The following Financial Services practice note Produced in partnership with Andrew Henderson Partner, Eversheds Sutherland LLP provides comprehensive and up to date legal information covering:
UCITS VI describes the European Commission's Consultation on Undertakings for Collective Investment in Transferable Securities issued 26th July 2012. For information on UCITS V see UCITS V. The UCITS VI Consultation addresses product rules, liquidity management, depositary issues, money-market funds and long-term investments. It followed the European Commission's UCITS V legislative proposals, also published in July 2012 (see UCITS V).
In light of the European Securities and Markets Authority (ESMA) Speech by ESMA Chair Steven Maijoor of 6th November 2014, the issues raised in UCITS VI are not being addressed in a single measure, ie via amendment to the UCITS Directive. For example, the then proposal for a regulation in relation to money-market funds (MMFs). For further detail regarding the Money Market Funds Regulation, see Money Market Funds Regulation—essentials. Mr Maijoor indicated that Member State authorities (NCAs) would need to first implement the UCITS V Directive (2014/91/EU) before the implementation of any UCITS VI measure.
The European Commissions work programme for 2015: A New Start contained no references to UCITS VI and there is no indication of when or whether a UCITS VI legislative proposal will be published. The FCA’s Business Plan of 2013/14 also mentioned UCITS VI but has not featured in later business plans.
On 26 July 2012, the European Commission (Commission) published its consultation paper Undertakings
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ContractWhere a contract is made by two or more parties it may contain a promise or obligation made by two or more of those parties. Any such promise may be:•joint•several, or•joint and severalWhether an undertaking is joint, several, or joint and several in contract is a question of construction
Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their services will need to be
This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from early 2013 to January 2016. For the latest LMA developments since January 2016, see Practice Note: Loan Market Association (LMA)—latest news on
Produced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note summarises the rules and guidance in relation to parties who are, or may be presumed to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular the
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