The company voluntary arrangement (CVA) proposal will contain the terms of a compromise between a company and its creditors, and therefore must be comprehensive and accurate. Where the proposal or circumstances are complex, the draft should be reviewed or prepared by a lawyer to ensure it correctly reflects the intentions of the arrangement. The proposal needs to be clear and understandable. The proposal should be fair to the company, its creditors and any other parties involved. This does not mean that all creditors must be treated in the same way, though to avoid the risk of a challenge, any differing treatments must be justifiable (see Practice Note: Challenging the approval of a CVA—unfair prejudice, material irregularity). A CVA may be proposed either by the: • directors, where the company is not in an insolvency process, or • administrator or liquidator Where the CVA involves a regulated firm (ie firms authorised under the Financial Services and Markets Act 2000 (FSMA 2000) and firms authorised or registered under the Payment Services Regulations 2017 (PSRs)

What are the Capacity Market Rules? The Capacity Market (CM) was introduced by the UK government to ensure there is sufficient commitment/investment by the private sector in providing reliable electricity capacity, so as to ensure security of electricity supply in Great Britain (GB). Following lengthy consultation, the Capacity Market was implemented pursuant to powers in the Energy Act 2013 (EA 2013). As set out in further detail below, the primary implementing legislation of the CM is the Electricity Capacity Regulations 2014 (Capacity Regulations), SI 2014/2043 (as amended). However, in addition to the Capacity Regulations, SI 2014/2043: • the EA 2013, s 34 grants government (by way of the Secretary of State) the power to make and amend ‘Capacity Market Rules’ (CM Rules) to supplement provisions in relation to the CM made under secondary legislation, and • the Capacity Regulations, SI 2014/2043, reg 77 permits the Gas and Electricity Markets Authority (GEMA) to make/amend Capacity Market Rules about the operation and administration of the CM. In practice, GEMA exercises this power through the Office of Gas and Electricity Markets

ARCHIVED: This Practice Note is archived, and is no longer maintained. What is the Capital Markets Union? The Capital Markets Union (CMU) is a flagship political project of the European Commission, launched on 30 September 2015 with the publication of the Action Plan for Capital Markets Union. The plan for CMU was refocussed and expanded in the Commission’s Communication on the Mid-Term Review of the Capital Markets Union Action Plan, published on 8 June 2017, and elements of the CMU plan are refined and developed from time to time as the various CMU initiatives are progressed and EU and industry bodies respond to changing economic and political conditions. On 24 September 2020, the European Commission published a new CMU action plan. For information, see September 2020 CMU action plan. For information on CMU developments, see Practice Note: The Capital Markets Union—recent news [Archived]. Capital Markets Union—broad objectives and specific initiatives The broad objectives of the CMU project are to: • unify the capital markets across the EU's Member States • strengthen Europe's economy

ARCHIVED: This document has been archived and is no longer maintained. 2021 News Date News story 21 October 2021 AFME report notes surge in European capital markets activity—LNB News 21/10/2021 27 12 October 2021 EBF publishes paper on review of EU Securitisation framework—LNB News 13/10/2021 71 28 September 2021 ESMA work programme outlines priorities for 2022—LNB News 28/09/2021 48 22 September 2021 ICMA AMIC responds to Commission consultation on EU Securitisation Regulation—LNB News 22/09/2021 72 7 September 2021 EBA and ECB urge full, timely and faithful EU implementation of Basel III reforms—LNB News 07/09/2021 61 2 August 2021 European Commission seeks advice from ESMA and EIOPA on retail investor protection—LNB News 02/08/2021 67 15 July 2021 Commission staff working document: ‘Monitoring progress towards a capital markets union: a toolkit of indicators’—LNB News 15/07/2021 102 12 July 2021 Christine Lagarde discusses ECB’s work promoting and enabling sustainable finance—LNB News 12/07/2021 99 1 July 2021 European Commission issues final report on EU CSDR review—LNB News 01/07/2021 113 24

