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) 1286/2014 on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs) (PRIIPs Regulation) under UK law from 1 January 2021. For more detailed information, see Practice Note: Impact of Brexit: Packaged retail and insurance-based investment products (PRIIPs)—quick guide and Packaged Retail and Insurance-based Investment Products (PRIIPs)—essentials.
During the implementation period beginning on 31 January 2020 and ending on 31 December 2020 (IP completion day), the PRIIPs Regulation is 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, and the Withdrawal Agreement between the UK and the EU.
Subject to the terms of any trade deal agreed between the UK and the EU, with effect from 1 January 2021:
the PRIIPs Regulation and the PRIIPs Regulation level 2 measures, as modified by statutory instruments (SIs) issued as part of the onshoring process under EU(W)A 2018, will form part of EU direct retained law and accordingly will apply in the UK—see Onshored PRIIPs regime—from 1 January 2021 and Retained Regulation (EU) 1286/2014 (UK PRIIPs Regulation), and
HMT has proposed amendments to the onshored PRIIPs regime so it diverges from the EU position, as summarised below—see Proposed amendments to the onshored
**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
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 a res judicata?A res judicata is a decision given by a judge or tribunal with jurisdiction over the cause of action and the parties, which disposes, with finality, of a matter decided so that it cannot be re-litigated by those bound by the judgment, except on appeal.Final judgments by
An ad hoc arbitration is any arbitration in which the parties have not selected an institution to administer the arbitration. This offers parties flexibility as to the conduct of the arbitration, but less external support for the process. It can be quicker than institutional arbitration but not if
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
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.