Market definition plays a key role in the application of competition law. This Checklist can be used to help identify the relevant market for competition law purposes and the types of evidence that can be used when defining a relevant market (see further, Market definition and analysis in EU and UK competition law). Framework for assessment Remember the rationale for market definition in competition cases. Market definition is not an end in itself but is a method to identify the strongest and most immediate competitive constraints faced by a firm(s) for the assessment of market power. Key points to consider when defining and analysing markets are as follows: • consider the context within which the market definition exercise is being carried out (whether in relation to the assessment of restrictive agreements, abuse of dominance or mergers). The analytical approach and significance of particular market shares may vary depending on the context/competition problem • identify, assemble and review the data required to inform the assessment (see below) • analyse potential market definition(s) (a starting point is the ‘SSNIP test’ or ‘hypothetical

ARCHIVED: This Practice Note has been archived and is not maintained. In summary, a market disruption clause sets out how interest is calculated for a loan if a lender’s cost of funding the loan is in excess of London Interbank Offered Rate (LIBOR) (or other designated benchmark)—this can happen in particular where there are problems with the financial system leading to the freezing of markets or solvency problems with the particular lender. Either of these is likely to result in an increased cost of funding for the lender. Market disruption clauses are usually included in facility agreements where interest is calculated by reference to a floating rate such as LIBOR or Euro Interbank Offered Rate (EURIBOR). This Practice Note deals with market disruption clauses in the context of LIBOR-related syndicated facilities. Equivalent considerations apply to syndicated facilities which calculate interest rates by reference to EURIBOR and other benchmark rates. The transition away from LIBOR to risk-free rates such as SONIA will affect the drafting of market disruption provisions. For

ARCHIVED: This Practice Note has been archived and is not maintained. This practical guidance relates to the pre-Procurement Act 2023 regime This Practice Note contains guidance relevant to public procurement exercises commenced before the Procurement Act 2023 (PA 2023) came into force on 24 February 2025. It captures the law as it stood at that point in time. In-scope procurements begun on or after 24 February 2025 are governed by PA 2023. Under the transitional and savings provisions for PA 2023, the previous public procurement regimes continue to apply to the extent necessary to allow contracting authorities to complete and manage procurements commenced before PA 2023 came into force (ie ongoing procurements). This Practice Note should be read in that context. For background reading, see Practice Note: Introduction to the Procurement Act 2023—PA 2023. Further practical guidance on PA 2023 is set out in a separate subtopic, see: Procurement Act 2023—overview. What is market engagement? This Practice Note considers market engagement and consultation under the Public Contracts Regulations

A provision in the commitment letter which allows the arranger(s) to amend the terms of the facilities without the borrower’s consent if necessary in order to achieve successful syndication

What is a 'market flex' provision? A market flex provision is designed to give arrangers and underwriters some flexibility as to the terms of a financing following the signing of the relevant facility agreement. Given that they arrange and underwrite the deal, the market flex provisions are designed to help them successfully distribute the debt in the market and reduce their exposure to the borrower to an agreed minimum hold position. The wording typically provides that the arrangers or underwriters may change certain key terms of the financing in order to make it more attractive to potential lenders, particularly during more difficult or volatile market conditions. Market flex is usually dealt with in the mandate letter or the arrangement/underwriting fee letter. For more information on mandate letters, see Practice Note: Mandate letters. For more on the role of arrangers and underwriters in loan transactions, see Practice Note: The finance parties. When can market flex be used? Market flex provisions can be used by the arrangers or underwriters before or after the facility documentation is signed. What can be flexed? The

A condition in which current security prices do not reflect all the publicly available information about a security, such as when some investors do not effectively analyse the available information.

The ability to raise prices above the competitive level in that market for a non-transitory period without losing sales to such a degree as to make this unprofitable.

A dealer or trader who is required to consistently quote both bid and offered prices or yields for an issue of securities and is obliged to trade on those prices.

An investment strategy (particularly associated with some hedge funds) that aims to produce returns that are independent of fluctuations in market returns.

The ability to raise prices above the competitive level for a non-transitory period.

The price at which an asset changes hands in an open market.

The risk which is common to an entire class of assets or liabilities. It is the level of risk in the market that cannot be eliminated by diversification.