PPP definition

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EU Solvency II—timeline

EU Solvency II—timeline This timeline shows key developments relating to the EU’s Solvency II framework (Directive 2009/138/EC). For earlier developments, see: Solvency II—timeline (2007–2023) [Archived]. 2025 Date Source Document Description 7 May 2025 OJ Commission Implementing Regulation (EU) 2025/863 of 8 May 2025 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2025 until 29 June 2025 in accordance with Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance Commission Implementing Regulation (EU) 2025/863 of 8 May 2025 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from 31 March 2025 until 29 June 2025 in accordance with Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (EU Solvency II), has been published in the Official Journal of the EU.See: LNB News 12/05/2025 13. 3 April 2025 EIOPA EIOPA consults on new rules related to group supervision, related undertakings and volatility adjustments following Solvency II ReviewConsultation on Guidelines...

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Performance security in construction

Performance security in construction This Practice Note examines the different types of performance security documents which are used on construction projects in the UK. It provides brief commentary on parent company guarantees, bonds (including performance bonds, advance payment bonds and retention bonds), collateral warranties, third-party rights, direct agreements and letters of reliance. It also considers provisions within construction contracts that provide performance security, such as payment security methods and performance guarantees. Parent company guarantees Parent company guarantees (PCGs) are often provided to an employer by a main contractor’s holding or parent company. In essence, if the main contractor defaults in its obligations under the construction contract, then the employer can seek recourse against the holding/parent company either financially or potentially in terms of performance if the parent company has sufficient resources to step in and continue the carrying out of the project in the main contractor’s stead. Theoretically, this recourse could also be used in the event that the main contractor is insolvent, although employers should bear in mind that...

Forms of Public Private Partnerships

Forms of Public Private Partnerships Note on public procurement post-Brexit The Implementation Period under the EU-UK Withdrawal Agreement came to an end on 31 December 2020 at 11:00 pm GMT (IP Completion Day), and all the changes introduced under the Public procurement (Amendment etc) (EU Exit) Regulations 2020, SI 2020/1319 to the existing EU-derived public procurement legislation have now come into force (with the exception of the amendments set out in Regulations 7, 9, 11 and 16). This Practice Note has been updated to take into account these post-Brexit changes. In addition, the UK government has published high-level guidance on public procurement post-Brexit, which has been updated after the IP Completion Day: Public procurement policy and Public-sector procurement. Overview Public Private Partnerships Public Private Partnerships (PPPs) should focus on promoting efficiency in public services. This can be done through risk sharing and utilising private sector expertise. Sources of capital which can be offered by the private sector can also relieve the pressure on public financing which is...

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Will the giving of consideration affect whether ‘reverter’ will apply (in particular under the School Sites Act 1841, 1849, and 1852)?

Will the giving of consideration affect whether ‘reverter’ will apply (in particular under the School Sites Act 1841, 1849, and 1852)? We have conducted a comprehensive search of our resources and have not found anything that would suggest that the payment of consideration affects the outcome of reverter. The Practice Note on Reverter states: 'The vast majority of gifts were made under the School Sites Acts, usually for the purpose of denominational schools (ie schools which taught one particular faith). The gifts were usually effected by way of conveyance to private trustees. Reverter remains important because much of the land originally gifted to Victorian private trusts has since come to vest in local education authorities and other public or similar bodies, who have assumed the functions of those trusts. Where those bodies subsequently wish to dispose of surplus land which is now suitable for redevelopment for housing or as part of a PPP/PFI project, the issue of reverter must be considered. Reverter is not triggered where...

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Handling restrictions on assignment of performance bonds (Sumitomo Mitsui Banking Corporation Europe Ltd v Euler Hermes Europe SA (NV))

Banking & Finance analysis: Robert Parson, partner at Clyde & Co LLP, examines the commercial court’s decision in Sumitomo Mitsui Banking Corporation Europe Ltd v Euler Hermes Europe SA (NV) that the claimant bank’s demands on a performance and a retention bond issued by the defendant bank to the employer under a construction contract were valid demands because, in relation to the performance bond, the claimant held a power of attorney for the employer under a borrower debenture and, in relation to the retention bond, the claimant was an assignee of the employer.