The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
As of exit day, the UK is no longer an EU Member State, but it has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but the UK must continue to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements) and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement and Brexit Bulletin—key updates, research tips and resources.
This Practice Note focuses on the impact of the end of the implementation period on facilities agreements. It discusses (or links to detailed information on):
the position on the Loan Market Association (LMA) on changes to legislative references in its documents
the general implications of the loss of passporting rights and the implications for loan agreements
governing law and jurisdiction clauses in facility agreements
how to approach references to EU law in facility agreements
whether contractual recognition of bail-in language needs to be inserted to reflect Article 55 of Directive 2014/59/EU, the Bank Recovery
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BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies,
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
What is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House of Lords decision in Re G
A limited company that proposes to issue redeemable shares must comply with the provisions of the Companies Act 2006 (CA 2006).Why do companies issue redeemable shares?A company may wish to issue redeemable shares so that it has an alternative way to return surplus capital to shareholders without
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