The following Financial Services practice note 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.
Benchmarks are vital to the pricing of numerous financial instruments and commercial and non-commercial contracts. Following reports of the manipulation of various benchmarks, such as London Interbank Offered Rate (LIBOR), there were widespread concerns as to the integrity of benchmarks generally. This resulted in subsequent investigations and enforcement action by regulators into various benchmarks. It is in this context that on 18 September 2013 the European Commission (‘Commission’) published its proposal for a Regulation on indices used as benchmarks in financial instruments and financial contracts. Regulation (EU) 2016/1011 (the Benchmarks Regulation) was published in the Official Journal on 29 June 2016 and came into force on 30 June 2016. The majority of its provisions apply from 1 January 2018. Certain transitional provisions apply, including:
an index provider providing a benchmark on 30 June 2016 has a transitional period until 1 January 2020 to apply for authorisation or registration as an administrator
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:•your organisation-wide risk assessment—see Practice Note:
Involuntary manslaughter—introductionManslaughter can be classified as either voluntary or involuntary. Voluntary manslaughter consists of those killings which would be murder (because the accused has the relevant mental element—hence the label voluntary manslaughter) but which are reduced to
A certificate of title (also known as a certificate on title) is a particular species of report on title.When solicitors are instructed to investigate title to land (for instance, when land is being acquired or offered up as security), they will write a report on title for their client, which sets
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