ARCHIVED: This Practice Note has been archived and is not maintained. Brexit 11 pm (GMT) on 31 December 2020 marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements came to an end and significant changes began to take effect across the UK’s legal regime. Carbon budgets The Climate Change Act 2008 set a legally binding target for the UK to reduce greenhouse gas (GHG) emissions by 80% compared to 1990 levels by 2050. To drive progress towards the 2050 target, carbon budgets are set for five year periods. See Practice Note: Climate change—emissions targets, carbon budgets and net zero. Carbon budget % reduction below 1990 base year 1st Carbon budget (2008–12) 23% 2nd Carbon budget (2013–17) 29% 3rd Carbon budget (2018–22) 35% by 2020 4th Carbon budget (2023–27) 50% by 2025 Policy papers The previous government issued four policy papers: • Low Carbon Transition Plan • UK

This Practice Note examines the role of the Central Arbitration Committee (CAC) and how its members are appointed. It also considers the statutory functions of the CAC including its role in union recognition and derecognition, as well as voluntary and unilateral arbitration. In particular, this Practice Note examines the CAC’s ability to determine: • complaints and applications related to the duty to consult under Information and Consultation of Employees Regulations 2004 (ICER 2004), SI 2004/3426 • complaints and applications related to European Works Councils (EWCs) under the Transnational Information and Consultation of Employees Regulations 1999 (TICER 1999), SI 1999/3323, and • various complaints under the European Public Limited-Liability Company Regulations 2004, SI 2004/2326 Establishment and membership The Central Arbitration Committee is an independent arbitration body established by statute (section 259 of the Trade Union and Labour Relations (Consolidation) Act 1992 (TULR(C)A 1992)). Its staff and administrative resources are provided by Acas. It is based in London and although it has no regional offices, it operates nationally. Members of the CAC are appointed by the Secretary of

Ireland—Banking & Financial Service analysis: This article, was written by Shane Kelleher & Louise McNabola of William Fry LLP.

This Practice Note considers the role of the Certification Officer. It looks at their appointment, their power to charge fees and a levy, and their administrative functions, which include maintaining a list of trade unions/employers’ associations and certifying ‘independent trade unions’, as well as their quasi-judicial functions which include dealing with complaints from trade union members about breaches of trade union rules, for example in relation to disciplinary proceedings. It also covers enforcement powers to enable the Certification Officer to issue financial penalties, and considers which orders made by the Certification Officer can be the subject of an appeal to the Employment Appeal Tribunal. Guidance from the Certification Officer includes the following: Guidance Description Complain to the Certification Officer about a trade union or an employers’ association (February 2024) Complaint form and guidance on who can complain to the Certification Officer, what can be complained about and how to complain Certification Officer’s hearing procedures (March 2025) Guidance for applicants and unions attending a hearing with the Certification Officer Whistleblow on a trade union or an employers’

This Practice Note considers The Chancery Lane Project (TCLP), a collaborative, lawyer-led initiative that develops climate-aligned contractual clauses and practical guides to assist organisations embed climate considerations into contracts. The Practice Note also examines the key legal, regulatory and commercial drivers for adopting TCLP clauses in commercial contracts, highlights potential challenges to their use, and provides practical guidance on their incorporation into transactional drafting. For more information, see: chancerylaneproject.org. Lexis+® is proud to support the work of TCLP. What is The Chancery Lane Project? TCLP was established in 2019 and is a registered charity. Its mission is to help organisations use contracts and legal processes to create a green, fair and inclusive economy. Its goal is to make climate-conscious contracting the norm, aligning economic activity worldwide with a decarbonised and biodiverse world. The initiative is based on the premise that contracts can be used as practical tools to influence behaviour, allocate climate-related risk and incentivise more sustainable commercial practices across organisations, supply chains and wider commercial relationships. TCLP resources Together with legal professionals,

Formerly known as ICSA: The Governance Institute (and earlier, the Institute of Chartered Secretaries and Administrators), the chartered membership and qualifying body for people working in governance, risk and compliance, including company secretaries and administrators.

ARCHIVED: This archived guidance, dated July 2017, produced by The Chartered Governance Institute (formerly known as ICSA: The Governance Institute)

This guidance, dated September 2017, was produced by The Chartered Governance Institute (CGI) and the Investment Association (IA). Its aim is to help a company’s board of directors think about how they understand, and weigh up, the interests of their key stakeholders when taking decisions. The CGI and the IA believe that stakeholder engagement is essential for all