The following Financial Services practice note provides comprehensive and up to date legal information covering:
Firms who wish to carry one or more PRA-regulated activities as set out in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544), must be directly authorised by the PRA. This Practice Note sets out the steps for the PRA authorisation process.
For guidance on PRA regulated activities, please see PRA-regulated activities and the scope of PRA regulation.
On 1 April 2013 ('legal cut-over'), the Financial Services Authority (FSA) was abolished. Its powers and functions relating to the authorisation of firms were divided between the PRA, who became responsible for prudential regulation, and the Financial Conduct Authority (FCA), responsible for market conduct regulation.
Those firms already authorised on 1 April 2013 were automatically grandfathered over to the new regulators and did not need to re-apply for authorisation. Their role and responsibilities remain the same. The PRA is responsible for the authorisation and prudential regulation of PRA-authorised firms—firms who are systemically important such as banks, insurers and investment firms that are designated by the PRA as presenting ‘significant risks to the stability of the financial system’. PRA-authorised firms are regulated by the FCA with respect to non-prudential matters and are known as 'dual-regulated firms'.
Most firms previously regulated by the FSA have had the FCA as their sole regulator since 1 April 2013.
Dual-regulated firms have had to adapt to supervision
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This Practice Note considers the law governing the procedural law of arbitration proceedings (the curial law or lex arbitri) and how it is determined under the law of England and Wales (England and English are used as convenient shorthand).The procedural law of the arbitral proceedingsThe procedural
ContractWhere a contract is made by two or more parties it may contain a promise or obligation made by two or more of those parties. Any such promise may be:•joint•several, or•joint and severalWhether an undertaking is joint, several, or joint and several in contract is a question of construction
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