The following Financial Services practice note Produced in partnership with Tony Katz and Puesan Lam and Paul Hardy of DLA Piper provides comprehensive and up to date legal information covering:
This Practice Note considers the impact on the UK financial services sector in the event of a ‘no deal’ World Trade Organization (WTO) Brexit outcome (where there is no deal between the EU and UK and the parties fall back on the WTO rules) and does not consider transitional provisions that may be put in place between the UK and European Economic Area (EEA).
Financial institutions (banks, investment firms, fund managers, insurers, insurance intermediaries, mortgage credit brokers, payment institutions and e-money issuers) across the EU benefit from the EU Single Market for Financial Services which is based on the principle of mutual recognition and harmonisation of standards.
One of the key features of the EU Single Market for Financial Services is the ‘European passport’. This allows financial institutions to carry out their activities across the EU without setting up a separate entity and/or obtaining separate authorisation in each EU Member State. Financial institutions have a choice to either set up a branch (which is subject to certain 'host state' rules) or provide services on a cross-border basis.The level of impact on financial services depends on whether a passport is required for the services to be provided within the EU. A study for the European Parliament’s Committee on Economic and Monetary Affairs (ECON) showed that wholesale banking is highly dependent on
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Community order requirementsCommunity order requirements are set out in the Criminal Justice Act 2003 (CJA 2003), as amended by the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO 2012) and the Offender Rehabilitation Act 2014 (ORA 2014). Criminal Justice Act 2003, s 152(2)
BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on e-money requirements, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick
Part 8 of the Corporation Tax Act 2009 (CTA 2009) is a specific corporation tax regime that applies exclusively to the gains and losses of intangible fixed assets. Note, however, that certain intangible fixed assets are excluded from the regime, see Practice Note: Excluded intangible fixed
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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