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 guidance, see Practice Notes: Brexit—impact on finance transactions—Key issues for derivatives transactions, Brexit—impact on finance transactions—Derivatives and debt capital markets transactions—key SIs and Impact of Brexit: EMIR—quick guide.
The purpose of this Practice Note is to provide an overview of the technical standards (TS), technical advice and guidelines developed by the European Securities and Markets Association (ESMA), the European Banking Authority (EBA) or by ESMA, EBA and the European Insurance and Occupational Pensions Authority (EIOPA) acting together (the European Supervisory Authorities or ESAs) in relation to the European Market Infrastructure Regulation (EU) 648/2012 (EMIR), as amended by EMIR REFIT (Regulation (EU) 2019/834) and EMIR 2.2 (Regulation (EU) 2019/2099).
Various provisions of EMIR require ESMA, EBA or the ESAs to develop TS to be adopted by the European Commission (the Commission) by means of delegated acts. ESMA is also required to develop guidelines under certain provisions of EMIR.TS comprise regulatory technical standards (RTS) and implementing technical standards (ITS).The procedure for adopting TS developed by ESMA, EBA and EIOPA respectively is set out in Articles 10–15 of:
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This Practice Note considers claims for damages for breach of statutory duty. For guidance on claims for damages for a negligent breach of duty of care outside a statutory duty, see Practice Notes:•Negligence—when does a duty of care arise?•Negligence—when is the duty of care breached?Breach of
What is the slip rule?The slip rule is a process by which the court may correct an accidental slip or omission in a judgment or order (see: CPR 40.12 and CPR PD 40B, paras 4.1 and 4.5).This rule only covers genuine slips or omissions in the wording of a sealed court order or handed down judgment
What is a remedial action notice?A remedial action notice is used by enforcement authorities such as the Food Standards Agency (FSA) or a local authority, where there has been a breach of the Food Hygiene (England) Regulations 2013 (FH(E)R 2013) or where an inspection under FH(E)R 2013 is being
This Practice Note considers the position of a security holder who has an equitable mortgage or charge over land and, in particular the powers that are available to complete a sale of the charged property.This Practice Note deals only with registered land.Mortgages and charges over land—a
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