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 considers the financial services contracts regime (FSCR), which will come into force at the end of the implementation period following the UK’s withdrawal from the EU. The FSCR will automatically apply toEEA passporting firms that have pre-existing contracts in the UK which would need a permission to service, if those firms do not notify the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) that they wish to enter the temporary permissions regime (TPR), or if they do not secure full UK authorisation and leave the TPR. The regime will allow those firms to continue to service UK contracts entered into before the end of the implementation period or before exiting the TPR for a limited period, provided that they meet the conditions of the FSCR.
The European Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020, makes provision for the ratification and
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Who is a fiduciary?There is no comprehensive list of the relationships which give rise to the existence of fiduciary duties under common law. Some relationships are automatically fiduciary, eg those between trustee and beneficiary, solicitor and client, principal and agent, business partner and
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,
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
Source of the doctrine of the separation of powersThe origins of the doctrine are often traced to John Locke’s Second Treatise of Government (1689), in which he identified the 'executive' and 'legislative' powers as needing to be separate.‘… it may be too great a temptation to human frailty, apt to
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