The following Financial Services practice note provides comprehensive and up to date legal information covering:
BREXIT: The UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on payment services regulation, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick guide.
A distributed ledger is a database that can securely record financial, physical or electronic assets for sharing across a network through entirely transparent updates of information. Its first incarnation was ‘blockchain’ in 2008. Blockchain, which has been known principally for the role it plays in enabling Bitcoin and other cryptocurrencies and crypto tokens such as Etherium, is a technology viewed by proponents as capable of revolutionising financial services. On one level, blockchain is a database for recording records of transactions or other information. On another, blockchain is a tool capable of powering a multitude of applications that could fundamentally change how financial services are currently provided.
It is difficult to come across a unified explanation of how one should look at the concept of distributed ledger technology (DLT) but in essence it can be described as a set of technological solutions that enables cryptographically secured records, or ledgers, of electronic transactions to be maintained by a shared or ‘distributed’ network of participants (so-called ‘nodes’) and not by a centralised
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The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for
If a party to a property agreement fails to comply with its obligations, the other party may wish to apply for an order for specific performance. Specific performance is an equitable, discretionary remedy which, if granted, compels a party to perform a contractual obligation. This Practice Note
What is a reserved judgment?A reserved judgment is a draft judgment that is circulated by the judge. At the end of the hearing the judge will usually state that judgment is being reserved. This is common practice in the High Court. The draft judgment will be provided to the parties’ legal
One of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver, which cures a temporary blip in the company's performance, or it may signal the need for more extensive restructuring to come. It will be crucial to check how often the
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