The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘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 Practice Note: What does IP completion day mean for derivatives lawyers?
Coronavirus (COVID-19): On 6 April 2020, BCBS and IOSCO announced that they have agreed to extend by one year the deadline for completing the final two phases of the margin requirements for non-centrally cleared derivatives to allow market participants to focus their resources on ensuring continued access to the derivatives market and on 4 May 2020, the European Supervisory Authorities (ESAs) published joint draft regulatory technical standards to amend the Delegated Regulation on the risk mitigation techniques for non-centrally cleared over-the-counter (OTC) derivatives to incorporate a one-year deferral of the two implementation phases of the bilateral margining requirements. For more information on key developments and related practical guidance on the implications for lawyers, see: Coronavirus (COVID-19) toolkit and Practice Note: Coronavirus (COVID-19)—implications for derivatives transactions.
The introduction of margin requirements for non-cleared derivatives is transforming how firms use derivatives and requires
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What is a company's constitution?A company’s 'constitution' is defined under the Companies Act 2006 (CA 2006) as including:•the company’s articles of association, and•any resolutions and agreements affecting a company’s constitutionThe CA 2006 definition of 'constitution' is not exhaustive and also
What is quia timet relief?Injunctions are generally awarded where a party has already suffered a wrong. For guidance on injunctions generally, see Practice Note: Injunctions—guiding principles. However, an injunction may be sought before a party's rights have been infringed on the basis that they
This Practice Note discusses the common law doctrine of privity of contract; the equitable and statutory exceptions to it; how the doctrine affects enforcing a contract against a third party and what happens when, notwithstanding the lack of privity, a contract has an indirect effect on a third
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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