The following Financial Services practice note Produced in partnership with Sarah Clarke of Hardwicke Chambers provides comprehensive and up to date legal information covering:
The Financial Conduct Authority (FCA) has various powers (see sections 97, 131E, 131F, 165–169, 171–173, 175, 176 and 284 of the Financial Services and Markets Act 2000 (FSMA 2000)) to gather information, appoint investigators, and require the production of a skilled persons report (FSMA 2000, s 166). In any given situation, the FCA decides which combination of these powers is most appropriate to use. For reasons of fairness, transparency and efficiency, as set out in Practice Note: FCA enforcement essentials—investigations—Powers of FCA investigators under FSMA 2000, the FCA will usually use its formal statutory powers to obtain documents and/or information.
However, in some cases, the FCA is likely to consider its formal, compelled information gathering powers to be inappropriate and will instead invite a person to provide information or documents on a voluntary basis. This is likely to occur in situations where:
the information is sought from suspects or possible suspects in criminal or market abuse investigations. Such suspects will not usually be interviewed using compelled powers because, if they were, the interview might then be considered to be inadmissible in any subsequent proceedings, including criminal or market abuse proceedings. See Practice Note: FCA enforcement essentials—investigations—Powers of FCA investigators under FSMA 2000
the person from whom the information is sought is a third party who has no professional connection with the financial services industry, such
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This Practice Note considers the different categories of contractual damages that may be available for financial loss (pecuniary loss), ie expectation-based damages, reliance-based damages and gains-based damages.For guidance on contractual damages generally, see Practice Note: Contractual
On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for
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