The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note examines EU laws in relation to financial services around the rights of freedom of establishment and freedom to provide services from one state to another within the European Economic Area (EEA)—the concept of passporting. The note considers these passporting rights in the context of the Capital Requirements Directive (CRD IV), the Solvency II Directive, the recast Markets in Financial Instruments Directive (MiFID II), the Capital Requirements Directive (CRD IV), the Insurance Distribution Directive, the UCITS Directive, the Alternative Investment Fund Managers Directive (AIFMD) and the Mortgage Credit Directive. This Practice Note explores which activities may be passported and the processes for doing so. It also considers regulator responsibility in the event of a firm exercising passporting rights.
The Treaty on the Functioning of the European Union (the Treaty) establishes in EU law the rights of freedom of establishment and freedom to provide services in the EU.
'Single Market Directives' clarify the rights and freedoms within that framework and are defined as:
the recast Markets in Financial Instruments Directive (for investment firms) (MiFID II), which, together with (the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), replaced the Markets in Financial Instruments Directive 2004/39/EC effective 3 January 2018. For more information about passporting under MiFID II, see Practice Note: Exercising passport rights under MiFID and MiFID II
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Express and implied contractual terms distinguishedContractual terms may be either express or implied:•express terms—are terms which are actually recorded in a written contract or openly expressed in an oral contract at the time the contract is made (or there may be a combination of written and oral
What is a res judicata?A res judicata is a decision given by a judge or tribunal with jurisdiction over the cause of action and the parties, which disposes, with finality, of a matter decided so that it cannot be re-litigated by those bound by the judgment, except on appeal.Final judgments by
The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to insurers: the Conduct of Business Sourcebook (COBS) and the Insurance Conduct of Business Sourcebook (ICOBS). This Practice Note considers how these
This practice note provides an introduction to tort law by addressing three questions:•what does the concept of being liable in tort mean? And how does tort relate to contract and criminal law•how has the law of tort developed?•what is the scope of tort, ie what interests does it protect? What
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