Llc (a company incorporated under the laws of the state of Colorado, USA) and another company v Aylo Premium Ltd (a company incorporated under the laws of Cyprus) and other companies; Aylo Premium Ltd (a company incorporated under the laws of Cyprus) and another company v Dish Technologies Llc (a company incorporated under the laws of the state of Colorado, USA) [2024] EWHC 1310 (Pat) What are the practical implications of this case? This ruling clarifies the stance of the UK Patents Court when faced with a request for an accelerated trial timetable in patent matters before it. Under the Practice Statement, the Court endeavours, where feasible, to have patent actions listed for trial within 12 months of issue counted from the date the claim is issued. Listings begin from the current Trial Window publicised by the Chancery Division Listing Office; however, the Court can fix a trial up to one month before that slot without any formal expedition application, provided doing so enables the matter...

On 10 February 2025, Trump jolted legal and corporate circles with an executive order freezing FCPA enforcement and instructing Attorney General Pam Bondi to reassess and reshape the federal statute’s application. He directed her to strip away ‘excessive barriers to American commerce abroad’ and to ‘prioritise American interests, American economic competitiveness with respect to other nations, and the efficient use of federal law enforcement resources’. Bondi has 180 days initially to implement the directive, with the option to prolong the review by a further 180 days if additional time is required. The order came on the heels of a Bondi memorandum telling prosecutors in the FCPA unit of the Justice Department’s Criminal Division fraud section to target foreign bribery that sustains cartels and transnational criminal organisations. To date, both directives have generated more uncertainty than clarity about what FCPA enforcement will look like under Trump—and how potentially far‑reaching changes could reshape the FCPA unit and the FCPA-centric practice teams at law firms...

Supreme Court rules that a director who unlawfully moves company assets following liquidation commits a breach of fiduciary duty and must reimburse the company for the consequent loss (Mitchell and another (Joint Liquidators of MBI International & Partners Inc (In Liquidation)) v Sheikh Mohamed Bin Issa Al Jaber) Mitchell and another (Joint Liquidators of MBI International & Partners Inc (In Liquidation)) (Respondents) v Sheikh Mohamed Bin Issa Al Jaber (Appellant); Mitchell and another (Joint Liquidators of MBI International & Partners Inc (In Liquidation)) (Appellants) v Sheikh Mohamed Bin Issa Al Jaber (Respondent) No 2 [2025] UKSC 43 Background Sheikh Mohamed Al Jaber ('the Sheikh') is a prominent global entrepreneur and serves as founder and chair of numerous business enterprises. He acted as a director of MBI International & Partners Inc (the 'Company'), which was incorporated in the British Virgin Islands on 24 July 1990. In these proceedings, the Company's liquidators pursued equitable compensation against both the Sheikh and JJW Guernsey (a company associated with the Sheikh). In March...

CASE HUB ARCHIVED –this archived case hub reflects the position at the date of the abandonment of the transaction on 13 June 2016; it is no longer maintained. See further, timeline and commentary. Case facts Outline UK merger review of Clariant’s intended purchase of the Kilfrost Group’s European aircraft de-icing fluid and rail de-icing fluid business. The deal presented a horizontal overlap in the supply of aircraft de-/anti-icing fluids. Latest developments On 13 June 2016, the CMA stated the investigation was cancelled after the parties chose to abandon the deal. On 10 June 2016, the parties had announced their decision to withdraw following the CMA’s provisional findings and the expectation that the transaction would have been prohibited. Parties Clariant AG: a Swiss-based speciality chemicals company, headquartered near Basle, operating in 150 countries worldwide. Kilfrost plc: a UK-based firm in Newcastle specialising in heating and cooling products. The target business is Kilfrost’s European aircraft de-icing fluid and rail de-icing fluid operations. Kilfrost’s...

