The following Financial Services practice note provides comprehensive and up to date legal information covering:
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 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
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When defendants are guilty, they have a choice to plead guilty or to put the prosecution to proof. When they plead guilty they may benefit from a reduction in their sentence as a result, see Practice Note: Credit for guilty plea. However, the Sentencing Council's overarching guidelines on reduction
Express and implied contractual terms distinguishedContractual terms may be either express or implied:•express terms—are terms which are actually recorded in a written contract or openly expressed in an oral contract at the time the contract is made (or there may be a combination of written and oral
When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring
This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from early 2013 to January 2016. For the latest LMA developments since January 2016, see Practice Note: Loan Market Association (LMA)—latest news on
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