Flexible Working for All
As of today (30th June 2014), all employees (with 26 weeks’ employment) have the legal right to request flexible working. The request will need to be in writing and explain how the employer will be affected by the proposed change. The duty on the employer is to consider the request – within 3 months – “in a reasonable manner“. In reality, a “reasonable” refusal will be one that satisfies at least one of the 8 business reasons. For example, a “detrimental effect on the ability to meet customer demand“. As ever, the simplicity of the legal right will contrast with the practical challenges of implementing it fairly and consistently. The hope is that the change will bring about a happier, more productive workforce that stays longer. The issues will be different for big, medium and small employers. However the risk for all is the amount of management time that might be lost on account of poor implementation: “unreasonable” refusals, appeals and grievances. SMEs may be more justified in making refusals on the relevant business grounds but will need to ensure consistency of approach. Amending existing flexible working policies, a clear understanding of the 8 business grounds and consistency should go a long way to ensuring fair application of the law whatever the employer’s size.
Causeway Law Advises on NASDAQ’s New Market NLX
Causeway Law advised retained client Tower Trading Grp Ltd (“TTG”) in its capacity as a founding member of NASDAQ OMX NLX (“NLX”). NLX is a new London market offering a range of both short-term interest rate (STIRs) and long-term interest rate (LTIRs) euro- and sterling-based listed derivative products.
Causeway Law founder, Martin Finnegan advised TTG on the terms of the Founding Members Agreement as prepared by Linklaters. The other Founding Members include: BNP Paribas, Citi, GH Financials Ltd, Nomura International Plc, The Royal Bank of Scotland Plc UBS, DRW Trading Group, Financial Market Engineering Ltd, Getco Europe Ltd, The Kyte Group Ltd, Marex Financial Ltd, MET Traders Ltd, Newedge and O.S.T.C. Ltd. Finnegan commented:
“It’s not too often that new markets of this kind are established so it was fascinating to see this build from a term sheet into a finalised agreement between the 15 founder members over the course of 9 months”.
About Causeway Law
Causeway Law is a City-based boutique law firm established to focus on the needs of dynamic small and medium sized enterprises (“SMEs“). SMEs are the lifeblood of the UK economy – accounting for 60% of private sector employment, 50% of private sector turnover and the employment of 14 million people. The SMEs’ community is vast – ranging from start-ups through to businesses with multi-million pound turnovers and hundreds of employees.
Causeway’s lawyers have spent their careers working with SMEs and guide clients – whatever the legal issues – simply and cost-effectively to a successful outcome.
Please contact Causeway Law for further information – Tel: +44 (0) 207 544 8377, www.causewaylaw.com