Options Definition

GLOSSARY

What does Options mean?

The right, but not the obligation, to buy or sell a fixed quantity of a commodity, currency or security at a fixed price, on or until a particular date.

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Checklist for compromises of FCA-regulated entities: information requirements

Checklist for compromises of FCA-regulated entities: information requirements The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the United Kingdom. It has a duty under section 1B of the Financial Services and Markets Act 2000 (FSMA 2000) to pursue certain objectives, one of which is the consumer protection objective. The FCA lists its statutory objectives as to secure an appropriate degree of protection for consumers and to protect and enhance the integrity of UK financial markets, with a view to reducing the number of proposed compromises that they do not consider to be appropriate (see FG22/4, para 1.2). On 5 July 2022, the FCA published guidance on compromises of regulated firms (see FCA Guidance FG22/4 July 2022 and updated in January 2024) following their significant concerns about these tools being proposed and used by firms to avoid paying customers redress (see: LNB News 05/07/2022 72). Practitioners will need to take note of the guidance where the proposed compromise involves regulated companies, meaning...

Issues to consider when drafting a settlement agreement—checklist (employer)

Issues to consider when drafting a settlement agreement—checklist (employer) The employer (and its advisers) should consider the following issues: Preparatory steps • Obtain from the employer: ◦ a copy of the departing employee's latest contract of employment/other relevant documents containing contractual terms (NB these may be in a staff handbook) ◦ details of the contractual benefits enjoyed by the employee ◦ relevant information regarding the employee's pension benefits ◦ relevant information regarding any shares/share options, etc held by the employee? Consider the Articles of Association/any relevant shareholder agreement, share scheme documentation, etc. See also Shares and share options below Status of negotiations • Will negotiations take place between the parties directly, or between their respective legal advisers? • How strong is the employer's negotiating position? How strong are the employee's claims or potential claims? In the case of dismissal, is there a fair reason and has the employer carried out a fair procedure? Is the employer in repudiatory breach? What is the employer prepared to offer initially, and is that...

Electronic communications: Universal Service Directive [Archived]

Electronic communications: Universal Service Directive [Archived] ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note relates to Directive 2002/22/EC of the European Parliament and of the Council of 7 March 2002 on universal service and users' rights relating to electronic communications networks and services as amended by Directive 2009/136/EC (Universal Service Directive). It is part of a series of Practice Notes on core elements of the EU regulatory framework for electronic communications. In the EU, the provision of electronic communications networks and services in each Member State is governed by a common regulatory framework which originally comprised five directives (the Framework). The objective of the Framework was to establish a harmonised framework for the regulation of electronic communications networks and services throughout the EU. In December 2018, Directive (EU) 2018/1972 establishing the European Electronic Communications Code (Recast) (the European Electronic Communications Code) was published in the Official Journal of the EU and came into force three days after publication. The European Electronic Communications Code...

Witness conferencing in arbitration

Witness conferencing in arbitration An introduction to witness conferencing in arbitration Witness conferencing (also known as ‘hot-tubbing’ or ‘concurrent evidence’) is a process of taking evidence where two or more fact or expert witnesses testify on common issues at the same time, which is increasingly common in international arbitration. When used properly, witness conferencing may save time and costs and lead to a more efficient determination of the merits of the case. However, if not used well, witness conferencing may complicate and confuse the parties’ positions as well as add unnecessary time and cost. As discussed below, either the arbitral tribunal or the parties may propose witness conferencing, and there is a significant amount of flexibility in how witness conferencing can be structured. Witness conferencing can be shaped to reflect the specific issues in dispute, the number of witnesses and the type of evidence being adduced. In some cases, witness conferencing may take place in addition to cross-examination of the witnesses by counsel. In others, it may be...

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Legal services register

Legal services register This Precedent is intended for in-house lawyers. It can be used to record what legal services are sourced externally, from which suppliers and at what cost. It also includes tabs for recording key areas of legal risk and strategy that may be relevant to outsourcing legal services. This will help you determine which legal services to outsource or to continue outsourcing and formulate an outsourcing strategy—see Precedent: Legal services outsourcing strategy. This Precedent legal services register has been prepared in Excel and it therefore cannot be downloaded to Word. It has been pre-populated with some sample entries, for illustrative purposes. These should be deleted. The Precedent register is intended to be populated by information obtained as a result of meetings with key stakeholders, such as the board, other directors and heads of function. There is a series of Precedents to help you structure those meetings: • Legal services outsourcing meeting—agenda and meeting plan—CEO • Legal services outsourcing meeting—agenda and meeting plan—CFO • Legal services...

