The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note looks at the European System of Financial Supervision (ESFS) and micro-prudential supervision on an EU level. It should be read in conjunction with Practice Notes: Relationship between UK regulators and European Supervisory Authorities, European supra-national bodies—how policy ideas are translated into national legislative initiatives, and Powers of EU regulators—checklist.
The financial crisis exposed a number of important failures in financial supervision in response to which the EU established the European System of Financial Supervision (ESFS) in 2010. The ESFS is composed of the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA), who work alongside a network of national competent authorities (NCAs), the Joint Committee of the European Supervisory Authorities, and the European Systemic Risk Board (ESRB). The EBA, EIOPA and ESMA constitute the European Supervisory Authorities (ESAs) and are supported closely by the ESRB. The ESAs were established from previous Level 3 committees under the Lamfalussy framework. The ESAs hold responsibility for micro-prudential supervision on a European level and work with national supervisory authorities in order to achieve this. Their main objective is to maintain the stability and effectiveness of the EU financial system. The establishment of the Banking Union has a direct impact on the functioning of the ESFS, but not to the extent to which it would threaten their existence and
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Unlike many other countries, the UK has no unfair competition law. Brand owners seeking to prevent competitors from marketing ‘copycat’ products or using misleading advertising have to rely on a combination of different intellectual property rights. These rights include the common law right to
Tipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities so that they could take steps to cover up their misdeeds or disappear.
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
Millett LJ subdivided types of constructive trust into two categories, distinguishing between:•the constructive trust proper, where equity intervenes to prevent the legal owner from unconscionably denying the beneficial interest of another (known as the institutional constructive trust)•the
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