Disclosure Definition

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GLOSSARY

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What does Disclosure mean?

Disclosure of a document occurs by a party stating that it exists or has existed.

Disclosure is governed by CPR Rule 31. Disclosure in commercial law normally refers to the process in civil litigation (formerly known as discovery) where each party discloses to the other all documents relevant to the proceedings and not protected from disclosure or obligations concerning the disclosure of interests in shares of public companies.

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EU Securitisation Regulation—timeline

EU Securitisation Regulation—timeline This timeline shows key developments relating to Regulation (EU) 2017/2402 (the EU Securitisation Regulation) from January 2024 onwards. For earlier developments, see EU and UK Securitisation Regulations—timeline [Archived]. 2025 Date Source Document Description 1 April 2025 AFME The Joint Associations’ response to the ESMA consultation of February 2025 on the revision of the disclosure framework for private securitisation AFME, Commercial Real Estate Finance Council (CREFC) Europe and International Capital Market Association (ICMA) submitted a joint response to the European Securities and Markets Authority's (ESMA) consultation on revising private securitisation disclosure requirements. The joint response argues against: introducing a simplified reporting regime for EU-originated securitisations before wider reforms, citing concerns about potential changes to private securitisation definitions, continued template-based reporting requirements, and unresolved third-country reporting issues. They propose an alternative approach focusing on supervisory reporting needs while allowing more flexible investor disclosures.See: LNB News 01/04/2025 71. 31 March 2025 EBA Joint Committee Report on the implementation and functioning of the Securitisation Regulation (Article 44) The Joint Committee...

Establishing a share incentive plan (SIP) and granting SIP awards—all-encompassing resource pack

Establishing a share incentive plan (SIP) and granting SIP awards—all-encompassing resource pack For more general information on share incentive plans (SIPs), see Practice Note: What is a share incentive plan? Step Details of step Lexis®PSL resources required to implement step Timing of step 1 Determine whether the company qualifies to operate a SIP. The SIP regime is prescriptive and sets out numerous requirements that must be met at the time the awards are granted, including in relation to the company granting the awards. It is essential to establish whether the company whose shares are being granted under award qualifies to operate a SIP first. The proposed award holder(s) must also meet certain requirements in order to be granted SIP awards. For further detailed information on the SIP eligibility requirements relating to the company, see Practice Note: SIPs—qualifying companies and type of shares. For further detailed information on the SIP eligibility requirements relating to the employee, see Practice Note: SIPs—who can be granted an award? For a checklist...

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Freedom of information request—flowchart

Freedom of information request—flowchart In brief The timeframe for compliance with a freedom of information request is 20 working days, although in certain limited circumstances this can be extended. Upon receipt of a request, an authority should: • record the date on which the request was received • assess the validity of the request • establish whether information of the description specified in the request is held by the authority • estimate the cost of compliance • consider charging a fee • consider whether any exemptions apply • respond to the applicant within the timeframe For information on the freedom of information regime generally, see Practice Notes: • Introduction to freedom of information • Who is subject to the freedom of information regime For an overview of the whole process click here to view or print a separate PDF version. Step 1—Request for information received Click here to view or print the full-size PDF version: Timeframe within which to respond See Practice Note: Compliance with a freedom...

Evaluating a data subject access request—flowchart

Evaluating a data subject access request—flowchart The UK General Data Protection Regulation (UK GDPR) provides a number of rights for data subjects, including providing a right of access to their personal data. Data subjects can make a request to an organisation to exercise their right of access to their personal data (a data subject access request or DSAR) at any time and there are strict time limits for complying with requests made. See Practice Notes: • Data subject rights—access • How to handle data subject requests This Flowchart maps out a process for evaluating DSARs received under the UK GDPR. It reflects the requirements in the UK GDPR and the Data Protection Act 2018 (DPA 2018) together with guidance issued by the Information Commissioner’s Office (ICO). It should be read in conjunction with Practice Note: How to handle data subject requests and Flowchart: Handling data subject requests—flowchart, which covers requirements common to all data subject requests under the UK GDPR. Note 1—notifying the data subject you...

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This Practice Note provides an introduction to disclosure under the CPR setting out the CPR provisions governing the disclosure process (eg Part 31), the overriding principles of the disclosure process and how it is generally conducted and regulated. It considers the meaning under the CPR of a ‘document’, the timing of disclosure, including when disclosure should first be considered, the scope of the disclosure exercise, including an introduction to the concepts of standard disclosure, specific disclosure, enhanced disclosure (covering Peruvian Guano or train of enquiry documents) and the stages of the disclosure process. It also provides some practical tips on conducting a disclosure exercise. It does not provide detailed commentary on the disclosure scheme operating in the Business and Property Courts.This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to consider: Court specific guidance below.You should read this Practice Note in conjunction with:•Disclosure—overview•Inspection—overview•Privilege—overview•Practice Note: Disclosure—technical glossary•Practice Note: How...

Disclosure—collecting documents

This Practice Note sets out what you need to do in relation to collecting documents, including processes which should be put in place with a client to assist in the collection. It does not cover the provisions of the disclosure scheme in the Business and Property Courts. For guidance on such cases, see: Disclosure scheme—overview.What you should already have achievedBy the time you reach the disclosure process, you should have:•started planning disclosure—the benefit of doing this is to allow proper collation and review of all the information available. It should also ensure that you will have sufficient time available if you need to find a solution or agree a strategy in relation to a category of electronic documents you think will be difficult•obtained a good understanding of where and how your client stores its documents, including electronically stored information. See Practice Note: Disclosure—identifying documents. This can be done by use of the electronic documents questionnaire (EDQ) which can operate as a useful checklist, enabling you to make a proposal...

