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 recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), which were adopted in 2014 and came into effect on 3 January 2018, replaced the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID). MiFID II and MiFIR introduced a new type of trading venue, the 'organised trading facility' or 'OTF', in order to capture broker-crossing networks and other multilateral systems for trading in bonds, structured finance products, emission allowances or derivatives that fall outside the categories of regulated markets (RMs), multilateral trading facilities (MTFs) and systematic internalisers (SIs). OTFs are also intended to include systems for trading derivatives that are eligible for clearing under Regulation (EU) 648/2012 (the European Markets Infrastructure Regulation or EMIR). This Practice Note focuses on the regulation of OTFs under MiFID II and MiFIR, as implemented in the UK. In addition, the Market Abuse Regulation (Regulation
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The principle of transferred maliceIf a person has a malicious intent towards X and, in carrying out that intent, injures Y, he is guilty of an offence. So, if D shoots at A with intent to kill him but kills B by mistake it is murder; the mistake as to the identity of the victim is irrelevant as D
Criminal offences are generally divided into two categories: •conduct crimes, and •result crimesA conduct crime is a crime where only the forbidden conduct needs to be proved. For example, an accused is guilty of dangerous driving if they drove a motor vehicle dangerously on a road or other public
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
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
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