Annual fee Definition

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EU EMIR—timeline

EU EMIR—timeline This timeline shows key developments relating to Regulation (EU) 648/2012 (EU EMIR) from January 2024 onwards. For earlier developments, see European Market Infrastructure Regulation (EMIR)—timeline [Archived]. 2025 Date Source Document Description 6 June 2025 ESRB ESRB response to ESMA consultation on the draft technical standards to further detail the new EMIR clearing thresholds regime The European Systemic Risk Board (ESRB) has published its response to the European Securities and Markets Authority’s (ESMA) consultation on the draft regulatory technical standards (RTS) designed to detail the new clearing thresholds (CTs) under the revised Regulation (EU) 2024/2987 (the European Market Infrastructure Regulation (EMIR 3)). The ESRB endorses the overall approach and the specific calibration of the CTs, noting that the recalibrated thresholds represent a logical evolution from the previous regime while adapting to the objectives of EMIR 3. The ESRB recommends that ESMA reassess the calibration using updated, post-EMIR Refit data to ensure that the thresholds accurately reflect current market conditions. This reassessment will help maintain both the integrity and...

High yield bond indenture—trustee checklist

High yield bond indenture—trustee checklist Introduction High yield bonds are regulated by securities laws and, with very limited exceptions, are governed by New York law, no matter where the issuer is located. The bonds will be issued pursuant to an indenture, pursuant to which a trustee is also appointed to represent the interests of bondholders. For more information on high yield bonds, see Practice Notes: Introductory guide to high yield bonds and High yield debt in 11 jurisdictions worldwide. For an overview of the core transaction documents required to document a high yield bond issuance, see Checklist: Issuing high yield bonds—documents list. In addition to setting out the principal covenants of the issuer, the indenture contains provisions which are necessary for the administration of the high yield bonds and the performance by the bond trustee of its functions. The bond trustee is appointed primarily to perform administrative functions on behalf of bondholders pre-default and to take enforcement action on behalf of the bondholders where necessary. For a discussion of the...

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Consumer credit and law firms

Consumer credit and law firms Law firms might be caught by the consumer credit regime: • by entering into a consumer credit agreement as lender, eg in respect of their fees • by engaging in ancillary consumer credit activities, such as debt adjusting This Practice Note explains how the SRA’s consumer credit regime operates for law firms. It takes into account the SRA's Consumer credit toolkit and the SRA’s requirements in the SRA Financial Services (Scope) Rules and the SRA Financial Services (Conduct of Business) Rules (COB Rules). Who regulates consumer credit? Before 1 April 2014: • consumer credit activities (including entering into consumer credit agreements) were regulated by the Office of Fair Trading (OFT) • law firms had the benefit of a group licence for consumer credit work which was issued by the OFT to the SRA and therefore didn't need an individual licence to enter into consumer credit agreements with clients or engage in ancillary consumer credit activities On 1 April 2014, the Financial...

Playing music in a place of business

Playing music in a place of business The need for a licence to play music—copyright-protected works Copyright protects certain types of works from unauthorised (largely commercial) exploitation. When dealing with playing music in a place of business, the following types of copyright-protected works are relevant: • music (musical works) • lyrics of songs (literary works) • recordings of songs or music (sound recordings) • radio or television (TV) broadcasts The owner of the copyright in any of the above works can control their commercial exploitation by either preventing or charging (licensing) third parties for permission to play or perform them in public. Music A ‘musical work’ is a ‘work consisting of music, exclusive of any words or action intended to be sung, spoken or performed with the music’. For a work to attract musical copyright protection, there are three essential ingredients: • it must consist of ‘music’. Music is distinguished from ‘mere noise’ as being a combination of sounds for listening to and which produces effects of some kind on...

