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.
This Practice Note provides high-level guidance on Regulation (EU) 2016/1011 (the Benchmarks Regulation). For more detailed information, see Practice Note: Benchmarks Regulation—essentials.
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 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 published its proposal for a Regulation on indices used as benchmarks in financial instruments and financial contracts. 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.
Regulation (EU) 2019/2089 amending the Benchmarks Regulation as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and
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When is quantum meruit and quantum valebat relevant?Claims in quantum meruit (value of services) and quantum valebat (value of goods) arise in diverse situations ranging from where contractual terms are silent on issues of payment to where there is no contract at all (Serck v Drake & Scull).General
LiabilityFalse imprisonment consists of the complete deprivation of liberty without a lawful basis. Claims will in practice be made against a public body that exercises detention powers, usually a local police force, the Secretary of State for the Home Department or the Secretary of State for
An intention to create legal relations is requiredThere are various situations in which a court will hold that an agreement is not binding because, though supported by consideration, it was made without any intention of creating legal relations (see, eg, Blue v Ashley).Did the parties intend to
Definition of automatismAn act is done in a state of automatism if it is done by the body without control by the mind, (eg it is a spasm or a reflex), or if it is done by a person who is not conscious of what they are doing. The act may be described as involuntary, but will not be regarded as such
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