The UCITS Directives (2001/107/EC and 2001/108/EC) are a set of EU legislation that harmonize national law in the EU Member States to allow collective investment schemes to operate freely in the EU based on a single authorisation by one member state.

1 Policy statement 1.1 It is the policy of [firm name] (‘the firm’) to conduct its business in compliance with the highest professional standards. We are committed to acting professionally, fairly and with integrity in all our business dealings and relationships. This document describes our approach to managing undertakings when conducting property work. See also our separate General undertakings policy. 1.2 The purpose of this policy is to: 1.2.1 set out our responsibilities and the responsibilities of those working for us, in observing and upholding our position on undertakings; 1.2.2 provide information and guidance on how to deal with undertaking. 2 Definitions In this policy: 2.1 third party • means any individual or organisation with which you come into contact during the course of your work with the firm—this includes actual and potential clients, other solicitors, suppliers, distributors, business contacts, agents, advisors, and government and public bodies including their advisors, representatives and officials, politicians, and political parties; 2.2 solicitor • means a person who has been admitted as a solicitor of the Senior Courts of England and Wales and whose name is on the roll. 3 Responsibilities 3.1 The compliance officer for legal practice (COLP) is responsible

Please click for an Excel version of this register. This register is intended to record non-routine undertakings

A: General information Date of annual review [Insert date] Person(s) conducting annual review [Insert name][Insert position, eg COLP] B: Data 1 Rolling data Criteria In the last [insert period, eg quarter] In the last 12 months Number of non-routine undertakings given [Insert number of non-routine undertakings given] [Insert number of non-routine undertakings given] Number of non-routine undertakings discharged [Insert number of non-routine undertakings discharged] [Insert number of non-routine undertakings discharged] 2 Snapshot data

A: General information Date of review [Insert date] Person(s) conducting review [Insert name][Insert position, eg COLP] B: Data 1 Rolling data Criteria In the last [insert period, eg quarter] In the last 12 months Number of non-routine undertakings given [Insert number of non-routine undertakings given] [Insert number of non-routine undertakings given] Number of non-routine undertakings discharged [Insert number of non-routine undertakings discharged] [Insert number of non-routine undertakings discharged] 2 Snapshot data

Used to describe a creditor or layer of debt which is out of the money (unlikely to receive a full 100% return/dividend in a restructuring/insolvency).

Underwater share option is the term used to describe a share option (granted under any share option scheme) which has an exercise price per share greater than the current market value of a share. 

What is an underwater share option? 'Underwater option' is the term used to describe a share option (granted under any share option scheme) which has an exercise price per share greater than the current actual market value of a share. This means that should such an underwater option be exercised and the shares immediately sold, the option holder would make a loss. For obvious reasons, an option holder is unlikely to exercise an underwater option and therefore in many cases alternative ways to reward and incentivise underwater option holders may need to be found. It should be noted that underwater options outside of exit or leaver scenarios (ie where they do not lapse in the event of an imminent exit or the imminent cessation of employment of the option holder) may still hold a 'hope value' based on the possibility of an improvement in the company’s position and a subsequent increase in the share price which may result in the market value of a share rising above the exercise price of the share option. Underwater options are most

An insurer, its employees or agents, who consider an insurance proposal form and decides whether to accept a risk, the terms of the policy and calculate the premium, based on the information provided by the insured or potential insurer.

In the context of a share issue, carrying out a firm commitment to take up a specified quantity of securities on a given date and at a given price if no other third party acquires or subscribes for them.

This Practice Note looks at the underwriting of an offer of shares by a public limited company, including how an underwriting is documented, the company's power to pay the underwriter's commission, sub-underwriting and standby underwriting. Where a public limited company is making an offer of its shares (whether by way of an initial public offer or a secondary offer) (offer) and requires certainty regarding the amount that will be raised it will usually arrange for the offer to be underwritten. Any selling shareholder involved in the offer will usually make similar arrangements or be included in the arrangements the company makes. Typically the underwriter or underwriters (where an underwriting syndicate is involved) will undertake to subscribe for all of the company's shares being offered where such shares are not taken up by other investors. It is possible for only some of the offer to be underwritten, eg where a substantial shareholder or a director shareholder has provided an irrevocable commitment to take up their entitlement under a rights issue

One of the ways in which pension funds, particularly those that are large, can increase their returns through sub-underwriting for investment banks.