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, see Practice Note: The impact of Brexit on the MiFID II regime.
This Practice Note provides an overview of the data reporting services providers (DRSPs) regime that was introduced by the revised and recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), which came into effect on 3 January 2018. It includes a summary of the requirements for approved publication arrangements (APAs), consolidated tape providers (CTPs) and approved reporting mechanisms (ARMs), which perform an integral part of the pre- and post-trade transparency and transaction reporting regimes under MiFIR.
For more information about MiFIR and MiFID II, see Practice Notes: MiFID I, MiFID II and MiFIR—essentials and MiFID II and MiFIR—toolkit.
MiFIR requires investment firms, including systematic internalisers (SIs), to make post-trade information public through an ‘approved publication arrangement’ or ‘APA’. An APA is defined as a person authorised under MiFID II to provide the service of publishing trade reports on behalf of investment firms. A ‘consolidated tape provider’ or ‘CTP’ is a person
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This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
What is 'discontinuance'?Discontinuance is the means by which a claimant can bring all or part of the proceedings it has instigated to an end.A claimant has a right to discontinue all or part of a claim at any time.Where proceedings are brought to an end without an order or judgment from a court, eg
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This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.Note: this Practice Note does not deal with the
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