The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note considers the impact of the UK’s withdrawal from the EU on the supervision of central counterparties (CCPs), trade repositories, and central securities depositories (CSDs) in the UK, including the temporary recognition regime and run-off regime for non-UK CCPs, the temporary registration regime and conversion regime for UK trade repositories, and the transitional regime for non-UK CSDs, as well as the temporary designation regime for settlement finality.
The European Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020, makes provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU. The Withdrawal Agreement sets out the arrangements for the UK’s withdrawal from the EU. It includes a transition period (or, to use the UK government’s phraseology, an ‘implementation period’) beginning on 31 January 2020 and ending on 31 December 2020 (IP completion day). During the implementation period, the UK will be treated, for most purposes, as if it were still an EU Member State with access to EU markets on current terms and, importantly, maintaining current passporting and Treaty rights.
During the implementation period, CCPs authorised or recognised by the European Securities and Markets Authority (ESMA) will continue to be able to provide clearing services in the UK pursuant to the European Market Infrastructure Regulation (EU) 648/2012 (EMIR), and trade repositories
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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
This Practice Note examines the doctrine of consideration and the key role it plays in English law in determining whether a contract is enforceable.A promise will only be capable of being contractually enforced if it is either made in a deed or made in exchange for something of value, known as
There are two kinds of burden:•the legal burden, and•the evidential burdenThe legal burdenA party has the legal (sometimes called ‘the persuasive’) burden where the onus is on that party to prove a fact or issue in a case to the required standard of proof.The legal burden is generally on the
Produced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note summarises the rules and guidance in relation to parties who are, or may be presumed to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular the
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