The following Financial Services practice note provides comprehensive and up to date legal information covering:
Central securities depositories (CSDs) hold securities in a dematerialised form and provide a clearing and settlement service for market participants. In most EU Member States, there is generally only one CSD. In the UK the CSD is Euroclear UK and Ireland Limited, which operates CREST. Given that CSDs are of systemic importance for the functioning of securities markets, in the aftermath of the financial crisis the European Commission introduced a legislative proposal in March 2012 for a Regulation to improve securities settlement and regulate CSDs. Following on from this proposal, on 28 August 2014, the Central Securities Depositories Regulation (EU) 909/2014 (CSDR) was published in the Official Journal of the EU, and it entered into force on 17 September 2014. The aim of the CSDR is to ensure that financial transactions in securities are settled and cleared in a safe and timely fashion.
The Commission noted that the number of settlement fails is higher for cross-border transactions and, therefore, considered that harmonisation of certain processes throughout the EU would help improve this situation and reduce the number of settlement fails. The Commission identified a number of areas that it considered contributed to these issues. The length of the settlement process differed from country to country in the EU and some securities were still held in paper form, further increasing the length of
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Voluntary manslaughterVoluntary manslaughter consists of those killings which would be murder (because the accused has the relevant mental element for murder) but which are reduced to manslaughter because of one of the three special defences (loss of control, diminished responsibility or suicide
What is a res judicata?A res judicata is a decision given by a judge or tribunal with jurisdiction over the cause of action and the parties, which disposes, with finality, of a matter decided so that it cannot be re-litigated by those bound by the judgment, except on appeal.Final judgments by
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis (presently until 31 December 2020) impose significant limitations on the ability for a creditor to seek a winding-up order against a company. For further reading, see Practice Note: Corporate
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