Rating Definition

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EU Securitisation Regulation—timeline

EU Securitisation Regulation—timeline This timeline shows key developments relating to Regulation (EU) 2017/2402 (the EU Securitisation Regulation) from January 2024 onwards. For earlier developments, see EU and UK Securitisation Regulations—timeline [Archived]. 2025 Date Source Document Description 1 April 2025 AFME The Joint Associations’ response to the ESMA consultation of February 2025 on the revision of the disclosure framework for private securitisation AFME, Commercial Real Estate Finance Council (CREFC) Europe and International Capital Market Association (ICMA) submitted a joint response to the European Securities and Markets Authority's (ESMA) consultation on revising private securitisation disclosure requirements. The joint response argues against: introducing a simplified reporting regime for EU-originated securitisations before wider reforms, citing concerns about potential changes to private securitisation definitions, continued template-based reporting requirements, and unresolved third-country reporting issues. They propose an alternative approach focusing on supervisory reporting needs while allowing more flexible investor disclosures.See: LNB News 01/04/2025 71. 31 March 2025 EBA Joint Committee Report on the implementation and functioning of the Securitisation Regulation (Article 44) The Joint Committee...

Licence for alterations—acting for tenant—checklist

Licence for alterations—acting for tenant—checklist The following checklist, while not exhaustive, contains key steps and issues to consider when acting for a tenant applying for landlord’s consent to carry out works within its demised premises. For key steps and issues to consider when acting for a landlord that has received an application from a tenant for a licence to carry out works, see Licence for alterations—acting for landlord—checklist. Pre-application steps Before submitting a formal application for licence to carry out works check: • timing—when does the client want to start the works? What are the implications for the client if the anticipated time frame is not achieved? • that you have all the necessary lease documentation—see ‘Lease documentation’ below • whether the lease requires the tenant to pay the landlord’s costs in relation to the application and notify your client that they will need to put you in funds for any required undertaking—see ‘Undertaking for costs’ below • the nature and scope of the works—see ‘Nature and scope of works’...

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In-house lawyers—Drafting an appraisal form

In-house lawyers—Drafting an appraisal form This Practice Note provides guidance on drafting a competency based appraisal form. Why are appraisals important? An effective performance management process focuses on: • aligning your workforce with the strategic aims of the business • improving employee performance • supporting employee development and retention • driving better business results What to include in your appraisal form Most appraisal forms include: • a review of performance against previous objectives • an assessment of performance against the core skills required for the role (key competencies) • a mechanism for agreeing performance objectives for the next 12 months • an assessment of training needs and a personal development plan They may also deal with: • identifying potential for promotion • making recommendations for individual pay awards if appropriate Review of performance against objectives Most appraisals include an assessment of how employees have performed against their objectives, which will usually have been set the previous year, but could have been updated during the...

Corporate—key resources for in-house lawyers

Corporate—key resources for in-house lawyers This note provides a navigational guide to Corporate content and resources that may be of particular interest to in-house lawyers. Keeping up-to-date Current awareness service News and other items of topical interest are available via the daily email alert and also housed within the News tab which can be found on the Corporate homepage. Our News tab contains: • news stories, case digests and legislation updates • news analysis pieces written by external practitioners, members of the Corporate team, and other practice area teams (where relevant for corporate lawyers) • the Corporate and Market Standards weekly highlights newsletters • daily Market Standards round-ups, listing announcements of the latest public company deals We also publish a weekly highlights newsletter highlighting the latest news stories (organised on a topic basis), as well as upcoming dates for the diary and details of newly-published and updated content. See: Corporate weekly highlights—overview. It is easy to set up daily and weekly email updates to...

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Letter to lenders governing appointment of creditors’ committee

Letter to lenders governing appointment of creditors’ committee To: The persons listed in Schedule 1 to this letter [insert names of Lenders] From: [insert name of solicitors for the Creditors' Committee or the name of the Chair] Date: [insert date] Appointment of Creditors' Committee We refer to the discussions at the meeting of creditors convened by [insert name of debtor company] (the Company) to discuss the proposed restructuring. 1 Definitions and interpretation 1.1 Definitions In this letter, unless otherwise provided: Business Day • means a day other than Saturday, Sunday and public holidays when clearing banks generally are open for business in London; Chair • means the Lender appointed to chair the Creditors' Committee under the Creditor's Committee Agreement; Commitment • means (a) any undrawn amount which a Lender has committed to make available to the Company (but excluding any undrawn uncommitted amounts); (b) the principal amount of a Lender's participation in any utilisation by the Company, in each case under the Finance Documents; Committee...

