ARCHIVED: This Precedent has been archived and is not maintained. STOP PRESS: As of 24 February 2025, the main provisions of the Procurement Act 2023 (PA 2023) are in force. Procurements begun on or after this date must be carried out under PA 2023, whereas those begun under the previous legislation (the Public Contracts Regulations 2015 (PCR 2015), the Utilities Contracts Regulations 2016, the Concession Regulations 2016, and the Defence and Security Public Contracts Regulations 2011) must continue to be procured and managed under that legislation. See Practice Note: Introduction to the Procurement Act 2023—PA 2023. Market Sounding Questionnaire 1 Background This market sounding questionnaire relates to the Authority’s expected requirement for [insert description of goods, services or works]. All interested parties are invited to respond by completing the attached questionnaire and returning it in accordance with the instructions. [Insert brief description of Authority and any relevant programmes or policies linked to the procurement. Identify the specific objectives for the procurement and any constraints, eg existing contracts or service arrangements]. 2 Process and timelines Responses to the attached questionnaire should be submitted

Procedure for re-pricing the provision of works or services on a periodic basis by means of competitive tender.

A multiple used in valuations: compares market capitalisation to accounting equity value.

A share option which is granted with an exercise/option/strike price greater than or equal to the actual market value of the share (the market value of a share taking into account any restrictions and risks of forfeiture) under option as measured at the date of grant of the option.

Tax analysis: In Tower One St George Wharf Ltd v HMRC, the Court of Appeal considered the basis on which stamp duty land tax (SDLT) should be assessed and whether that resulted in SDLT being paid on the market value, the actual consideration paid, or on some other basis for a complex transaction within a corporate group. The taxpayer argued that the ‘Case 3’ exception under section 54(4) of the Finance Act 2003 (FA 2003) applied, which would result in SDLT being charged on the actual consideration. HMRC argued that the exception did not apply, which would result in SDLT being paid on the market value of the property. Alternatively, HMRC argued that if the exception did apply then the anti-avoidance provisions at FA 2003, s 75A applied, potentially resulting in an even higher SDLT charge. The Court of Appeal held that although the Case 3 exception applied, the anti-avoidance provision in FA 2003, s 75A also applied. This resulted in SDLT being assessed on an aggregate amount that was even higher than the property's market value (although HMRC did not seek to increase its assessment beyond market value). Therefore, the appeal was dismissed. As explained by Jon Stevens, partner, and Rory Clarke, solicitor, at DWF Law LLP, this decision deals with the interaction of a number of complex SDLT provisions and clarifies the SDLT provisions relating to transfers to connected companies and the SDLT anti-avoidance provisions, with implications for corporate structuring and tax planning.

The approval needed to place a medicinal product on the market. It sets out the medical conditions (known as indications), patient population and dosage for which the product is authorised as well as any conditions imposed on the holder of the marketing authorisation.

STOP PRESS: Significant reforms to the UK prospectus regime came into force on 19 January 2026. The new rules governing public offers of securities and admissions to trading in the UK are principally set out in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105, (the POATRs) and FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market (PRM).  The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been repealed. The reforms are designed to simplify capital raising and significantly reduce the occasions when a company is required to publish an FCA approved prospectus for a further issue of shares. For full information on the changes see Practice Note: UK prospectus regime reform. This Practice Note reflects the prospectus regime in force prior to 19 January 2026. This Practice Note looks at the main methods and materials used to market an initial public offer (IPO) of securities on the Official List of the Financial Conduct Authority (FCA) and the Main Market for listed securities

Rule 144A has been in effect since April 1990. This Practice Note looks at the main legal considerations when deciding whether to include a so-called 'Rule 144A tranche' in a company's Main Market initial public offer (IPO). It also looks at other matters that arise when a company is deciding whether to access the US market by offering and selling the shares to 'qualified institutional buyers' as defined in Rule 144A in connection with its Main Market IPO. What is a Rule 144A tranche? There are a number of different ways for a company to extend the initial admission of its securities to listing on the Official List of the Financial Conduct Authority (FCA) and to trading on the main market for listed securities of the London Stock Exchange (Main Market) (initial public offer or IPO) to investors in the US, eg by means of a public offering in the US (which structure is currently fairly rare) or by means of what is commonly

A company’s shares are subject to a marketing arrangement on a recognised investment exchange if they are listed under FSMA 2000, Pt 6, ie admitted to the Official List, or the company has been afforded facilities for dealings in the shares to take place on the exchange without prior permission for individual transactions from the authority governing that investment exchange, and without limit as to the time during which those facilities are to be available (CA 2006, s 693(3)).

As explained in Practice Note: Marketing authorisations in the EU—regulatory procedures for approval of medicinal products, no medicinal product may be placed on the market without having first obtained an approval known as a marketing authorisation (MA). The MA sets out the medical conditions (known as indications), patient population and dosage for which the product is authorised as well as any conditions imposed on the marketing authorisation holder (MAH). There are several different legal bases upon which an application for an MA can be made in the EU. This Practice Note explores the different types of marketing authorisation applications (MAAs) available in the EU and their legal bases as well as some practical considerations such as the content and form of an application for an MA, the duration, validity, cessation and suspension of MAs. For information about the licensing of medicinal products in the UK, see Practice Note: UK marketing authorisations for medicinal products. Regulatory framework Legislation The EU regulatory framework for the authorisation of medicinal

No medicinal product may be placed on the market without having first obtained an approval known as a marketing authorisation (MA). The MA sets out the medical conditions (known as indications), patient population and dosage for which the product is authorised as well as any conditions imposed on the MA holder (MAH). The licensing framework for the approval of medicinal products is regulated by Directive 2001/83/EC on the Community Code relating to medicinal products for human use (Pharmaceutical Code). There are several different routes available to obtain an MA for medicinal products. These are:  • the EU centralised procedure (CP), and medicines approved by the CP are often referred to as centrally authorised products (CAPs) • the mutual recognition procedure (MRP) • the decentralised procedure (DCP), and • national procedure The procedure which should be followed is dictated by the nature of the product involved, therapeutic area and type of licence required (ie where the product is to be sold and whether there are any existing licences

No medicinal product may be placed on the market unless it has been approved. This Flowchart outlines the procedure for obtaining an approval known as a marketing authorisation (MA) through the EU decentralised procedure. The decentralised procedure is used to apply concurrently for marketing authorisations for a medicinal product in more than one EU Member State. It is available where the product does not fall within the mandatory scope of the centralised procedure and has not already received a marketing authorisation in any Member State at the time of the decentralised application.