The following Financial Services practice note produced in partnership with Lora Froud of Macfarlanes and Tiffany Cox of Macfarlanes provides comprehensive and up to date legal information covering:
This one minute guide discusses the scope, impact, new concepts and next steps of the EU Disclosure Regulation.
Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (known as the Disclosure Regulation, environment, social and governance (ESG) Regulation or SFDR), which is part of a broader legislative package under the European Commission’s Sustainable Finance Action Plan.
It requires firms to make strategic business and policy decisions regarding their approach to ESG which must be disclosed on the firm’s website and in pre-contractual and periodic disclosures. Although the focus of the Disclosure Regulation is the provision of information to investors, clients and other stakeholders, it is clear that the preparation of accurate and comprehensive information on ESG will necessitate significant system and control changes, and a material allocation of resource for many firms.
Most of the obligations will come into force on 10 March 2021.
The detailed requirements of a number of these obligations are intended to be fleshed out by regulatory technical standards (RTS) being developed by the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority and the European Banking Authority (the ESAs). The RTS were originally planned to come into effect on 10 March 2021, but on 30 October 2020 the European Commission confirmed
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For more information, see Practice Note: What is a members' voluntary liquidation (MVL) and where/when is it typically used?Before the members can vote on a
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
What is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House of Lords decision in Re G
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