The following Financial Services practice note Produced in partnership with Jennifer Archie, Lore Leitner and Alexander Stout of Latham and Watkins LLP provides comprehensive and up to date legal information covering:
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.
In the wake of continued escalations in phishing and denial of service attacks against banks and other financial institutions, financial services firms face a rapidly evolving threat and government regulatory climate. Regulators in the United States have stepped up oversight and expectations for multiple layers of security and obligations to notify national regulators of significant cyber attacks or data breaches. In the United Kingdom, more than 80% of UK companies suffered a security breach in 2014, according to the Government Communications Headquarters (GCHQ), a British intelligence agency. PricewaterhouseCoopers has reported that the total number of worldwide security incidents climbed to 42.8m in 2015, a 48% rise from 2013. The compound annual growth rate of security incidents has increased 66% year-on-year since 2009. The Ponemon Institute estimates that, on average in the 2015 financial year, each data breach costs a US company USD$ 6.53m and a UK
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What are OFTOs?Offshore Transmission Owners (OFTOs) are the owners of offshore transmission assets which connect offshore wind farms to the onshore electricity network. The transmission assets comprise everything between the offshore point of connection with the generating wind farm assets and the
Broadly, the doctrine of overreaching enables purchasers (which includes tenants and mortgagees) in good faith for money or money’s worth to rely solely on the legal title. In the case of registered land, this means the entries entered on the register of title, as it records ownership of the legal
This Practice Note provides guidance on claims for ‘use and occupation’ or mesne profits, and how and when double rent or double value can be claimed.Claims for use and occupationA claim for use and occupation is possible where there is occupation of land without an express agreement fixing the
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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