The following Financial Services practice note Produced in partnership with Owen Clutton of Macfarlanes LLP provides comprehensive and up to date legal information covering:
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.
This Practice Note considers the role of depositaries under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) and UK implementing measures. It examines the requirement for a depositary under the AIFMD, entities that can act as a depositary in the UK, the functions of depositaries, delegation, liability, the depositary agreement and the EU legislative background to AIFMD depositaries.
An alternative investment fund (AIF) is a 'collective investment undertaking' that is not subject to the UCITS regime, and includes hedge funds, private equity funds, retail investment funds, investment companies and real estate funds, among others. The AIFMD (Directive 2011/61/EU) provides a set of common standards applicable across all EU Member States for the activities of alternative investment fund managers (AIFMs). The AIFMD had to be implemented by EU Member States by 22 July 2013 (and the transitional period ended on 22 July 2014). Commission Delegated Regulation (EU) 231/2013,
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
This Practice Note examines the doctrine of consideration and the key role it plays in English law in determining whether a contract is enforceable.A promise will only be capable of being contractually enforced if it is either made in a deed or made in exchange for something of value, known as
What is a company's constitution?A company’s 'constitution' is defined under the Companies Act 2006 (CA 2006) as including:•the company’s articles of association, and•any resolutions and agreements affecting a company’s constitutionThe CA 2006 definition of 'constitution' is not exhaustive and also
On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.
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