The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note provides an overview of the transaction reporting requirements that existed under the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I), which was replaced by the revised and recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) effective 3 January 2018. The Practice Note provides clear signposts to the relevant provisions of the FCA Handbook and other materials and requirements. It also considers the reasons behind elements of the transaction reporting regime, and outlines the scope, timing and content of reports and elements of enforcement.
MiFID I required all firms who execute trades in a principal or agency capacity in relation to a financial instrument that is admitted to trading on an EU regulated market to report transactions to their home country regulator (the Financial Conduct Authority (FCA) in the UK) by the end of the following business day of the transaction (known as T+1) and to keep all records for a minimum of five years. In the UK, the MiFID I transaction reporting requirements were implemented in Chapter 17 of the Supervision Manual (SUP 17) in the FCA Handbook and the Transaction Reporting User Pack (TRUP).
For further details of the MiFID II and MiFIR transaction reporting regime, see Practice Note: MIFID II & MIFIR—Transaction Reporting. For further information on
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This Practice Note considers the law governing the procedural law of arbitration proceedings (the curial law or lex arbitri) and how it is determined under the law of England and Wales (England and English are used as convenient shorthand).The procedural law of the arbitral proceedingsThe procedural
This Practice Note considers the meaning and use of conditions precedent in commercial arrangements. It also considers typical conditions precedent and drafting issues.What are conditions precedent?A condition precedent in a commercial contract details an event which must take place before:•a
The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to insurers: the Conduct of Business Sourcebook (COBS) and the Insurance Conduct of Business Sourcebook (ICOBS). This Practice Note considers how these
This Precedent letter covers disclosure obligations under CPR 31. It does not apply to proceedings subject to the disclosure pilot scheme under CPR PD 51U. For guidance on the disclosure pilot scheme, see Practice Note: Business and Property Courts—the disclosure pilot scheme. For a client letter on
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