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.
The Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (MiFIR) were published in the Official Journal of the EU on 12 June 2014 and entered into force 20 days later on 2 July 2014. In accordance with Regulation (EU) 2016/1033, the majority of MiFID II and MiFIR provisions applied from 3 January 2018.
MiFID II and MiFIR together replace the Markets in Financial Instruments Directive 2004/39/EC (MiFID).
Regulatory technical standards (RTS) on criteria for determining whether derivatives subject to the clearing obligation under the European Market Infrastructure Regulation (EU) 648/2012 (EMIR) should be subject to the trading obligation under MiFIR are set out in Commission Delegated Regulation (EU) 2016/2020.
RTS on the direct, substantial and foreseeable effect of derivative contracts within the European Union (EU) and the prevention of the evasion of rules and obligations are set out in Commission Delegated Regulation (EU)
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This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors.This
Millett LJ subdivided types of constructive trust into two categories, distinguishing between:•the constructive trust proper, where equity intervenes to prevent the legal owner from unconscionably denying the beneficial interest of another (known as the institutional constructive trust)•the
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
Deceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they knew that the
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