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Brexit legislation tracker

This Practice Note tracks the progress of UK legislation introduced as part of the legislative project associated with the UK’s withdrawal from the

Introduction to the EU GDPR and UK GDPR

Brexit: The Retained General Data Protection Regulation, Retained Regulation (EU) 2016/679 (UK GDPR) regime described in this Practice Note is the UK

How EMI schemes work and key features

EMI Review: In the Spring Budget 2020, the government announced that it will review the EMI scheme to ensure that it provides support for high-growth

EMI—qualifying companies

EMI Review: In the Spring Budget 2020, the government announced that it will review the EMI scheme to ensure that it provides support for high-growth

Practice notes

What is an employee benefit trust?

FORTHCOMING CHANGE: The EU Fifth Anti-Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force...

Produced in partnership with Jeremy Glover of Fenwick Elliott 26th Sep

Practice notes

Introduction to employee share ownership schemes

This Practice Note provides an introduction to:•why companies have employee ownership models•the main types of share ownership models, and•issues to...

26th Sep

Practice notes

How CSOPs work and key features

This Practice Note covers the following topics in high level detail:•what are CSOPs?•the law governing CSOP options•the eligibility...

26th Sep

Practice notes

EMI and disqualifying events

EMI Review: In the Spring Budget 2020, the government announced that it will review the EMI scheme to ensure that it provides support for high-growth...

26th Sep

Practice notes

EMI—what makes an employee eligible?

EMI Review: In the Spring Budget 2020, the government announced that it will review the EMI scheme to ensure that it provides support for high-growth...

26th Sep

Practice notes

Employee ownership trusts

FORTHCOMING CHANGE: The EU Fifth Anti-Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force...

Produced in partnership with Stephen Woodhouse 26th Sep

Practice notes

Drafting leaver provisions in share plans

Leaver provisions and different types of schemeWhen drafting a set of share plan rules or an option or award agreement, a company will wish to make...

26th Sep

Practice notes

Unapproved share options—tax treatment

Specific income tax rules (in sections 471–487 of the Income Tax (Earnings and Pensions) Act 2003 (Part 7, Chapter 5) (ITEPA 2003)) apply to...

26th Sep

Practice notes

Unapproved share options

What are unapproved share options?Share options are rights to acquire shares which can be exercised when certain conditions have been met (such as the...

26th Sep

Practice notes

Growth shares (value shares)

What are growth shares?Growth shares, also known as value shares or hurdle shares, are a special class of shares that have restricted rights. These...

26th Sep

Practice notes

Malus and clawback

The use of malus and clawbackThe concept of withholding or even recovering value from executives if a material adverse event occurs following the...

26th Sep

Practice notes

Employee share schemes—dealing with leavers

What are leavers?Departing individuals are known generically as ‘leavers’ but the reason behind the departure will usually result in different...

Produced in partnership with Jenny Wheater of Duane Morris LLP 26th Sep

In-house

Practice notes

Setting up an employee benefit trust

FORTHCOMING CHANGE: The EU Fifth Anti-Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force...

Produced in partnership with Jeremy Glover of Fenwick Elliott 26th Sep

Practice notes

Introduction to enterprise management incentives (EMI) schemes

EMI Review: In the Spring Budget 2020, the government announced that it will review the EMI scheme to ensure that it provides support for high-growth...

26th Sep

Practice notes

What is a long-term incentive plan?

A long-term incentive plan (LTIP) is a term that is commonly used among listed companies to describe executive share plans under which a company makes...

26th Sep

Practice notes

EMI—requirements for options

EMI Review: In the Spring Budget 2020, the government announced that it will review the EMI scheme to ensure that it provides support for high-growth...

2nd Sep

Most recent Company law, governance and regulatory matters content

Practice notes

Payments for a director’s loss of office

The Companies Act 2006 (CA 2006) contains provisions relating to payments made by a company to a director as compensation for loss of...

25th Sep

Practice notes

The AIFM Directive

What is the AIFM Directive?The Alternative Investment Fund Managers Directive (AIFMD) introduced a secure, harmonised EU framework for monitoring and...

25th Sep

Practice notes

Methods of remunerating non-executive directors with shares

Meaning of ‘non-executive director’The general definition of ‘director’ is not exhaustive. The Companies Act 2006 (CA 2006) provides that the term...

25th Sep

Practice notes

Gender pay gap reporting

Coronavirus (COVID-19): The enforcement of all gender pay gap reporting deadlines was suspended for the reporting year 2019–20 due to the coronavirus...

25th Sep

Practice notes

Disclosure of directors’ interests in shares

This Practice Note outlines the requirements on directors to disclose their interests in shares under the Companies Act 2006 and the Market Abuse...

25th Sep

Practice notes

FCA Remuneration Code Principles—comparison checklist

Background to the remuneration codesThe FCA Handbook currently contains five remuneration codes (Codes), with change driven by European Directives...

25th Sep

Practice notes

The UK Corporate Governance Code and its application to share schemes

BackgroundThe Financial Reporting Council (FRC) is responsible for corporate governance in the UK, and as such also has responsibility to publish and...

25th Sep

Practice notes

Continuing obligations of an AIM company

A company admitted to trading on AIM (AIM company) must comply with a number of rules called continuing obligations contained in the AIM Rules for...

25th Sep

Practice notes

Corporate issues in relation to share incentives

This Practice Note focuses on some key corporate issues that arise in the context of share incentives including:•the company law requirements that do...

25th Sep

Practice notes

An introduction to corporate governance and share schemes

This Practice Note describes:•what corporate governance is•corporate governance for private companies•the UK approach to corporate governance in...

25th Sep

Practice notes

MiFID II requirements on remuneration incentives—SYSC 19F

BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

25th Sep

Practice notes

The Chartered Governance Institute guidance on terms of reference for the remuneration committee

This guidance, dated June 2013 and updated in January 2020, was produced by the Chartered Governance Institute (formerly known as ICSA: The Governance...

25th Sep

Practice notes

Insider dealing—a quick guide

The law relating to insider dealing is contained in Part V of the Criminal Justice Act 1993 (CJA 1993). The offences contained in CJA 1993 are...

25th Sep

Practice notes

Financial Services and Markets Act 2000 and the operation of employee incentive arrangements in the UK

The Financial Services and Markets Act 2000 (FSMA 2000) is the principal legislation governing the financial services sector and regulating securities...

25th Sep

Practice notes

Listing Rules—employee share schemes aspects

Brexit: For details of the potential impact of Brexit on the Listing Rules, see Practice Note: Brexit—UK listing and prospectus regime.Introduction to...

25th Sep

Practice notes

Corporate governance—USA focus

BackgroundUnlike the UK, the USA has not adopted a unified corporate governance code for its public corporations. Instead corporate governance...

25th Sep

Practice notes

Share scheme issues for an AIM company

This note looks at the issues arising for companies trading on the AIM when designing and operating their employee and executive share schemes. It...

25th Sep

Practice notes

Directors’ remuneration

Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a...

25th Sep

Practice notes

Employee benefit trusts—Investment Association Principles of Remuneration

This Practice Note covers the application of the Investment Association (IA) remuneration principles to employee benefit trusts (EBTs). The principles...

25th Sep

Practice notes

Directors’ service contracts—listed companies

This Practice Note focuses on the additional statutory and regulatory requirements applicable to UK listed companies in relation to directors’ service...

25th Sep