In considering the practical steps that can be taken by A’s executor or by another beneficiary to prevent a sale of the property at an undervalue, the following steps can potentially be taken. First, given that the property is unregistered, an application can be made to HM Land Registry for a caution against first registration. Such a caution is used where the interest of the applying party would entitle them to object to first registration until their claim has been considered. Such an application can be made by any person who has a qualifying interest in the land in question. A caution must not be registered without reasonable cause, and an action in damages may lie against a person who improperly registers such a caution. The registration of a caution will give the cautioner notice of any application for first registration (see section 16 of the Land

What are the pre- and post-trade transparency requirements in respect of shares and other equity-like instruments under UK MiFIR? Pre-trade Market operators and investment firms operating a trading venue are required to make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for shares and other equity-like instruments traded on a trading venue. This requirement also applies to actionable indication of interests. Information must be available to the public on a continuous basis during normal trading hours. For detailed information, see Practice Note: Regulation of UK trading venues — Requirements for RMs, MTFs and OTFs — Pre- and post-trade transparency requirements for market operators. Post-trade Market operators and investment firms operating a trading venue are required to make public the price, volume and time of the transactions executed in respect of shares and other equity-like instruments traded on that trading venue. Details of all such transactions are

Pre-action behaviour In general the parties will need to follow the pre-action principles as set out in our Practice Note: Pre-action behaviour in non-protocol cases—Practice Direction Pre-Action Conduct and Protocols. These include that the parties should: • exchange sufficient information to understand each other’s position and make informed decisions about settlement and how to proceed • attempt to settle the dispute without issuing proceedings and consider ADR • act in a reasonable and proportionate manner, specifically taking into account the complexity of the matter and the sums at stake (see Practice Direction Pre-Action Conduct and Protocols, para 6.2) • not use the protocol as a tactical device to ensure an unfair advantage for one party or to generate unnecessary costs Pre-action disclosure Our Practice Note: Resolving a dispute—initial considerations states, among other things: 'Once you have a dispute to resolve, the way you should manage your case is governed by the Practice Direction Pre-Action Conduct and the Protocols themselves. There are

Prescribed statements Under the Charities Act 2011, s 122 (CA 2011), all agreements for the sale, lease or other disposition of land in favour of a charity, and all transfers, leases and other instruments giving effect to such dispositions, must state: • that the land will, as a result of the disposition, be held by or in trust for a charity • whether the charity is an exempt charity, and • if it is not an exempt charity, that the restrictions imposed by CA 2011, ss 117–121 will apply to the

It is assumed that: • the US parent is not within the charge to corporation tax • the UK company does not receive any consideration for making the distribution • the UK company has not entered into a hedging instrument that hedges foreign exchange movements arising from its investment in the US subsidiary • the value of the US subsidiary has not been materially reduced for the purposes of the value shifting rules in section 31 of the Taxation of Chargeable Gains Act 1992 (TCGA 1992) or the depreciatory transactions rules in TCGA 1992, ss 176–177, and • the distribution is not made in the course of the winding up of the UK company Chargeable gains The transfer of the US subsidiary by way of distribution to the US parent constitutes a chargeable gains disposal event for the UK company (TCGA 1992, s 21(1)). On the assumption that

Banking & Finance analysis: The Loan Market Association (LMA) has published draft facilities agreements based on compounded SONIA and compounded SOFR. This News Analysis looks at the background to the publication of the documents and provides an overview of the draft provisions and issues raised.

