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Drafting and negotiating a price clause—checklist

Drafting and negotiating a price clause—checklist This Checklist outlines key provisions and issues for consideration when drafting and negotiating a price clause in a business to business contract. For a Precedent price clause together with detailed drafting notes, see Precedent: Template agreement—mutual. For a price variation clause, see Precedent: Price variation clauses. For a payment by letter of credit clause, see Precedent: Payment by letter of credit clause. For information on price clauses, see Practice Note: Price, payment terms and interest. Payment and price provisions in a contract are often interlinked. When using this checklist, also consider using: Drafting and negotiating a payment clause—checklist. Legal Issues General comments What to watch out for Basis of calculation: time and materials or fixed price Where fixed prices are used, these are commonly expressed by reference to a schedule (see for example Precedent: Template agreement—mutual at clause 6).Prices can be calculated on a 'time and materials' basis, on a fixed price or a combination...

Financial Services—Brexit—timeline [Archived]

Financial Services—Brexit—timeline [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. On 23 June 2016, the UK held a referendum on its membership of the EU, with a majority voting in favour of the UK leaving the EU. On 29 March 2017, the UK Prime Minister gave formal notification of the UK’s intention to withdraw from the EU, commencing the withdrawal process under Article 50 TEU. This timeline sets out key events, publications, and the next steps on Brexit relevant to financial services firms. 2024 Date Details 31 January 2024 UK Government Document: Financial Services and Markets Act 2023 (Commencement No 5) Regulations 2024SI 2024/250: Certain provisions of the Financial Services and Markets Act 2023 (FSMA 2023) come into force partly on 1 March 2024, partly on 1 August 2024, and fully on 1 January 2025. 31 January 2024 UK Government Document: Data Reporting Services Regulations 2024SI 2024/107: These Regulations are made in exercise of legislative powers under the Financial Services and Markets Act 2023 (FSMA 2023) in...

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Retained EU law—flowchart [Archived]

Retained EU law—flowchart [Archived] ARCHIVED: This Flowchart has been archived and is not maintained. Retained EU law is a concept introduced by the European Union (Withdrawal) Act 2018 (EU(W)A 2018) in preparation for Brexit, creating a brand new category of domestic law. It is the collective term given to the body of EU-derived laws preserved and converted into domestic law under EU(W)A 2018 (as amended) at the end of the post-Brexit transition period (IP completion day). For background reading on the transition period, and what it means for retained EU law, see: In the context of Brexit, what is meant by the ‘transition or implementation period’? For further background reading the underlying legislation, see: • Practice Note: Brexit—key legislation explained • News Analysis: What does IP completion day mean for the status of EU law in the UK? What is retained EU law? Retained EU law is a complex and wide-ranging legal term, defined under EU(W)A 2018, as anything which continues to form part of domestic law on or after...

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Enforcement of debt securities

Enforcement of debt securities Who can enforce? The question of who can bring enforcement proceedings against a bond issuer depends principally on whether the issue of the bonds has been structured with a trustee or a fiscal agent. When a trustee has been appointed, the trustee is generally able to enforce on behalf of the bondholders. When a fiscal agent has been appointed, it is incumbent on the bondholders to enforce their rights against the issuer. The fiscal agent has no role in enforcement. For information on the key parties in a debt capital markets transaction, see Practice Note: Parties in an issue of debt securities. For more information on the different issues that arise based on whether the bond issue is structured using a trustee or a fiscal agent, see Practice Note: Parties in an issue of debt securities—Fiscal agent or trustee. Where the bonds are issued in global, rather than definitive form (as is invariably the case with debt securities issued in the international capital...

European Government Bonds (AT.40324) [Archived]

European Government Bonds (AT.40324) [Archived] CASE HUB NOTE—appeals lodged before the General Court in Cases T- 336/14, T- 441/21, T- 456/21 and T- 462/21, T- 449/21, T- 453/21, T- 455/21 and T- 561/21 See further: timeline, commentary and related cases. Case facts Outline European Commission Article 101 TFEU investigation into the exchange of commercially sensitive information and coordination of trading strategies in the primary and secondary market for European government bonds (Case AT.40324). Latest development On 20 May 2021, the Commission its infringement decision and imposed fines totalling €371m on three banks (Nomura, UBS and UniCredit). Four further banks were found to have breached Article 101 TFEU but were not fined (for the reasons set out below). The breakdown of the fines imposed is as follows:• Nomura—€129.57m• UBS—€172.38m (including a 45% reduction for co-operation)• UniCredit—€69.44m• Bank of America—no fine (as a result of its infringement falling outside the limitation period for the imposition of fines)• Natixis—no fine (as a result of its infringement falling outside...

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Currency exchange risk clause

Currency exchange risk clause 1 Currency exchange risk clause 1.1 The currency conversion rate to be applied in respect of the Charges under this Agreement shall be the exchange rate of [[insert name of foreign-exchange market] OR [insert name of bank] as it is published on its website OR the relevant mid-spot rate for the alternative currency quoted by the Financial Times] applicable [on the date of [the Agreement] OR the [invoice] OR [payment] OR at the close of business on the last calendar month during which the [Goods] were delivered]. 1.2 [ [Notwithstanding clause 1.1 above[ and clauses [insert reference to clauses requiring invoicing and payment in original currency, to agreed method of calculating currency conversion and any conflicting clauses on variations]] the Supplier is entitled to submit invoices for the Charges in [insert alternative currency].] OR 1.3 The Charges are based on the exchange rate mechanism set out in clause 1.1 above. Any losses caused to [either party OR the Supplier OR the Customer] by...

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What are collective action clauses and why are they used in sovereign bond documentation?

What are collective action clauses and why are they used in sovereign bond documentation? What are collective action clauses? Collective action clauses (CACS) are provisions contained in the terms and conditions of debt securities which: • allow a specified majority of holders of the securities to agree to a change in the terms of the securities proposed by the issuer, and • make any change so agreed binding upon all holders of the securities, including any who oppose the proposed change The main purpose of a CAC is to facilitate a rescheduling of the debt securities. If the issuer can agree rescheduled terms with the specified majority, the CAC will prevent minority holders from continuing to claim full repayment. A CAC makes it harder for investors such as distressed securities funds (sometimes known as vulture funds) to acquire securities cheaply and then obstruct the rescheduling or press for repayment on better terms than those agreed by the majority. Investors who do this are known as holdouts....

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Capital markets union is needed for the green transition, EU regulators urge in Davos

MLex: The EU needs to move forward with building the capital markets union (CMU) to fund and scale the green transition, EU regulators said on 19 January 2024, speaking at the World Economic Forum in Davos. The idea of creating a CMU was put forward in 2014, but little progress has been made. The CMU has come under scrutiny recently as the EU needs significant investment to fund the green transition.

Ireland— Department of Finance welcomes S&P upgrade of Ireland’s Sovereign Credit Rating to AA

The Minister for Finance, Michael McGrath, has welcomed the update of Ireland’s long-term sovereign credit rating by S&P to AA from AA- on 19 May 2023. This update marks the agency’s first change to Ireland’s long-term rating since November 2019. The amended rating returns Ireland to S&P’s AA category for the first time since August 2010. This is the third highest category within S&P ratings.