The following Financial Services practice note Produced in partnership with Orrick, Herrington & Sutcliffe (Europe) LLP provides comprehensive and up to date legal information covering:
In the UK, certain relationships and close ties that firms may have are considered to have the potential to affect the way in which a firm is run and could affect consumer outcomes and interfere with effective regulatory supervision. As a result, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have certain powers in relation to close links, aimed at ensuring that adequate supervision of financial services firms can take place. A major driver behind the regime is the prevention of financial crime and market abuse.
This Practice Note provides an overview of the UK close links regime, including the threshold conditions that authorised firms with close links must satisfy to ensure that they can be effectively supervised by the FCA and PRA, and the requirements for firms to keep the FCA and/or PRA informed about their close links on an ongoing basis.
The concept of ‘close links’ is based on Directive 95/26/EC (the Post-BCCI Directive), which was designed to reduce the risks posed by a lack of transparency in a corporate group caused by an affiliate. In the case of the collapsed BCCI banking group, close links were considered to have prevented an effective level of supervision.
The Post-BCCI Directive amended a number of EU Directives in order to strengthen prudential supervision of financial institutions and to introduce a
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
This Practice Note considers the law governing the procedural law of arbitration proceedings (the curial law or lex arbitri) and how it is determined under the law of England and Wales (England and English are used as convenient shorthand).The procedural law of the arbitral proceedingsThe procedural
There may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the shoes of one of the original parties. This is
This Practice Note looks at CE-File electronic working in the courts under CPR PD 51O, in the context of case management. It provides guidance on how to file a document electronically, deal with rejected electronic filings, issue a claim electronically, file electronic bundles (eBundles) for case
This Practice Note considers claims for damages for breach of statutory duty. For guidance on claims for damages for a negligent breach of duty of care outside a statutory duty, see Practice Notes:•Negligence—when does a duty of care arise?•Negligence—when is the duty of care breached?Breach of
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.