What does this Practice Note cover? This Practice Note provides a quick introduction to the principal markets for listing and trading debt securities in London. It provides an overview of the relevant regulatory framework and a summary of the listing and admission process for each market. It is not a guide to listing debt securities on these markets. For detailed information on listing debt securities on these markets, see Practice Note: Guide to listing debt securities on the London Stock Exchange. This Practice Note provides a high-level overview of the principal markets for listing debt securities in London. It highlights the regulatory framework governing the listing and admissions to trading, explains the distinct concepts of listing and admission to trading, the London Stock Exchange (LSE) markets relevant in the debt capital markets context and the process of listing and/or admission to trading on those markets. It does not cover prospectus disclosure requirements or ongoing continuing obligations. Listing or admission to trading—what is the difference? ‘Listing’

Please note: the Housing and Planning Act 2016 received Royal Assent on 12th May 2016 and proposes major changes to local authority tenancies once in force. What is a secure tenancy granted by a Local authority? A secure tenancy is a tenancy granted under the Housing Act 1985 (HA 1985). It is the most common form of tenancy provided by local authorities (local authorities cannot grant assured and therefore assured shorthold tenancies (ASTs) under section 1 and Schedule 1 of the Housing Act 1988 (HA 1988)) and exists when: • the property is a dwelling house • it is let as a separate dwelling • the landlord condition is satisfied • the landlord condition is satisfied • none of the exceptions apply For further information on the conditions for a secure tenancy, see Practice Note: Secure tenancies [Archived]. A secure tenancy can only be varied

Issuing GDPR compensation claims and privacy claims CPR PD 7A was amended on 1 October 2019 to allow for all claims relating to media and communications work (including privacy and GDPR compensation claims) to be started in either the High Court or County Court, save for libel or slander claims (which may only be issued in the County Court if the parties agree). Significantly, the amendment disapplies CPR PD 7A, para 2.1 which requires claims to have a value in excess of £100,000 in order to be commenced in the High Court. However, note that pursuant to CPR PD 7A, para 2.9A where the claimant in such a claim intends to issue in the High Court they must do so believing that the claim ought to be dealt with by a High Court judge, with reference to the factors in CPR PD 7A, para 2.4(1)–(3), ie with reference to (i) the financial value of the claim and the amount

‘Wrong contract’ challenges In several cases, the courts have considered whether an adjudicator’s decision is invalid if it is arguable that the adjudicator was appointed under, or applied the terms of, the ‘wrong’ construction contract. This issue generally arises where the responding party contends that: • there was no concluded contract between the parties, or • the terms of the contract under which the adjudicator was purportedly appointed and/or made its decision were in some way incorrect, or were not those applicable to the dispute Challenges raised on these bases are referred to in this answer as ‘wrong contract’ challenges. For guidance on raising jurisdictional challenges in adjudication, see Practice Note: Making a jurisdictional challenge in an adjudication. Background Before looking at the courts’ approach to different wrong contract challenges, it is helpful to

What is a bill of sale? A bill of sale is a document that transfers ownership of goods from one person (‘X’) to another (‘Y’) as security for a loan from Y, whilst retaining possession of the goods. X regains ownership of the goods upon repayment of the loan. Bills of sale are similar to mortgages, but unlike mortgages, they are secured on moveable tangible goods ie chattels. The vast majority of bills of sale today take the form of ‘logbook loans’, whereby the borrower transfers to the lender ownership of his existing vehicle, whilst continuing to use it. Bills of sale are governed by two Victorian statutes—the Bills of Sale Act 1878 (BSA 1878) and the Bills of Sale (1878) Amendment Act 1882 (BSA(1878)AA 1882), although bills of sale have existed at common law since at least the Middle Ages. The legislative regime has come under increased

Professional privilege—core principles The core aim of privilege is to protect the confidentiality of communications between clients and their lawyers. The right belongs to the client and not to the lawyer. The definition of ‘client’ in a civil litigation context in the UK was limited in the landmark case of Three Rivers District Council v Bank of England (No 5) where the definition of the 'client' bank was limited to the working group set up to prepare a response from the bank to an inquiry. The scope was not extended to employees of the bank outside that working group. In Astex Therapeutics Ltd v Astrazeneca AB applying Three Rivers (No 5), the High Court held that certain employees were not part of the 'client' for privilege purposes. For a detailed consideration of this decision, including practical implications arising from it, see News Analysis: Hiding communications behind the cloak of legal advice privilege (Astex and RBS Rights). The extent to which various types of advice given