Scope of this Practice Note This Practice Note examines the UK regulatory considerations encountered by crowdfunding platforms from a financial services standpoint. It ought to be read in conjunction with the Financial Services and Markets Act 2000 (FSMA 2000), together with relevant secondary legislation, and regulatory rules and guidance, including, in particular, provisions within the Financial Conduct Authority (FCA) Handbook and the FCA’s webpage devoted to crowdfunding. This Note briefly outlines initiatives at EU level in relation to regulating crowdfunding, which are discussed in detail in Practice Note EU Regulation of crowdfunding—the ECSP Regulation and the MiFID II Crowdfunding Directive. Crowdfunding (sometimes referred to as 'crowd sourcing' or 'crowd financing') operates on the basis that individuals seeking capital, such as entrepreneurs, present ventures or businesses on an online platform, and members of the public contribute funds through that platform. There is no ceiling on an individual contribution; however, unlike more established fundraising methods, many platforms enable participants to put in as little as £10. Typically, the entrepreneur will be...

This Practice Note delivers practical guidance on the final Border Target Operating Model for EU and non‑EU goods entering the UK. It sets out the key features of the Border Target Operating Model alongside the timetable for their rollout, and also provides guidance on the UK Single Trade Window. Sanitary and phytosanitary controls Safety and security controls Timelines for implementation Introduction Following the UK’s departure from the EU customs union in 2020, the UK was required to create its own border framework for handling imports from the EU. That requirement took effect on 1 January 2021. From that date, UK goods moving into the EU have been subject to the EU’s full border formalities. By contrast, the UK deferred applying border controls to EU imports until 1 January 2022. For guidance on the measures that were introduced at that point, see Practice Note: New UK border control with the EU as from 1 January 2022. The UK’s policy was to phase...

[ insert name of company who granted the option pursuant to the long term incentive plan (LTIP) ] ( Company ) [ insert name of LTIP ] ( Plan ) Name Number of Shares under Option Option Price per Share Date of Grant Normal Vesting date [ , subject to satisfaction of Performance Targets ] End of Holding Period We hereby confirm that you hold an Option permitting you to acquire up to the maximum number of Shares in [ insert name of Company whose shares are being granted under option ] as shown in the table above. The Option was issued on the Date of Grant set out above under a global deed of grant entered into by the Company [ and is conditional upon the Performance Target(s) attached to this certificate ]. The Option Price due per Share when the Option is exercised is likewise specified in the table above...

Dated [ insert date ] Introduction This legal due diligence questionnaire concerns the intended acquisition by [ insert buyer name ] ( Newco ) of the whole issued share capital of [ insert name of target company ] Limited (the Target ) from [ insert seller name ] (the Seller ) (the Proposed Acquisition ). The questionnaire exists to enable Newco, Newco’s solicitors and its professional advisers involved in the Proposed Acquisition to obtain the information they require to aid the valuation of the Target and the subsidiaries of the Target (the Group and each a Group Company ). We reserve the right to raise further enquiries in relation to both your replies to this questionnaire and generally...

Board minutes—private M&A—share purchase—exchange—buyer Company no: [insert company number]. [insert company name] [Limited OR plc]. Board meeting at [insert place] on [insert date] at [insert time]. [insert name] chaired, confirmed due notice and quorum. Business: to consider and, if appropriate, approve documents and matters for the Company’s proposed purchase of the entire issued share capital of [insert target name] Limited from [insert seller name] [Limited OR PLC], subject to conditions, including any required shareholders’ approval. Directors declared interests per CA 2006 and the Articles; quorum and voting confirmed. Key documents tabled included the draft sale and purchase agreement, any loan note instrument, disclosure letter, stock transfer form(s), voting power of attorney, circular and proxy (if relevant), verification notes and responsibility documents, consents, irrevocable undertakings, announcement and ancillary papers. The board noted conditions precedent and long‑stop; consideration (cash, loan notes and/or consideration shares); warranties/indemnities with time limits, caps and thresholds, subject to disclosures; post‑completion non‑compete/non‑solicit; and key loan note terms (interest, redemption, guarantee/security, convertibility). RESOLVED...