The following Financial Services practice note provides comprehensive and up to date legal information covering:
Up until 1 March 2017, the Prudential Regulation Authority (PRA), was a subsidiary company of the Bank of England (BoE). However, from 1 March 2017 the PRA continued its role acting through the Bank's Prudential Regulation Committee (PRC). HM Treasury made recommendations to the PRC about aspects of the government’s economic policy to which the PRC will have regard when carrying out its activities. HM Treasury can also direct the Bank to take actions to implement the UK’s obligations under the Capital Requirements Directive IV and the Bank Recovery and Resolution Directive, and to refrain from taking actions that are incompatible with those obligations. An end to PRA's subsidiary status was bought about by the Bank of England and Financial Services Act 2016 (Commencement No. 4 and Saving Provision) Regulations 2017, dated 20 January 2017. The Regulations brought certain provisions of the Bank of England and Financial Services Act 2016, including sections 12-15, into force ending the subsidiary status of the PRA.
The PRA is the UK’s prudential regulator for deposit-takers, insurance (and re-insurance) companies and major investment firms. The Financial Services and Markets Act 2000 (FSMA 2000) (as amended by the Financial Services Act 2012 (FSA 2012)) sets out the objectives and powers of the PRA as regulator in relation to these types of authorised firm. FSMA 2000, ss 2E(3) gave the
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
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
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
Part 8 of the Corporation Tax Act 2009 (CTA 2009) is a specific corporation tax regime that applies exclusively to the gains and losses of intangible fixed assets. Note, however, that certain intangible fixed assets are excluded from the regime, see Practice Note: Excluded intangible fixed
Brexit: The UK's departure from the EU on exit day ie Friday 31 January 2020 has implications for practitioners dealing with provisions in the CPR relevant to cross border matters, including CPR 5.4C (discussed below). For guidance on the impact of Brexit on the CPR, see Cross border
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.