Mandate definition

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EU operational resilience—timeline

EU operational resilience—timeline This timeline shows key developments relating to EU operational resilience requirements for financial services firms from January 2024 onwards. For earlier developments, see Operational resilience—timeline [Archived] 2025 Date Source Document Description 15 April 2025 FSB FSB finalises the common Format for Incident Reporting Exchange (FIRE) The Financial Stability Board (FSB) has published its finalised format for incident reporting exchange (FIRE), which aims to standardise and streamline cyber and operational incident reporting. Developed with private sector collaboration, FIRE addresses fragmentation in reporting requirements across multiple jurisdictions and supports phased implementation. It is interoperable with existing systems and applicable to a wide range of incidents, including those involving third-party service providers. The initiative promotes convergence in cyber incident reporting, reduces the reporting burden for firms, and improves communication among authorities.See: LNB News 15/04/2025 37. 24 March 2025 European Commission COMMISSION DELEGATED REGULATION (EU) …/... supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying the elements that a financial...

EU EMIR—timeline

EU EMIR—timeline This timeline shows key developments relating to Regulation (EU) 648/2012 (EU EMIR) from January 2024 onwards. For earlier developments, see European Market Infrastructure Regulation (EMIR)—timeline [Archived]. 2025 Date Source Document Description 8 April 2025 ESMA ESMA consults on clearing thresholds under EMIR 3 The European Securities and Markets Authority (ESMA) has published a consultation paper on new clearing thresholds under the review of the European Market Infrastructure Regulation (EU) 2024/2987 (EMIR 3) —part of ESMA's mandate to develop regulatory technical standards (RTS) on clearing thresholds. The paper seeks input on revised clearing thresholds, hedging exemptions for non-financial counterparties, and a trigger mechanism for reviewing the thresholds. The focus is on a revised clearing threshold methodology on the activity in over the counter (OTC) derivatives not cleared at an authorised or recognised central counterparty (CCP). The aim is to ensure a proportionate clearing obligation regime for entities with significant OTC derivatives activity and large uncleared positions. Responses are due by 16 June 2025, with a final report...

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Bridge to bond facilities

Bridge to bond facilities What are they? A bridge to bond facility is a type of acquisition financing where the buyer requires the certainty of a fully committed financing package, but which is intended to be replaced in the future with a mid- to long-term financing in the form of high yield bonds. In markets where acquisitions typically do not have a financing condition, a bridge financing package (which is available to be drawn if necessary) is often a key component to a successful bid. This Practice Note focuses on bridge to high yield bond financing. However, investment-grade borrowers also commonly use bridge facilities for acquisitions. Bridge commitments for investment-grade borrowers differ in many ways, including: lower pricing, much less restrictive covenants (the terms often follow the borrower’s existing credit facilities) and the securities demand mechanic may not be included (or if included, it may only be triggered by ratings downgrade). Bridge commitments for investment grade borrowers may also have longer maturities (or extension rights exercisable by...

Ireland—Methods of alternative dispute resolution

Ireland—Methods of alternative dispute resolution This Practice Note provides an overview and introduction to forms of alternative dispute resolution commonly used to settle disputes in Ireland: direct negotiation, mediation, adjudication, arbitration and conciliation. It provides an overview of the key features of these forms of alternative dispute resolution and the governing legislation, namely, the Mediation Act 2017 (Ireland) (MA 2017 (IRL)), the Construction Contracts Act 2013 (Ireland) (CCA 2013 (IRL)) and the Arbitration Act 2010 (Ireland) (AA 2010 (IRL)). Forms of alternative dispute resolution Alternative dispute resolution (ADR) provides a voluntary alternative to litigation to settle civil disputes. The most popular ADR methods used in Ireland will be well recognised to those practising in other common law jurisdictions: arbitration, mediation, direct negotiation and construction adjudication. The process of conciliation, commonly used in Ireland for the resolution of both employment and construction disputes, will often not be familiar to those who practice elsewhere. There is also modest use of other processes on the ADR spectrum, such as expert determination. Likewise, escalating...

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Board minutes—private M&A—share purchase—completion—target

Board minutes—private M&A—share purchase—completion—target Company number: [insert company number] [insert company name] [LIMITED OR PLC] Minutes of a meeting of the board of directors (the Meeting) of [insert company name] [Limited OR PLC] (the Company) Held at [insert place of meeting] Held on [insert day, month and year of meeting] at [insert time of meeting][am OR pm] Present: [Insert names of the director(s) physically present][[Insert names of any directors present by telephone as permitted by the Company’s articles of association] (by telephone)] [[Insert names of any directors present by other means permitted by the Company’s articles of association] (by [insert other means]] [ In attendance: ] [[Insert name of anyone in attendance, who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers)]] [ Apologies: ] [[Insert names of any directors who are unable to attend the Meeting]] 1 Chair, notice and quorum [insert name] was appointed Chair of the Meeting. The Chair reported that due...

Ireland—First board minutes—private company limited by shares

Ireland—First board minutes—private company limited by shares This is a precedent set of minutes of the first board meeting of the directors of a bespoke private company limited by shares. This Precedent should be amended to fit the circumstances of each individual case. COMPANY NUMBER: [insert number] [insert company name] LIMITED Minutes of a meeting of the board of directors (the Meeting) of [insert full name of company] (the Company) Some company boards may opt to hold their meeting on an electronic or virtual platform, or to hold a hybrid meeting where some participants gather in one or more physical locations, and others attend virtually. Companies may therefore wish to consider the most appropriate wording here. Attendance at the meeting As noted in relation to location, board meetings may take place in a physical and/or virtual context. The company’s constitution should be examined, and if necessary amended, to ensure that meeting formalities are constitutional. Pursuant to section 161(6) of the Companies Act 2014 (Ireland) (CA 2014 (IRL)), unless...

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What does Brexit mean for cybercrime and cybersecurity?

What does Brexit mean for cybercrime and cybersecurity? The UK has left the EU on the basis of the Withdrawal Agreement as implemented in the European Union (Withdrawal) Act 2018 and the European Union (Withdrawal Agreement) Act 2020. However, we are now in an implementation period running until 31 December 2020 during which time the UK will generally continue to abide by EU rules. The government will enter into negotiations for a post-Brexit UK-EU relationship. In a situation where no new arrangements are put in place by the end of the year (a ‘non-negotiated outcome’), legislation previously prepared for a no-deal scenario will apply. As with counter-terrorist financing, efforts to thwart cybercriminals and protect cybersecurity are heavily dependent on cross-border co-operation. The EU has taken several legislative actions encouraging Member States to strengthen national cyber-crime laws which contribute to and support the fight against cybercrime. In 2017, the European Commission proposed a cybersecurity reform package: • providing the EU Cybersecurity Agency with a strengthened and permanent...

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CRR 3: EBA repeals guidelines on specification of types of exposures to be associated with high-risk

The European Banking Authority (EBA) has repealed its guidelines on the specification of types of exposures to be associated with high-risk. The repeal responds to the updated capital requirement framework set out in Regulation (EU) 2024/1623 and Directive (EU) 2024/1619, collectively known as the CRR 3 mandate. Under this framework, Article 128 no longer identifies a distinct high risk exposure category but exclusively refers to subordinated debt exposures. Originally published on 15 March 2019 under previous regulatory provisions, the Guidelines are now considered inapplicable, with the measure contributing to legal certainty within the market.

Pensions industry bodies warn government over Mansion House mandate

Law360: The government is likely to fail in its application to oblige pension funds to invest in the UK without ensuring that there is a sufficient pipeline of viable assets, a panel of experts warned MPs on 14 May 2025.