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GLOSSARY

Published by a ��ɫ�� Insurance & Reinsurance expert

What does Average mean?

In (re)insurance, the pro-rating of an indemnity payable under a (re)insurance policy in proportion to the ratio between the sum insured and the actual value of the insured property.

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Client Classification Checklist

Client Classification Checklist This checklist provides an overview of the Financial Conduct Authority’s (FCA) client classification requirements and may assist those seeking to classify clients as either retail clients, professional clients or eligible counterparties. • 1. Is the firm providing services relating to a child trust fund (CTF) (except for a personal recommendation relating to a contribution to a CTF) to the client? (COBS 3.4.2 R) If yes, the client is a Retail Client. If no, please see question 2. • 2. Is the firm providing any of the following services ('Eligible Counterparty Business') to the client? ◦ Dealing on own account, executing orders on behalf of clients or receiving and transmitting orders ◦ Carrying on any ancillary services directly related these services, or ◦ Arranging in relation to business that is not MiFID or equivalent third country business. (COBS 3.6.1(2) R) If yes, please see question 10. If no, please see question 3. • 3. Is the client an entity required to be authorised or regulated to operate in...

Website terms and conditions for supply of services to consumers—checklist

Website terms and conditions for supply of services to consumers—checklist This Checklist sets out the essential points that should be considered when drafting or updating online terms and conditions for the supply of services to consumers. It should be used where a lawyer wants to make sure that such terms and conditions comply with consumer protection legislation (and any guidance issued under it). This Checklist should be used in addition to the following: • Key consumer information requirements—checklist • Information requirements under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013—checklist • Consumer cancellation rights under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013—Services—Flowchart • General information to be disclosed by e-commerce websites—checklist • Drafting consumer contracts—checklist For a discussion on the key legal issues to consider when designing and developing a business-to-consumer (B2C) e-commerce website for trading with consumers, see Practice Note: Business to consumer e-commerce—legal issues. Introduction Businesses that transact with consumers are subject to more onerous legislative requirements and, consequently, need to pay close...

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GB Energy Labelling Regulation (EU) 2017/1369—snapshot

GB Energy Labelling Regulation (EU) 2017/1369—snapshot Title Assimilated Regulation (EU) 2017/1369 of the European Parliament and of the Council of 4 July 2017 setting a framework for energy labelling and repealing Directive 2010/30/EU (GB Energy Labelling Regulation) Entry into force 1 August 2017 Subject Energy labelling, energy efficiency of products In GB mandatory energy labelling is regulated by: • Assimilated Regulation (EU) 2017/1369 (the GB Energy Labelling Regulation) • Energy Information Regulations 2011 (EIR 2011) • Ecodesign for Energy-Related Products and Energy Information Regulations 2021, SI 2021/745 In-scope products have to comply with the information and labelling requirements contained therein. The EU Energy Labelling Regulation (Regulation (EU) 2017/1369) continues to apply in Northern Ireland post-Brexit. For more on the position in Northern Ireland, see Practice Note: What does the Northern Ireland Protocol (Windsor Framework) mean for the application of environmental law? DESNZ and the Office for Product Safety and Standards have produced guidance on energy information for suppliers and dealers setting out the different requirements...

Choosing an arbitral seat—Austria

Choosing an arbitral seat—Austria Due to Austria’s geographical location and political neutrality, the country’s reputation for resolving international commercial disputes is traditionally strong. Accordingly, Austria can be considered one of the major centres for arbitral proceedings in Europe. This Practice Note considers information relevant for those considering Austria as a legal seat of arbitration. For more information on the arbitral seat, see Practice Notes: The seat of the arbitration and Choosing the seat of arbitration. Why Austria? • political neutrality • modern and well-developed arbitration law (a UNCITRAL Model Law country) • sophisticated international administering institution (Vienna International Arbitral Centre (VIAC)) • arbitration-friendly courts • proceedings to set-aside an arbitral award are to be decided by the Supreme Court as first and only instance • very active arbitration community • strong ties with Central and Eastern Europe as well South Eastern Europe, as well as increased ties with China The legal environment Austrian arbitration law forms part of the Austrian Code of Civil Procedure (sections 577...

