The following Financial Services practice note Produced in partnership with CMS provides comprehensive and up to date legal information covering:
BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on payment services regulation, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick guide.
The Payment Services Regulations 2017, SI 2017/752 (PSRs 2017) transposed the recast PSD2 (Directive 2015/2366/EU) into national law on 13 January 2018 and largely came into force on that date. The PSRs 2017 replaced the Payment Services Regulations (SI 2009/209) (PSRs), which itself transposed the original Payment Services Directive (PSD) (Directive 2007/64/EC). The PSD was intended to regulate payment services providers (PSPs) and harmonise the payments sector within the EU.
Advances in payments systems outstripped the regulatory capacity of the PSD and a PSD2 was published in the Official Journal of the EU on 23 December 2015 (here). PSD2 came into force on 13 January 2016 and had to be implemented by Member States by 13 January 2018. The PSD was repealed with effect from that date. The government’s approach to transposing PSD2 was to copy-out the directive, while looking to take advantage of derogations, and ensuring that the exemptions from the PSD carry across to the PSD2 where appropriate. This will help to minimise the impacts on affected
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Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For more information, see Practice Note: What is a members' voluntary liquidation (MVL) and where/when is it typically used?Before the members can vote on a
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.Note: this Practice Note does not deal with the
STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis (presently until 31 December 2020) impose significant limitations on the ability for a creditor to seek a winding-up order against a company. For further reading, see Practice Note: Corporate
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