The following Financial Services practice note 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.
The European Market Infrastructure Regulation (EU) 648/2012 (EMIR) is the principal EU measure regulating the over the counter (OTC) derivatives market. Its key elements are:
a requirement to clear standardised OTC derivatives through a central counterparty (CCP)—see Clearing obligation below
a requirement to report derivative contracts to a trade repository (TR)—see Trade reporting obligation below
margin requirements for non-centrally cleared OTC derivatives—Margin requirements below, and
additional risk mitigation requirements for uncleared trades, including timely confirmation, portfolio reconciliation, portfolio compression and dispute resolution—see Additional risk mitigation requirements below
For an overview of the technical standards (TS) adopted by the European Commission, guidelines published by the European Securities and Markets Authority (ESMA), and related consultations, final reports and technical advice, see Practice Note: European Market Infrastructure Regulation (EMIR)—level 2 and level 3 measures.
This Practice Note describes the requirements of EMIR as amended, where applicable, by EMIR REFIT
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
The principle of transferred maliceIf a person has a malicious intent towards X and, in carrying out that intent, injures Y, he is guilty of an offence. So, if D shoots at A with intent to kill him but kills B by mistake it is murder; the mistake as to the identity of the victim is irrelevant as D
Private nuisancePrivate nuisance is an unlawful interference with a person's use or enjoyment of land or some right over or in connection with it. Interference must be unreasonable, and may be caused, eg by water, smoke, smell, fumes, gas, noise, heat or vibrations. Where the defendant has not
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
This Precedent letter covers disclosure obligations under CPR 31. It does not apply to proceedings subject to the disclosure pilot scheme under CPR PD 51U. For guidance on the disclosure pilot scheme, see Practice Note: Business and Property Courts—the disclosure pilot scheme. For a client letter on
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.