The following Financial Services practice note provides comprehensive and up to date legal information covering:
The Financial Services Act 2012 (FSA 2012) set out a new framework for financial regulation in the UK, and transferred the powers of the Financial Services Authority (FSA) to the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), including responsibilities under the Financial Services and Markets Act 2000 (FSMA 2000) controllers regime. The relevant provisions came into force on 1 April 2013. This Practice Note provides an overview of the changes made by FSA 2012 to the controllers regime.
For further reading on the FSMA 2000 controllers regime as amended by FSA 2012, see Practice Notes:
FSMA 2000 controllers regime—key concepts
Obligations of controllers—acquiring and increasing control
Obligations of controllers—reducing or ceasing control
FSMA 2000 controllers regime—obligations for firms
FSMA 2000 controllers regime—fund managers
Enforcement of the FSMA 2000 controllers regime
For practical steps that controllers and proposed controllers need to consider when acquiring/increasing or disposing/decreasing control, see Change in control process—checklist.
The regime for changes of control in authorised firms is set out in FSMA 2000, Pt XII. The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009, SI 2009/774 (Controllers Exemption Order) was made under FSMA 2000, ss 192(a) and 428(3) to create exemptions from the obligations to notify the UK regulator when acquiring, increasing, reducing or ceasing to have control over certain UK authorised p
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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
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.You should also consider if the proceedings will be
The offence of violent disorderViolent disorder can be tried in the magistrates' court or the Crown Court. These offences will normally be dealt with in the Crown Court. However, there may be cases involving minor violence or threats of violence leading to no or minor injury, with few people
Every contract of employment is treated as containing an imposed term of trust and confidence. This requires employers and employees not to conduct themselves, without reasonable and proper cause, in a manner calculated or likely to destroy or seriously damage the relationship of confidence and
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