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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Fraud by false representationFraud by false representation applies to a broader range of conduct than the offences under the preceding legislation (the Theft Act 1968 (TA 1968)). No gain or loss need actually be made, and no deception need operate on the mind of the deceived for the Fraud Act 2006
The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive disclosures under Part 7 of the Proceeds of Crime Act 2002 (POCA 2002) or Part III of the Terrorism Act 2000 (TA 2000)—see Requirement to appoint a
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
Brexit: The UK's departure from the EU on exit day, ie Friday 31 January 2020, has implications for practitioners considering service out of the jurisdiction. For guidance, see: Cross border considerations—checklist—Service—Brexit specific.This Practice Note explains when an acknowledgment of
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