The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Regulation (EU) 1286/2014 on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs) (PRIIPs Regulation) quick guide details current UK legislation and retained EU legislation that will be amended by the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019, SI 2019/403 (PRIIPs Exit Regulations or SI 2019/403) (as amended by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020, SI 2020/628 and other instruments) at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) regulatory rules and guidance.
The below summary sets out arrangements in relation to onshoring EU rules for PRIIPs after the Brexit implementation period.
The PRIIPs Exit Regulations are part of HM Treasury’s programme of statutory instruments (SIs) under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency preparations for a no-deal Brexit. The PRIIPs Exit Regulations form part of the process of domesticating (‘onshoring’) EU law to ensure legal continuity following the UK’s exit from the EU.
EU(W)A 2018 was subsequently amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), which makes provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU.
The Withdrawal Agreement sets out the arrangements for the UK’s withdrawal
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This Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice Note:•explains the purpose of having an intercreditor agreement and when an intercreditor agreement would be used instead of a deed of priority or subordination deed•provides links to
Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For more information, see Practice Note: What is a members' voluntary liquidation (MVL) and where/when is it typically used?Before the members can vote on a
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 further guidance on
You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:•your organisation-wide risk assessment—see Practice Note:
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