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.
This Practice Note explores the UK restrictions placed on the promotion of an unregulated collective investment scheme (UCIS). For information on the restrictions on the financial promotion of a regulated collective investment scheme (CIS), see Practice Note: Promotion of regulated collective investment schemes.
An unregulated collective investment scheme (UCIS is any collective investment scheme (CIS) that does not fall within one of the categories of regulated CIS because it does not comply with the strict investment and borrowing criteria of regulated CIS (see Practice Note: Regulated collective investment schemes for information on what constitutes a regulated CIS). In practice, this means that a UCIS is neither authorised by the Financial Conduct Authority (FCA) or considered a recognised scheme (see Practice Note: Recognised collective investment schemes for further information on the meaning of recognised CIS).
In the UK, UCIS are considered a real risk to retail investors. Prior to 1 January 2014, the promotion
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This Practice Note considers the different categories of contractual damages that may be available for financial loss (pecuniary loss), ie expectation-based damages, reliance-based damages and gains-based damages.For guidance on contractual damages generally, see Practice Note: Contractual
What is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual positions•the main grounds of
Fraud by false representationFraud by false representation applies to a broader range of conduct than the offences under the preceding legislation (the Theft Act 1968 (TA 1968)). No gain or loss need actually be made, and no deception need operate on the mind of the deceived for the Fraud Act 2006
What is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House of Lords decision in Re G
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