Joint venture shareholders’ agreement—deadlock (50:50)

Joint venture shareholders’ agreement—deadlock (50:50) This Agreement is made on [insert date] 20[insert year] Parties 1 [Insert name of first shareholder] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] ([A]), 2 [Insert name of second shareholder] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] ([B]), and 3 [Insert name of the company in which the shares are held] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] (the Company). BACKGROUND (A) The Company, at the date of this Agreement, has in issue ordinary shares of £[insert nominal value] each, of which one ordinary share has been issued fully paid and is registered in the name of [A] and one ordinary share has been issued fully paid and is registered in the name of [B]. (B) The Company shall carry on business in accordance with the terms and conditions of this Agreement....

Dive into our 556 Precedents related to Options

Where a settlement agreement provides for the employer to make a contribution to the employee’s legal costs, payable direct to the employee’s law firm, can the law firm bring proceedings against the employer if it fails to pay?

Where a settlement agreement provides for the employer to make a contribution to the employee’s legal costs, payable direct to the employee’s law firm, can the law firm bring proceedings against the employer if it fails to pay? For information on: • the legal requirements that must be met for a settlement agreement to be binding and valid to settle statutory employment claims, see Practice Note: Settlement agreements in employment—legal requirements • the practical issues that typically arise in relation to a settlement agreement, see Practice Note: Settlement agreements in employment—practical and tax issues Contribution to legal costs A settlement agreement will typically provide for the employer to make a contribution to the employee’s legal costs. For general information on payment of legal fees incurred by an employee in relation to a settlement agreement generally, see the section of Practice Note: Settlement agreements in employment—practical and tax issues entitled ‘Payment for legal advice’. For a sample clause in the settlement agreement dealing with payment of legal fees, see Clause 13.2...

Where a worker’s pay is not in compliance with National Minimum Wage (NMW) rates, can the worker bring a claim in the employment tribunal and also make a complaint to HMRC for enforcement proceedings against their employer? If the worker’s claim involves a cause of action in addition to their claim for statutory underpayment of wages, would they be able to pursue the claim for underpayment separately via HMRC enforcement, and proceed just with their employment tribunal claim in respect of the other, non-NMW-related, claim(s)?

Where a worker’s pay is not in compliance with National Minimum Wage (NMW) rates, can the worker bring a claim in the employment tribunal and also make a complaint to HMRC for enforcement proceedings against their employer? If the worker’s claim involves a cause of action in addition to their claim for statutory underpayment of wages, would they be able to pursue the claim for underpayment separately via HMRC enforcement, and proceed just with their employment tribunal claim in respect of the other, non-NMW-related, claim(s)? If a worker has not been paid the national minimum wage: • the worker can enforce their entitlement by way of their contract by making a claim for breach of contract or a claim for unlawful deduction from wages • HM Revenue and Customs (HMRC) can enforce the worker's entitlement by issuing a notice of underpayment or suing on the worker's behalf For further information, see Practice Note: National minimum wage, in particular the main sections dealing with Consequences of failure to pay and Enforcement...

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ECB paper examines possible evolution of the supervisory reporting framework for EU banks

The European Central Bank (ECB) has published an occasional paper on the evolution of the supervisory reporting framework for the EU banking sector. It describes the historical and current EU institutional settings, including the role of the European Banking Authority (EBA) reporting framework and the role of the Single Supervisory Mechanism (SSM), and discusses future evolution options.

PPF delays 2025/26 levy decision to January 2025

The Pension Protection Fund (PPF) has announced it will postpone its decision on the 2025/26 levy rules until January 2025, following stakeholder consultation. The PPF Board has been working closely with the Department for Work and Pensions, considering options to potentially reduce the levy further before any legislative changes are enacted. However, the PPF emphasises that legislative change is needed to provide greater flexibility in levy-setting, including the ability to eventually set a zero levy. The current Pensions Act 2004, which places a legal limit of 25% on the extent to which the levy can be increased from year to year, constrains the PPF's ability to reestablish a material levy in a reasonable time frame should a funding crisis arise, and prevents the PPF from reinstating a levy should it reduce it to zero. The news is welcomed by the Pensions and Lifetime Savings Association.

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GLOSSARY