Performance appraisal and personal development plan—Chief Executive Officer or Managing Partner

Performance appraisal and personal development plan—Chief Executive Officer or Managing Partner Name [Insert appraisee’s name] Current manager [Insert appraiser’s name] Position/title department [Insert appraisee’s job title] Current personal development plan (PDP) year [Insert year] Department [Insert appraisee’s dept] Date of appraisal [Insert date] Appraisal conducted in person? ☐ Yes☐ No Aim of the meeting • To understand your personal aspirations • To provide feedback about your level of performance • To plan your future with us, ensuring we are supporting your career development • To set and agree objectives aligned with the strategic aims of the firm What the meeting will cover • Part 1: Performance against personal objectives • Part 2: Performance against core skills • Part 3: Assessment of overall performance • Part 4: Future aspirations • Part 5: Future personal objectives • Part 6: Personal development plan Preparation for appraisal meeting Please review and complete sections 1 to 4 in advance of the meeting. This includes your assessment of your progress...

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What should be taken into account when drafting a contract for the supply of goods or services in light of statutory controls on rights in the event the customer is subject to an insolvency procedure including under the new Corporate Insolvency and Governance Act 2020?

What should be taken into account when drafting a contract for the supply of goods or services in light of statutory controls on rights in the event the customer is subject to an insolvency procedure including under the new Corporate Insolvency and Governance Act 2020? Restriction on termination clauses in supply contracts The Corporate Insolvency and Governance Act 2020 (CIGA 2020) introduces a permanent change to the use of termination clauses in supply contracts by introducing a new provision, section 233B, into the Insolvency Act 1986 (IA 1986). As a result of the measure, where a company has entered an insolvency or restructuring procedure or obtains a moratorium, the company’s suppliers of goods and services (with certain prescribed exceptions) will not be able to rely on contractual terms to terminate the contract, stop supplying, or vary the contract terms with the company (for example—increasing the price of supplies). The customer is required to pay for any supplies made once the insolvency process has commenced, but is not required to...

Is an EPC for a building invalidated by the issue of a new EPC?

Is an EPC for a building invalidated by the issue of a new EPC? The Energy Performance of Buildings (England and Wales) Regulations 2012 (EPC Regs 2012), SI 2012/3118, along with the Building Regulations 2010, SI 2010/2214, are the key regulations for the energy performance certificate (EPC) regime and they implement the requirements of the recast Energy Performance of Buildings Directive 2010/31/EU, (recast EPBD directive). In summary, occupiers must obtain an EPC: • when an existing building is sold or rented out • when a building under construction is finished • after refurbishment when there are greater or fewer separate parts of the building and the modification includes the provision or extension of fixed heating, air conditioning or mechanical ventilation systems An EPC gives a property an energy efficiency rating from A (most efficient) to G (least efficient) and is based on a complex calculation, which looks at a number of factors such as the age and type of building and its construction, insulation and heating systems....

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Environment weekly highlights—12 June 2025

This week's edition of Environment weekly highlights includes: news analysis on the Department for Environment, Food and Rural Affairs (Defra)'s consultation aiming to refine the biodiversity net gain (BNG) framework to better accommodate minor, medium, and brownfield developments. In addition this week, Defra has announced plans to introduce a Bill by the end of 2025 to enable the UK's ratification of the Biodiversity Beyond National Jurisdiction (BBNJ) Agreement, also known as the High Seas Treaty, the Office for Environmental Protection (OEP) has filed its written submissions in the appeal of R (Rights Community Action Ltd) and has found potential breaches of environmental law on wild bird protection by Defra and Natural England, and Defra has announced that new provisions under the Water (Special Measures) Act 2025 (W(SM)A 2025) have come into effect, banning bonus payments for senior executives at six water companies.

Property Disputes weekly highlights—12 June 2025

This week's edition of Property Disputes weekly highlights includes an analysis of a case where the Technology and Construction Court clarified the limits of recoverable loss claims for damages under the Defective Premises Act 1972, an Upper Tribunal decision overturning a remediation order citing procedural irregularities, a Court of Appeal decision on whether secured debts incurred prior to a debt moratorium are excluded, and a High Court decision dismissing a beneficial interest claim in a civil recording and possession claim under the Proceeds of Crime Act 2002.