The following Financial Services practice note Produced in partnership with DLA Piper provides comprehensive and up to date legal information covering:
Historically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement legislation into their local law, have caused many firms operating across the Single Market to face legal uncertainty and difficulty in adopting a consistent approach in their operations due to the differences in Member States' application of European banking legislation. The European Council (Council) introduced the term Single Rulebook in 2009, with the vision of adopting a regulatory framework that would be uniform throughout the EU financial sector, creating greater consistency, transparency and efficiency. The intention was to close regulatory loopholes and contribute to a more effective functioning of the Single Market. However, as Commissioner Michel Barnier noted, developing a Single Rulebook is a ‘vast undertaking’, and an effective method of implementation is key to ensure the issues the Single Rulebook seeks to remedy are not enhanced.
The EBA—Interactive Single Rulebook sets out the level 1 text for the Capital Requirements Regulation (CRR) and Capital Requirements Directive (CRD IV Directive) (collectively referred to as CRD IV), the Bank Recovery and Resolution Directive (BRRD), the Deposit Guarantee Schemes Directive (DGSD), and the Payments Services Directive (PSD2), along with the Binding Technical Standards (BTS) developed by the European
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Facilitating the performance of a duty by public officialsFacilitation payments, also known as facilitating or grease payments, are generally small amounts of money paid to public officials or others as a means of ensuring that they perform their duty, whether more promptly or at all. In some
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
BREXIT: 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 e-money requirements, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick
An intention to create legal relations is requiredThere are various situations in which a court will hold that an agreement is not binding because, though supported by consideration, it was made without any intention of creating legal relations (see, eg, Blue v Ashley).Did the parties intend to
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