The following Financial Services practice note Produced in partnership with Orrick, Herrington & Sutcliffe (Europe) 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.
The European Insurance and Occupational Pensions Authority (EIOPA) is one of three European Supervisory Authorities (ESAs) which was created to strengthen the EU supervisory framework and to reduce the risk and damage of a future financial crisis. It operates as an independent advisory body to the European Parliament, the Council of the European Union (the Council) and the European Commission (the Commission).
EIOPA is the European micro-prudential supervisor for the insurance and occupational pensions sectors. It replaced the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) in January 2011.
EIOPA's main goals are:
protecting consumers and rebuilding trust in the financial system
ensuring a high, effective and consistent level of regulation and supervision, taking account of the varying interests of all EU Member States and the different nature of financial institutions
greater harmonisation and coherent application of rules for financial institutions and markets across the EU
strengthening oversight of
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This Practice Note considers the meaning and use of conditions precedent in commercial arrangements. It also considers typical conditions precedent and drafting issues.What are conditions precedent?A condition precedent in a commercial contract details an event which must take place before:•a
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
BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on e-money requirements, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick
A limited company that proposes to issue redeemable shares must comply with the provisions of the Companies Act 2006 (CA 2006).Why do companies issue redeemable shares?A company may wish to issue redeemable shares so that it has an alternative way to return surplus capital to shareholders without
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