The following Financial Services practice note provides comprehensive and up to date legal information covering:
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.
The recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and new Markets in Financial Instruments (Regulation (EU) 600/2014) (MiFIR) were published in the Official Journal of the European Union (EU) on 12 June 2014 and came into effect on 3 January 2018. MiFID II and MiFIR significantly amend and expand the regulatory framework that was established by the Markets in Financial Instruments Directive (2004/39/EC) (MiFID).
EU Member States were required to transpose the provisions of MiFID II into national law by 3 July 2017, while MiFIR has direct effect in Member States without transposition. MiFID II and MiFIR have been implemented in the UK through amendments to legislation drafted by HM Treasury, as well as Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) rules and guidance. The Financial Ombudsman Service (FOS) has also amended its standard terms and scheme rules affecting businesses subject to
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Criminal offences are generally divided into two categories: •conduct crimes, and •result crimesA conduct crime is a crime where only the forbidden conduct needs to be proved. For example, an accused is guilty of dangerous driving if they drove a motor vehicle dangerously on a road or other public
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
What are OFTOs?Offshore Transmission Owners (OFTOs) are the owners of offshore transmission assets which connect offshore wind farms to the onshore electricity network. The transmission assets comprise everything between the offshore point of connection with the generating wind farm assets and the
For guidance on the basic features of the doctrine of estoppel and the different classifications it has been subject to, see Practice Note: Estoppel—what, when and how to plead and related content.Promissory estoppel—what is it?Where A has, by words or conduct, made to B a clear and unequivocal
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