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GLOSSARY

Short definition

Published by a LexisNexis Pensions expert

What does Short mean?

An investor is ‘short’ when the exposure to a given asset is less than the level considered neutral.

If the neutral exposure is zero, the investor's exposure is negative. Investors go short on a given asset with a view to buying it back at a lower price at a later date.

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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...

Grounds for challenge in a public procurement process—checklist

Grounds for challenge in a public procurement process—checklist This Checklist examines the grounds for challenge in a public procurement process. Procurement challenges are restricted by time limits and bidders need to be aware of how to rectify any breaches as soon as possible. This Checklist sets out the limitation period under the Public Contracts Regulations 2015 (PCR 2015), SI 2015/102 and the relevant factors that can affect the date this starts. This Checklist also pinpoints potential grounds for challenge in relation to Selection Questionnaires, invitations to tender and standstill letters. Limitation in public procurement proceedings Procurement challenges are subject to relatively short limitation periods. It is therefore important that bidders are alive to potential breaches arising during the procurement process itself. Where a breach occurs, an analysis as to what, if any, action the bidder wishes to take must be undertaken quickly. The courts have consistently held that a bidder that chooses to sit on its hands and await the outcome of the procurement process will not be able to...

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Unlisted public company calling an annual general meeting—flowchart

Unlisted public company calling an annual general

Private company calling a general meeting—flowchart

Private company calling a general

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Managing conflicts of interest in pensions

Managing conflicts of interest in pensions THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMES Legal requirements in relation to conflicts of interest Pension scheme trustees have a duty to act in the best interests of the scheme's beneficiaries. However, trustees may owe duties to other parties or have personal interests which conflict with that duty. It is a general principle of trust law that trustees should not put themselves in a position where their duty to act in the best interests of beneficiaries conflicts with duties that they owe to other parties or with their personal interests. If trustees make decisions while subject to a conflict of interest that has not been appropriately managed, there is a risk that those decisions may be challenged by scheme members or overturned by the courts. It is important that the members of a scheme should perceive a conflict or potential conflict as having been properly managed. The directors of a company that acts as a trustee of a...

Preparing for the auditors—in-house lawyers

Preparing for the auditors—in-house lawyers One of the key dates in your organisation’s calendar is the date of the annual audit. An important part of the auditors’ role is to ensure that your organisation’s processes are fit for purpose. Central to that is your organisation’s approach to legal matters and legal risk. As an in-house lawyer, you need to prepare for the auditors’ visit because inevitably they will want to meet with you. While each audit firm has its own standard set of questions for in-house lawyers, the questions tend to follow certain themes, eg: • your risk register • litigation • applicable law and regulation • contracts • intellectual property (IP) • legal work process • your knowledge and experience Since joining your organisation, you have hopefully had the opportunity to meet with the key directors and heads of function. Those meetings will have given you the opportunity to find out more about many of the issues the auditors will be interested in. See Practice...

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Consultancy agreement—company and individual—pro-client (short form)

Consultancy agreement—company and individual—pro-client (short form) [ON HEADED NOTEPAPER OF CLIENT COMPANY] [Insert consultant’s name] [Insert consultant’s address] [Insert date] Dear [insert consultant’s name] [ Consultancy agreement OR Insert name of project ] Further to our recent discussions, I am pleased to confirm the terms of our agreement regarding the provision of your consultancy services to [insert name of client company] (Company). 1 Term 1.1 [Subject to the terms set out in this letter, your engagement [will commence OR commenced] on [insert date] and will continue unless or until either party gives to the other not less than [insert number] [weeks’ OR months’] prior notice in writing. OR 1.2 Your engagement will be for a fixed period of [insert number] months from [insert date], subject to the terms of this letter and subject to the right of either the Company or you to give to the other not less than [number] [weeks’ OR months’] notice in writing during such fixed period terminating the...

Distribution agreement—non-exclusive—short form

Distribution agreement—non-exclusive—short form This Agreement is made on [date] Parties 1 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Manufacturer); and 2 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Distributor); each of the Manufacturer and the Distributor being a party and together they are the parties. Background (A) The Manufacturer manufactures [and supplies] the Products. (B) The Distributor has agreed to distribute the Products on a non-exclusive basis in the Territory in accordance with the provisions of this Agreement. The parties agree: 1 Definitions 1.1 In this Agreement: Active Sales • has the meaning given in Article 8(7) of VABEO; Affiliate • means any entity that directly or indirectly controls, is controlled by, or is in under common control with, another entity where “control” means the beneficial ownership of...

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Can a party restricted by CPR 3.14 still make a claim for costs up to the date of the Costs CMC?

Can a party restricted by CPR 3.14 still make a claim for costs up to the date of the Costs CMC? The short answer is that a party cannot make a claim for costs up to the date of the CMC. Purpose of CPR 3.14 The purpose of the provision in CPR 3.14 is for it to act as a sanction such that if a party fails to provide a costs budget, as provided for by the CPR provisions, it will be unable to recover any of the costs expended in pursuit of the litigation other than the court costs. Given the draconian sanction, the court does have the ability to make another order; this is provided for at the start of the provision in CPR 3.14. If the costs have only recently been restricted, you may be able to take steps to seek to set aside or overturn that decision. You may, also or alternatively seek relief from sanctions under CPR 3.9. The provisions in relation to...

Does a CFA have to include a success fee to be enforceable?

Does a CFA have to include a success fee to be enforceable? What is a CFA? A conditional fee agreement (CFA) is a type of funding agreement which is more commonly referred to as a ‘no win no fee’ agreement. Section 58(2)(a) of the Courts and Legal Services Act 1990 (CLSA 1990) formally defines a CFA as: 'an agreement with a person providing advocacy or litigation services which provides for his fees and expenses, or any part of them, to be payable only in specified circumstances' What are the requirements for a CFA? In order to be an enforceable CFA, the requirements of CLSA 1990, s 58(3) must be met: • it must be in writing • it must not relate to proceedings which cannot be the subject of an enforceable CFA; and • it must comply with such requirements (if any) as may be prescribed by the Lord Chancellor The requirements prescribed by the Lord Chancellor are to be found in the Conditional Fee Agreements...

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EU Parliament and Council agree Entry-Exit System gradual implementation plan

The European Parliament and the Council of the European Union have reached a provisional agreement on the progressive introduction of the Entry/Exit System (EES) at the EU’s external borders. This agreement was achieved by negotiating teams from both institutions, including representatives from the Polish presidency of the Council and the European Parliament, under the guidance of Rapporteur Assita Kanko. The EES is designed to record the entry and exit of non-EU nationals on short-stay visas by registering biometric data—such as facial images, fingerprints, and passport details—to enhance border security, expedite the border check process, and reduce queues.

DOJ signals major shift in white collar enforcement priorities

Law360: In a major policy address delivered on 12 May 2025 at the Securities Industry and Financial Markets Association's Anti-Money Laundering and Financial Crimes Conference in Washington, DC, Matthew Galeotti, head of the US Department of Justice (DOJ's) Criminal Division, announced a significant shift in how the DOJ approaches white collar enforcement.

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