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Tax disclosure—bond issue offering document

United Kingdom Taxation General The summary set out below describes certain taxation matters of the United Kingdom based on the Issuer’s understanding of current law and HM Revenue & Customs (HMRC) published practice as at the date of this document, both of which are subject to change, possibly with retrospective effect. The summary is intended as a general guide only and is not intended to be, nor should it be construed to be, tax or legal advice. The summary applies only to persons who are the absolute beneficial owners of Bonds, who hold their Bonds as investments and who are resident and, in the case of individual shareholders, domiciled in the UK for taxation purposes at all relevant times. In particular Bondholders holding their Bonds through a depositary receipt system or clearance service should note that they may...

Ireland—Heads of terms—sale—freehold or long leasehold

Ireland—Heads of terms—sale—freehold or long leasehold SUBJECT TO CONTRACT/CONTRACT DENIED Head of Terms (“Heads”) Sale of [insert] 1 Parties 1.1 Vendor [Insert name and (if applicable) company number] 1.2 Purchaser [Insert name and (if applicable) company number] 2 Property details 2.1 Property [Insert property description] 2.2 [ Title [Insert title number(s)]] 2.3 [ Lease The title to the Property is freehold held in fee simple/the title to the Property is freehold held subject to a Fee Farm Grant/the title to the Property is held under a lease for a term of [insert years] commencing on [insert date], made between [insert original parties] and dated [insert date].] 2.4 [ Occupational lease[s] Date Premises Current tenant Term end date Current annual rent (€)] Clause 3—Rights Use this clause if the sale is a sale of part or a sale of whole where the Vendor has adjoining land and rights and reservations will be required. See Precedent: Transfer of part clauses. 3 [ Rights 3.1 Rights granted [Insert details] 3.2 Rights...

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A litigant in person has filed a list of documents for disclosure but has not filed a disclosure statement. Does CPR 31.21 apply and is there an automatic sanction for failure to provide a disclosure statement? Can the litigant rely on the documents without permission from the court or have relief from the sanctions?

A litigant in person has filed a list of documents for disclosure but has not filed a disclosure statement. Does CPR 31.21 apply and is there an automatic sanction for failure to provide a disclosure statement? Can the litigant rely on the documents without permission from the court or have relief from the sanctions? Disclosure statement CPR 31.10 sets out the procedure for giving standard disclosure. This requires a party to make a list of documents in the relevant practice form (N265) which includes a disclosure statement (see the annex to CPR PD 31A). CPR 31.10(5) requires a list of documents to include a disclosure statement which should indicate the individual statements listed in CPR 31.10(6): • setting out the extent of the search undertaken to locate documents to be disclosed • certifying that the party giving disclosure understands the duty to disclose documents • certifying to the best of his knowledge he has carried out that duty Unless the parties have agreed in writing that...

Is a Part 20 defendant normally required to complete a directions questionnaire ‘DQ’ (Form N181), does this answer change if the claim would be fast track, but the Part 20 claim multi-track? If the notice of allocation sent to the claimant does not require budgets, disclosure discussion report etc, can you ignore and propose standard directions? Also, outside the disclosure pilot, can one use standard disclosure?

Is a Part 20 defendant normally required to complete a directions questionnaire ‘DQ’ (Form N181), does this answer change if the claim would be fast track, but the Part 20 claim multi-track? If the notice of allocation sent to the claimant does not require budgets, disclosure discussion report etc, can you ignore and propose standard directions? Also, outside the disclosure pilot, can one use standard disclosure? In this Q&A, the defendant’s Part 20 claim is a counterclaim that has been made against a person other than the claimant under CPR 20.5. Is a Part 20 defendant required to file a directions questionnaire? CPR 20 deals with counterclaims and other additional claims by the defendant. CPR 20.3(2) sets out which of the Civil Procedure Rules do not apply to additional claims (which, as defined in CPR 20.2(2) includes counterclaims). Included in the rules that do not apply to additional claims is CPR 26, which sets out the requirement for the parties to file a directions questionnaire (DQ)....

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Insolvency and the duties of directors in respect of books and records (Manolete Partners plc v Brown; Re New Line Polymers Ltd (in liquidation)

Restructuring & Insolvency analysis: In this trial, Insolvency and Companies Court Judge Prentis reiterated the responsibilities of directors to keep and—when required—produce appropriately detailed copies of the company’s books and records. However, the judgment also provided an important delineation of this duty with respect to the dates during which the defendant was a director or fiduciary. The judgment also demonstrates the judicial approach to a number of different claims for breach of duty where there is no clear documentary evidence either for or against the claim, and where witnesses are found to be of variable reliability. Written by Ali Tabari, barrister at St Philips Chambers.

Environment weekly highlights—29 May 2025

This week's edition of Environment weekly highlights includes: the Department for Energy Security and Net Zero (DESNZ)’s working paper on a community benefits scheme and shared ownership of renewable generation infrastructure, a consultation by the Department for Energy Security and Net Zero (DESNZ) on proposed changes to the Contracts for Difference (CfD) Standard Terms and Conditions (ST&Cs) ahead of Allocation Round 7, guidance from the Department for Environment, Food and Rural Affairs (Defra) on items made from endangered species materials as well two Defra consultations on the implementation of biodiversity net gain for minor, medium, and brownfield developments and nationally significant infrastructure projects. We also include an analysis of a High Court case regarding the definition of ‘waste’ in the Planning Acts.

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