The following Financial Services practice note provides comprehensive and up to date legal information covering:
This timeline shows key developments relating to the Regulation on over-the-counter (OTC) derivative transactions, central counterparties (CCPs) and trade repositories (commonly known as the 'European Market Infrastructure Regulation' or 'EMIR'). EMIR came into force on 16 August 2012. EMIR was directly applicable in Member States and (UK legislation, therefore, was not required to bring it into force), and aims to increase financial stability by preventing a domino effect in the event of the collapse of one financial firm.
EMIR introduced requirements in key four areas:
all derivatives transactions must be reported in order to be able to locate where the risks can be found in the system
it sets out requirements for central counterparties, in order to ensure harmonious standards across the EU
requires central clearing for all standardised derivatives, and
in regards to non-cleared transactions it ensures that there are incentives to manage risk and promote central clearing
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When defendants are guilty, they have a choice to plead guilty or to put the prosecution to proof. When they plead guilty they may benefit from a reduction in their sentence as a result, see Practice Note: Credit for guilty plea. However, the Sentencing Council's overarching guidelines on reduction
Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
Who is a fiduciary?There is no comprehensive list of the relationships which give rise to the existence of fiduciary duties under common law. Some relationships are automatically fiduciary, eg those between trustee and beneficiary, solicitor and client, principal and agent, business partner and
Brexit: The UK's departure from the EU on exit day ie Friday 31 January 2020 has implications for practitioners dealing with provisions in the CPR relevant to cross border matters, including CPR 5.4C (discussed below). For guidance on the impact of Brexit on the CPR, see Cross border
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