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 the Capital Requirements Directive IV (Directive 2013/36/EU) (EU CRD IV), and Directive (EU) 2019/878 (OJ L 150/253) (EU CRD V) which amends it, under UK law with effect from 1 January 2021. For more detailed information on the effect of Brexit on prudential regulation, see Practice Note: Impact of Brexit: CRR and prudential regulation—quick guide. For a high-level overview of the status of the Capital Requirements Regulation (EU) 575/2013 (EU CRR) and Regulation (EU) 2019/876 (EU CRR II) under UK law with effect from 1 January 2021, see Practice Note: Quick Look Brexit Financial Services Legislation Status Guide—CRR.
EU CRD IV was implemented into UK law by sector-specific UK legislation including the Regulated Covered Bonds Regulations 2008 SI 2008/346, the Capital Requirements (Country-by-Country Reporting) Regulations 2013, SI 2013/3118 and the Capital Requirements, (Capital Buffers and Macroprudential Measures) Regulations 2014, SI 2014/894. These statutory instruments (SIs) applied as usual in the UK during the implementation period which began on 31 January 2020 and ended on 31 December 2020 (IP completion day).
EU CRD V was part of the EU banking package, which entered into force on 27 June 2019. EU Member States were required to transpose EU CRD V into national legislation by 28 December 2020, with some exceptions. For more
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This 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 to value ratioIt explains:
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
A limited company that proposes to issue redeemable shares must comply with the provisions of the Companies Act 2006 (CA 2006).Why do companies issue redeemable shares?A company may wish to issue redeemable shares so that it has an alternative way to return surplus capital to shareholders without
This Precedent letter covers disclosure obligations under CPR 31. It does not apply to proceedings subject to the disclosure pilot scheme under CPR PD 51U. For guidance on the disclosure pilot scheme, see Practice Note: Business and Property Courts—the disclosure pilot scheme. For a client letter on
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