Covenants which are designed to test and measure the performance of asset classes that are funded by a receivables financier or asset-based lender.

Control of development Pursuant to section 57 of the Town and Country Planning Act 1990 (TCPA 1990), planning permission is required for ‘the carrying out of any development of land’. ‘Land’ is defined in TCPA 1990, s 336(1) as ‘any corporeal hereditament including a building’. The court has held that the geographical scope of planning control under TCPA 1990 in coastal areas extends to the mean low water mark only, so that the sea bed beyond the low water mark is not subject to planning control. ‘Development’ is defined in TCPA 1990, s 55(1) as: • the carrying out of building, engineering, mining or other operations in, on, over or under land, or • the making of any material change in the use of any buildings or other land TCPA 1990 therefore controls two distinct types of development: operational development and material changes of use. This Practice Note deals with operational development. For information on material changes of use, see Practice Note: Material change of use. It is worth noting at the outset that TCPA 1990, s 55

This Agreement is made on [date] Parties 1 [Customer] a company incorporated in [England] with registered number [company number], whose registered office is at [address] (Customer); 2 [Supplier 1] a company incorporated in [England] with registered number [company number], whose registered office is at [address] (Supplier 1); 3 [Supplier 2] a company incorporated in [England] with registered number [company number], whose registered office is at [address] (Supplier 2); and 4 [Supplier 3] a company incorporated in [England] with registered number [company number], whose registered office is at [address] (Supplier 3), each of Customer, Supplier 1, Supplier 2 and Supplier 3 being a party and together Customer, Supplier 1, Supplier 2 and Supplier 3 are the parties. Supplier 1, Supplier 2 and Supplier 3 are each a Supplier and together are the Suppliers. Background (A) The Customer is outsourcing the provision and management of certain of its services to certain suppliers as follows: (a) [describe function] services to Supplier 1, (b) [describe function] services to Supplier 2, and (c) [describe function] services to Supplier 3. As specified in the Customer’s request for proposal (RFP) in respect of each of these services, there is a requirement for all

A master plan which covers the operational life of a facility, following construction and prior to decommissioning.

The ability of firms and the financial system as a whole to absorb and adapt to shocks, rather than contribute to them.

In a post on the European Central Bank (ECB)’s The Supervision Blog, Anneli Tuominen, a member of the Supervisory Board, looks at how the EU’s Digital Operational Resilience Act (DORA) makes the financial sector in the region more resilient and outlines the implications for banks and their supervisors. DORA aims to enhance the financial sector's resilience against digital threats by standardising rules across various financial entities. Key changes introduced by DORA include a unified incident reporting framework for banks, mandatory threat-led penetration testing for systemically important institutions, and EU-level oversight of critical information and communication technology (ICT) third-party service providers.

Ireland—Banking & Financial Services analysis: This article was written by A&L Goodbody’s Financial Regulation Advisory team. It notes that on 12 January 2026 the Central Bank of Ireland (CBI) published the findings of a thematic assessment of operational resilience in the Markets in Financial Instruments Directive (MiFID) investment firm sector (focusing in particular on firms’ implementation of the Central Bank’s Cross Industry Guidance on Operational Resilience (Guidance)), and that the CBI intends to conduct further supervisory work in 2026 and 2027 to assess firms’ cyber resilience and digital operational resilience.

The Bank of England (BoE) and the Prudential Regulation Authority (PRA) have each published operational resilience consultations covering operational incidents, and outsourcing and third-party reporting. The proposals aim to establish a framework for timely, accurate and consistent reporting of certain operational incidents, and notification and reporting of material third-party arrangements. Responses to each consultation are sought by 13 March 2025, with proposed implementation dates no earlier than the second half of 2026.

This Practice Note provides information on the key operational resilience requirements which apply to UK financial services firms. What is operational resilience? Operational resilience is the ability of firms and the financial sector to prevent, adapt, respond to, recover from, and learn from operational disruptions. It extends beyond business continuity and disaster recovery and is a strategic priority for regulators across the globe. Operational resilience—in-scope firms The table below shows the categories of firms which are subject to the UK operational resilience regime and the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and Bank of England (BoE) rules and guidance on operational resilience which are applicable to them. Firms Rules and guidance Banks, building societies, and PRA-designated (ie systemically important) investment firms PRA/FCA/BoE joint paper PRA/FCA/BoE: Building operational resilience: Impact tolerances for important business servicesPRA PRA Policy Statement PS6/21 Operational resilience: Impact tolerances for important business servicesThe Operational Resilience Part of the PRA Rulebook (CRR firms)PRA Supervisory Statement SS1/21 Operational resilience: Impact tolerances for important business servicesPRA Statement of Policy Operational

EU Law analysis: Kristof de Vulder, Alessandro Ferrari and Linzi Penman, partners, and Conor McEneaney, legal director, at DLA Piper, discuss the scope and impact of the upcoming Digital Operational Resilience Act (DORA). They offer practical guidance to organisations dealing with one of the most comprehensive gap analysis and remediation exercises to face the EU financial services sector in recent years.

This timeline has been archived. It outlines the key developments relating to the UK, EU and international operational resilience requirements for financial services firms. The UK requirements on operational resilience were published in March 2021 by the Authority (FCA) in partnership with the Bank of England (BoE) and the Prudential Regulation Authority (PRA), and entered into effect on 31 March 2022. At EU level, Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (the Digital Operational Resilience Act or DORA) and Directive (EU) 2022/2556 amending certain Directives as regards digital operational resilience for the financial sector (the Amending Directive) were published in the Official Journal of the EU on 27 December 2022. For developments from January 2024 onwards, see: EU operational resilience—timeline if they relate to EU operational resilience, or UK Benchmarks Regulation—timeline if they relate to the UK operational resilience. For more information on the UK operational resilience requirements, see Practice Note: Operational resilience—UK regulatory framework. For more information on the EU operational resilience requirements, see Practice Note: DORA—essentials. UK developments Date Source Description 8

This Practice Note examines the requirements set out in Chapter 13 of the Financial Conduct Authority (FCA)'s Senior Management Arrangements, Systems and Controls sourcebook (SYSC 13) and provides guidance for insurers on establishing and maintaining effective systems and controls for managing operational risk. Purpose of SYSC 13 The purpose of SYSC 13 is to provide guidance on interpreting SYSC 3.1.1 R and SYSC 3.2.6 R, which set out the requirements for establishing and maintaining systems and controls in relation to the management of operational risk. The chapter covers systems and controls for managing risks concerning any of a firm's operations. It does not, however, cover systems and controls for managing credit, market, liquidity and insurance risk. Firms should also consider the requirements for operational risk contained in the FCA’s Conduct of Business sourcebook (COBS), SYSC 14 (risk management and associated systems and controls for insurers) and SYSC 15A (operational resilience). Further details on these requirements can be found in Practice Note: Governance, systems and controls requirements for insurers. Application of SYSC 13 SYSC 13 applies to