In the context of exchange-traded derivatives this means a position that is exposed to price movements.

The open procedure derives from Directive 2014/24/EU (the Public Contracts Directive) on procurement'>public procurement (implemented in England, Wales and Northern Ireland by the Public Contracts Regulations 2015, SI 2015/102). In the open procedure, any interested party can submit a tender in response although only those that meet the contracting authority's selection criteria will be entitled to have their tender assessed. No negotiation with tenderers is permitted.

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. This content relates to the Procurement Act 2023 regime This practical guidance is about public procurement under the Procurement Act 2023 (PA 2023). For practical guidance on procurement procedures used under the Public Contracts Regulations 2015 (PCR 2015), SI 2015/102, see Practice Notes: Public procurement—open procedure—pre-PA 2023, Public procurement—restricted procedure—pre-PA 2023, Public procurement—competitive procedure with negotiation—pre-PA 2023, Public procurement—competitive dialogue procedure—pre-PA 2023 and Public procurement—innovation partnership procedure—pre-PA 2023. Competitive tendering procedures Before awarding a public contract, a contracting authority must carry out a competitive

Law360, Expert analysis: On 19 May 2025, HM Treasury published its response to the October 2024 consultation on the regulation of buy now, pay later ( BNPL) lending. Áine Kelly and Jen Staniforth, senior associates, and James Black, partner, of Hogan Lovells examine the proposed regulatory framework, the Financial Conduct Authority’s (FCA) role in shaping bespoke rules, and the implications for firms navigating this evolving consumer credit landscape.

What is open source software? Open source software, or free and open source software (FOSS), is the collective name for software for which the source code of the software is publicly available and which is under an open licence that grants anyone the right to use it, modify it, and distribute it (either the original or the modified version) free of charge or royalty. This is in contrast to typical proprietary software licences that usually seek to restrict the licensee from accessing the source code, using the software across multiple users, locations or computers, and from making and distributing copies. FOSS emphasises freedom over restriction. Although it is available free of charge (gratis), the ‘free’ is intended to connote liberty, not price. There are subtle differences between free and open source software. The term ‘free software’ is more associated with the Free Software Foundation and has a different philosophy to open source software with more of an emphasis on the ethical and philosophical aspects of software freedom and a focus on the individual user. The development

Software distributed in such a way that the source code is freely available, and may be modified, run, adapted, compiled and distributed is called open source software. Generally, open source software is available at minimal or no cost. A commonly agreed definition of open source software has been developed by the Open Source Initiative.

Free and open source software (OSS) is the collective name for software which is available under a licence that grants the recipient the right to use it, modify it, and distribute it (either the original or the modified version) free of charge or royalty, and to which the source code of the software is available. This is in contrast to the software licences which lawyers are typically more familiar with which may seek to restrict the licensee from accessing the source code, using the software across multiple users, locations or computers, and from making and distributing copies. Free and open source software (sometimes called ‘FOSS’) emphasises freedom over restriction. Although it is available free of charge (gratis), the ‘free’ in ‘free software’ is intended to connote liberty, not price. Another acronym, ‘FLOSS’ is sometimes used where the ‘L’ stands for ‘libre’. Although there are numerous benefits in using OSS (the software is usually stable, well-developed and cost-effective), there are some disadvantages. A number of open source licences (particularly those known as ‘copyleft’ or ‘reciprocal’ licences) contain licence terms

A standard, created by the International Standards Organisation (ISO) in 1983 which classifies data transfer protocols into 7 layers, according to the function they perform, with a view to promoting compatibility between systems. The raw copper loop is below Layer 1 and is described in this document as 'Layer 0'.

An AIF whose shares or units can, at the request of any of its shareholders or unitholders, be redeemed prior to the commencement of its liquidation phase or wind-down in accordance with the procedures and frequency set out in its rules or instruments of incorporation, prospectus or offering documents (Commission Delegated Regulation (EU) 694/2014 supplementing the AIFMD with regard to regulatory technical standards determining types of AIFMs). The corresponding UK BTS which came into force at the end of the Brexit implementation period is Technical Standards (AIFMD) (EU Exit) Instrument 2019, FCA 2019/37).

This Practice Note introduces the key concepts relating to an open-ended investment company (OEIC), also known as an investment company with variable capital (ICVC), including: the relevant provisions of the Open-Ended Investment Companies Regulations 2001, SI 2001/1228 (OEIC Regulations 2001) and the Financial Services and Markets Act 2000 (FSMA 2000); the requirements for obtaining Financial Conduct Authority (FCA) authorisation; and the winding-up process. FCA-authorised CIS In the UK, an FCA-authorised collective investment scheme (CIS) can take one of the following legal forms: • an OEIC • an authorised unit trust (AUT). For further information on an AUT, see Practice Note: Authorised unit trusts (AUTs), or • an authorised contractual scheme (ACS). For further information on an ACS, see Practice Note: Taxation of authorised contractual schemes (ACSs) FCA-authorised funds (OEICs, AUTs or ACSs) can have one of the following regulatory forms: a UK undertaking for collective investment in transferable securities (UCITS), a non-UCITS retail scheme (NURS), a qualified investor scheme (QIS) or a long–term asset fund (LTAF). For more information, see Practice Notes: UK Undertakings for

For UK tax purposes, a UK company that is incorporated under, and meets the regulatory conditions set out in FSMA 2000.

Law360: A group of local news publishers has sued OpenAI and Microsoft claiming their copyright-protected news content was improperly scraped from the internet to train the artificial intelligence (AI) models ChatGPT and Copilot, adding to a number of lawsuits accusing tech firms of making illegal use of journalistic work.