The following Financial Services practice note provides comprehensive and up to date legal information covering:
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.
The Fifth Money Laundering Directive (EU) 2018/843, which amends the Fourth Money Laundering Directive (EU) 2015/849 (MLD4), was published in the Official Journal of the EU on 19 June 2018 and entered into force on 9 July 2018. Member States were required to transpose the new rules into national law by 10 January 2020.
MLD4 was implemented in the UK by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (2017 MLRs), which entered into force on 26 June 2017.
The 2017 MLRs have been amended by:
the Money Laundering and Terrorist Financing (Miscellaneous Amendments) Regulations 2018, SI 2018/1337, which had effect from 10 January 2019, and
the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511, which implements MLD5 in the UK and had effect from 10 January 2020, apart from Regulation 5(5)(c), which applies from 10 July 2020, and Regulation 6, which applies from 10 September 2020
For detailed information on the terms in which MLD4 (as amended by MLD5) has
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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
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
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Codicils may be used for making any alteration in a Will such as to alter the executors or make changes in legacies, whether by addition or deletion but that is by no means their only use. As a general rule, substantial changes are best achieved by means of a new Will and codicils are more
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