The following Financial Services Q&A 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.
A collective investment scheme is defined in section 235 of the Financial Services and Markets Act 2000. Broadly speaking, a collective investment scheme is any arrangement:
which enables participants to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property,
where participants do not have day-to-day control over the management of the property, and
where either the contributions and profits or income are pooled, or the property is managed as a whole by or on behalf of the scheme operator, or both.
Whether or not a property investment arrangement is a collective investment scheme depends on its individual structure and the facts surrounding it. If the arrangement meets the conditions set out below and is not exempt, then its operation and promotion will likely come under Financial Conduct Authority (FCA)
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Tipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities so that they could take steps to cover up their misdeeds or disappear.
Who is a fiduciary?There is no comprehensive list of the relationships which give rise to the existence of fiduciary duties under common law. Some relationships are automatically fiduciary, eg those between trustee and beneficiary, solicitor and client, principal and agent, business partner and
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
IntroductionShari'ah (also Sharia, Shariah or Shari’a) (literally, in Arabic, 'the path towards the watering place') or Islamic law is the legal system of the religion of Islam that sets out a system of duties or code of conduct for individuals to follow so that they may live their life in a
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