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Licensed premises in Scotland—leasing—style clauses

Licensed premises in Scotland—leasing—style clauses 1 Definitions [Gaming Machine Permit • means the licensed premises gaming machine permit issued by the licensing authority in terms of section 283 of the Gambling Act 2005 and the Licensed Premises Gaming Machine Permits (Scotland) Regulations 2007 SSI 2007/505;] Licensing Board • means the licensing authority empowered to grant premises licences in terms of the L(S)A 2005; [Local Authority • means the local authority empowered by the Roads (Scotland) Act 1984 to issue a Street Café Permit;] L(S)A 2005 • means the Licensing (Scotland) Act 2005; Permitted Use • [means use of the Premises as an hotel or aparthotel within Class 7 of the Schedule to the Town and Country Planning (Use Classes) (Scotland) Order 1997 SI 1997/3061 with ancillary [insert details of additional facilities eg reception, offices, shop, meeting or conference rooms, breakfast room, restaurant, bar, lounge, kitchen, gym, laundry room] or other appropriate facilities and as ancillary thereto for the sale of food and drink for consumption on the Premises within Class...

Ireland—Appointment of process agent letter: for a bilateral facility agreement

Ireland—Appointment of process agent letter: for a bilateral facility agreement Appointment of process agent The general rule is that proceedings under Irish law must be served within the jurisdiction (ie Ireland). Serving proceedings on a foreign borrower outside of the jurisdiction can be problematic because: • the lender will want to act quickly—serving proceedings outside of the jurisdiction is a lengthy process • the lender will want to avoid any uncertainty—permission of the court to serve outside the jurisdiction is needed in most cases and there is no guarantee that permission will be granted, and • the lender will want to keep costs down—additional legal fees will be incurred in relation to making the application for permission to serve proceedings outside of the jurisdiction and instructing local practitioners to actually serve in the relevant local jurisdiction It is possible for parties to agree in a contract a particular method or place of service, in the event of a claim being started in relation to that contract. This is useful in...

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Where a business to business (B2B) contract provides for a fee to be increased annually at the supplier’s ‘prevailing rate’, is there a requirement for such rate increase to be ‘reasonable’?

Where a business to business (B2B) contract provides for a fee to be increased annually at the supplier’s ‘prevailing rate’, is there a requirement for such rate increase to be ‘reasonable’? This Q&A deals with the situation where a business to business (B2B) contract provides for a fee to be increased annually at the supplier’s ‘prevailing rate’. The issue is whether there is a requirement for such rate increase to be ‘reasonable’. B2B contracts Unlike contracts between a business and a consumer, contracts between two businesses are not subject to the various statutory provisions that confer protection on consumers such as the Consumer Rights Act 2015, the Consumer Protection Act 1987 and the Consumer Protection from Unfair Trading Regulations 2008, SI 2008/1277. The Unfair Contract Terms Act 1977 does place some restriction on terms to which businesses can agree. However, the ‘reasonableness’ test as set out in that act only applies to exclusion clauses limiting liability. In essence, businesses are generally entitled to enter into whatever commercial...

Does a caravan site licence under the Caravan Sites and Control of Development Act 1960 remain valid if the annual site licence has not been paid?

Does a caravan site licence under the Caravan Sites and Control of Development Act 1960 remain valid if the annual site licence has not been paid? The Caravan Sites and Control of Development Act 1960 stipulates that if an annual fee is required by a licence holder, when this annual fee has become overdue, the local authority may apply to the tribunal for an order. This order will require the licence holder to pay the local authority the overdue fee by a specific date. If the licence holder fails to comply with the

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EU Competition law—daily round-up (28/07/2020)

A round-up of EU competition law developments, including (amongst other things) the latest Commission decisions under the State aid Temporary Framework for the coronavirus pandemic.

Unincorporated associations and the GDPR

Information law analysis: As the dust settles on the arrival of General Data Protection Regulation (GDPR), organisations big and small are still getting to grips with what the changes on such fundamental legislation will entail. Derek Hamill, partner and head of Corporate at Gilson Gray LLP, provides a few thoughts on issues that unincorporated associations and their lawyers will want to bear in mind.