The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Quick Look Brexit Financial Services Legislation Status Guide provides high level information on the status of Regulation (EU) 2016/1011 (OJ L 171/1) (the EU Benchmarks Regulation) under UK law from 1 January 2021. For more detailed information, see Practice Note: Impact of Brexit: Benchmarks Regulation—quick guide.
During the implementation period beginning on 1 January 2020 and ending on 31 January 2020 (IP completion day), the EU Benchmarks Regulation was directly applicable in the UK in accordance with the European Union (Withdrawal) Act 2018 (EU(W)A 2018), as amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), and the Withdrawal Agreement between the UK and the EU.
With effect from 1 January 2021:
EU Benchmarks Regulation provisions, as modified by statutory instruments (SIs) issued as part of the onshoring process under EU(W)A 2018, form part of EU retained law and accordingly will apply in the UK—see: Onshored Benchmarks Regulation—from 1 January 2021 and Retained Regulation (EU) 2016/1011 (UK Benchmarks Regulation), and
EU Benchmarks Regulation provisions which apply from dates falling after IP completion date do not form part of EU retained law—see: Benchmarks Regulation provisions which will not be included in EU retained law
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Breach of statutory dutyThis Practice Note considers claims for damages for breach of statutory duty. For guidance on claims for damages for a negligent breach of duty of care outside a statutory duty, see Practice Notes:•Negligence—when does a duty of care arise?•Negligence—when is the duty of care
Entrapment There is no defence of entrapment in English law but it is considered to be an abuse of the process of the court for state agents to lure a person into committing illegal acts and then seek to prosecute him for doing so. The House of Lords said that, although entrapment is not a
Hearsay evidence in civil litigationThis 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.This Practice
Common financial covenantsThis Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan
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