The following Financial Services practice note 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.
This Practice Note explains the Financial Conduct Authority’s (FCA) rules for recording telephone conversations. It is relevant to investment firms, including banks, stockbrokers, investment managers (including collective investment scheme managers and hedge fund managers) and financial and commodity derivative firms.
The recording regime is primarily aimed at detecting and preventing market abuse.
In March 2008 the FCA’s predecessor, the Financial Services Authority (FSA), published rules on recording telephone conversations and electronic communications (the taping rules). The rules in part implemented parts of the Markets in Financial Instruments Directive (Directive 2004/65/EC) (MiFID) and in particular Article 51 of Commission Directive 2006/73/EC (the MiFID Implementing Directive). The rules were effective from March 2009. Originally the taping rules did not apply to telephone conversations and electronic communications (except emails) made with, sent from or received on a mobile telephone or other mobile handheld electronic communication devices (the so-called mobile phone
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This Practice Note considers the different categories of contractual damages that may be available for financial loss (pecuniary loss), ie expectation-based damages, reliance-based damages and gains-based damages.For guidance on contractual damages generally, see Practice Note: Contractual
There may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the shoes of one of the original parties. This is
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis (presently until 31 December 2020) impose significant limitations on the ability for a creditor to seek a winding-up order against a company. For further reading, see Practice Note: Corporate
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