The following Financial Services practice note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on the impact of Brexit on the CRR and prudential regulation, please see Practice Note: Preparing for Brexit: CRR and prudential regulation—quick guide.
The Capital Requirements Directive (Directive 2013/36/EU) (CRD IV) and the Capital Requirements Regulation (Regulation (EU) 575/2013) (CRR) (also known collectively as CRD IV) was the mechanism through which the EU implemented the global capital adequacy framework, Basel III. The CRD IV package of reforms was adopted and published in the first half of 2013, with implementation of the majority of provisions on 1 January 2014, except for certain provisions specified in Article 521 of the CRR. As CRD IV comprised CRD IV and CRR (with amending corrigendum), elements of the requirements were directly applicable and others required national implementation.
CRD IV recast the existing Capital Requirements Directive (2006/48/EC and 2006/49/EC) (CRD) and introduced EU-specific reforms relating to prudential requirements for credit institutions and investment firms.
In the UK, the Prudential Regulation Authority (PRA) is the lead national supervisory authority in its role as prudential regulator for banks and other deposit
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For guidance on the basic features of the doctrine of estoppel and the different classifications it has been subject to, see Practice Note: Estoppel—what, when and how to plead and related content.Promissory estoppel—what is it?Where A has, by words or conduct, made to B a clear and unequivocal
A certificate of title (also known as a certificate on title) is a particular species of report on title.When solicitors are instructed to investigate title to land (for instance, when land is being acquired or offered up as security), they will write a report on title for their client, which sets
Deceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they knew that the
Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement
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