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EMI Agreement

EMI Agreement This Agreement is made on [insert date of execution of the share option agreement] Parties 1 [insert name of Company whose shares are being granted under option] (registered number [insert registered number of company]) whose registered office is at [insert address of registered office of company](Company) 2 [insert name of Option Holder] of [insert address of option holder] (Option Holder) 3 [[insert name of Grantor (if different from Company) (registered number [insert registered number of company]) whose registered office is at [insert address of registered office of company]] (Grantor)] BACKGROUND (A) [The Company has agreed to grant to the Option Holder an Option to acquire Shares on the terms set out in this Agreement and in accordance with the rules of the [insert name of EMI option plan] (Rules). OR The Company and the Grantor intend that the Option Holder be granted an Option to acquire Shares on the terms set out in this Agreement and in accordance with the rules of the...

Irrevocable undertaking—shareholder—scheme of arrangement

Irrevocable undertaking—shareholder—scheme of arrangement The Directors [insert offeror's name] ([Offeror]) [insert address] [and] [The Directors] [[insert name of financial adviser] (the Adviser) [insert address]] [insert date] Dear Directors Proposed acquisition of [name of offeree] ([Offeree]) We understand that [Offeror] proposes to acquire (the Acquisition) [all] the issued [and to be issued] [ordinary] shares of [insert nominal value] each in [Offeree] (the Shares) for the consideration, and otherwise substantially on the terms and subject to the conditions, set out in the draft press announcement attached to this letter (the Announcement), subject to such amendments or additions to such terms and conditions as may be required by the City Code on Takeovers and Mergers (the Code), the Panel on Takeovers and Mergers (the Panel), the High Court of Justice in England and Wales (the Court) or any applicable law or regulation. We also understand that the Acquisition is expected to be implemented by way of a scheme of arrangement under...

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What is the current position on alcohol promotions in Great Britain? What has happened with the minimum pricing legislation in Scotland?

What is the current position on alcohol promotions in Great Britain? What has happened with the minimum pricing legislation in Scotland? Scotland Scotch Whisky Association (Appellants) v The Lord Advocate (Respondents) (Scotland) appeals the First Division, Inner House, Court of Session decision of The Scotch Whisky Association v Lord advocate. The Scotch Whisky Association was granted leave to appeal to the UK Supreme Court over the Scottish government's plan to set a minimum unit price (MUP) for alcohol. The Alcohol (Minimum Pricing) (Scotland) Act 2012 (A(MP)(S)A 2012) would amend the Licensing (Scotland) Act 2005 by introducing a new paragraph 6A(1) to Schedule 3 (A(MP)(S)A 2012, s 1). This states: ‘6A Alcohol must not be sold on the premises at a price below its minimum price.’ Scottish Ministers prepared a draft order which stated the minimum price per unit would be 50p. The legislation would therefore mean that retailers could not sell alcohol below a minimum price of 50p per unit. While the bill was first...

How are statutory redundancy and notice pay calculated for an employee with normal contractual hours of 39 per week but whose hours have been less recently due to illness?

How are statutory redundancy and notice pay calculated for an employee with normal contractual hours of 39 per week but whose hours have been less recently due to illness? Statutory redundancy pay A statutory redundancy payment is calculated by reference to a week’s pay, calculated in the usual way, subject to the statutory cap which, as at May 2017, is £489 per week. For further information, see our Practice Note: Entitlement to statutory redundancy payment, in particular the main section dealing with Entitlement to statutory redundancy payment—How the payment is calculated. The method of calculating a week's pay for these purposes is set out in detail in sections 220–229 of the Employment Rights Act 1996 (ERA 1996) and depends upon the type of hours the individual works and the pay structure that applies to them. The statute envisages six basic situations: • employees with fixed working hours who are paid a flat rate for each hour worked • employees with fixed working hours who are paid variable amounts...

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Share Incentives weekly highlights—19 June 2025

This week's edition of Share Incentives weekly highlights includes: (1) a focus on executive pay, as the AGM season continues and (2) a new Q&A which considers whether business asset disposal relief can be available where an EBT trustee is holding shares as bare trustee for an employee.

Private Client weekly highlights—19 June 2025

This week’s edition of Private Client highlights includes: (1) tribunal finds rule 11(7)(b) errors in Mental Health detention proceedings (KH v Nottinghamshire Healthcare NHS Foundation Trust); (2) taxpayer wins £1.9m in a longstanding SDLT dispute (Candy v HMRC) and FTT rejects taxpayers’ claims for entrepreneurs’ relief (Moffat v HMRC); (3) a son’s proprietary estoppel claim fails (Grijns v Grijns); (4) discussion of the recent conviction of an art dealer for breach of counter-terrorism financing rules; (5) the Pensions Ombudsman rejects two member complaints involving transfers to pension liberation vehicles; and (6) the Data (Use and Access) Bill passes through Parliament and heads for Royal Assent.

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