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FCA consultation paper tracker—2019 [Archived]

FCA consultation paper tracker—2019 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2019, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper trackers. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker [Archived] • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/Handbook Notice BrexitAuthorisation, approval and supervisionComplaints, compensation and claims managementRegulation of capital marketsPayment services and systems Regulation of personal pension and stakeholder products CP19/33: Quarterly Consultation No 26 The Financial Conduct Authority (FCA) has published Quarterly Consultation Paper No 26 (CP19/33), in which it consults on proposed miscellaneous amendments to the FCA Handbook:—clarification of the rules relating to Financial Services Compensation Scheme claims against appointed representatives and principals—changes to the Listing Rules’ requirements, which cross-refer to the Prospectus Regulation, for information to...

Drafting and negotiating a time of the essence clause—checklist

Drafting and negotiating a time of the essence clause—checklist This Checklist outlines key provisions and issues for consideration when drafting and negotiating time of the essence clauses. For a Precedent time of the essence clause together with detailed drafting notes, see Precedent: Time of the essence clause. For information on time of the essence, exceptions to the general rule and practical issues to be considered by customers and suppliers, see Practice Note: Time of the essence. Legal Issues General comments What to watch out for Nature of the term: condition, innominate term or warranty Time will be of the essence where the parties expressly stipulate that time will be of the essence. If time is of the essence, a delay may give rise to the right to terminate the contract and a right to recover damages.In the absence of express wording, for time to be of the essence it must be a condition of the contract. If the provision dealing with time is construed as an innominate term or a warranty, it...

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EU GDPR—personal data breach notification—flowchart

EU GDPR—personal data breach notification—flowchart The EU’s General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR) is directly applicable and fully enforceable in EU and EEA states. This Flowchart focuses on personal data breach notification under the EU GDPR. It covers: • a summary of the overarching obligations • key guidance • types of personal data breaches • the flowchart of notification requirements • general examples of personal data breaches and who to notify • detailed examples of personal data breaches and who to notify The EU GDPR includes the following definition of a personal data breach: ‘…a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data transmitted, stored or otherwise processed.’ Overarching obligations In summary, among other things, the EU GDPR provides that: • data processors must notify the data controller without undue delay after becoming aware of a personal data breach • unless the personal data breach is unlikely to result in a risk to the rights...

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Local housing companies

Local housing companies Housing delivery Over a number of years the term local housing company (LHC) has had various meanings in the context of housing delivery vehicles. It was first used post Housing Act 1996 in the context of large scale voluntary transfer of urban estates to a company which had equal representation of the local housing authority (LHA), tenant and independent members and often attracted Government subsidy for example, from the then Estates Regeneration Challenge Fund (ERCF). See Practice Note: Housing stock transfer. The term LHC appeared again in the Housing Green Paper, 'Homes for the future: more affordable, more sustainable', in July 2007. The model on this occasion as envisaged by English Partnerships (subsequently the Homes and Communities Agency and now Homes England), involved a 50:50 long-term corporate joint venture between the LHA and a private sector partner established to develop local authority land. The term LHC today is used to describe independent arms-length commercial organisations wholly or partly owned by LHAs which develop, buy...

Highways, street works and statutory undertakers

Highways, street works and statutory undertakers Street works at common law At common law it is a nuisance to interfere with the surface of a highway. When the nineteenth-century utility companies began work and used the highways as routes for their underground pipes and cables, many of them found that, without statutory authority and despite them being the most obvious routes, they were prevented by the courts from using the highways for their apparatus. The Sheffield Gas and Cambridge Gas cases illustrate the point. Street works—liability in negligence Even when authorised by statute to interfere with or use the highway for utility works and apparatus, the statutory undertakers and those with street works licences owe a duty of care to (other) highway users. There are often quite specific requirements in a street works licence about fencing off the excavation and about the managing of pedestrian and vehicular traffic past the works, but the common law requirements also apply. See, for example: • Holliday v National Telephone...

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Step-in rights and SRA compliance clauses: law firm outsourcing agreement

1 Definitions for Step-in rights and SRA compliance clauses: law firm outsourcing agreement Applicable Laws means: (a) the laws of England and Wales [and [insert other specific applicable laws, eg of other jurisdictions where the Services will be performed]]; (b) any other laws or regulations; (c) any industry codes, policies or guidelines issued by a Regulator as notified to Supplier by Customer from time to time in each case, as these are applicable to the performance of the Services; Confidential Information ...

Anti-bribery clause (short form)—construction contracts

Anti-bribery 1 Bribery Laws means the Bribery Act 2010 [and all other applicable UK legislation, regulations and codes in relation to bribery or corruption] [and any similar or equivalent legislation in any

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Can a limited partner of a private fund limited partnership (PFLP) also be the sole director and shareholder of the PFLP's general partner?

Can a limited partner of a private fund limited partnership (PFLP) also be the sole director and shareholder of the PFLP's general partner? For the purposes of this Q&A, it is assumed that: • the relevant private fund limited partnership (PFLP) is established in England • the PFLP’s general partner is appointed as the relevant authorised person to manage the PFLP under the Financial Services and Markets Act 2000 (FSMA 2000) • the PFLP is a collective investment scheme (CIS) as defined in FSMA 2000, s 235 Limited liability status Where a limited partner of a PFLP also serves as the sole shareholder and director of the PFLP’s general partner (GP), this may have an impact on the limited liability status of the limited partner concerned. A key feature of limited partnerships, including PFLPs, is that their limited partners enjoy limited liability status, provided that such limited partners do not participate in the management of the limited partnership business. Where the limited partner in question is the sole shareholder and...

Is there an implied obligation on the tenant to use appropriately qualified contractors or agents when carrying out repairs under a lease when a notice to repair under a Jervis v Harris clause is served?

Is there an implied obligation on the tenant to use appropriately qualified contractors or agents when carrying out repairs under a lease when a notice to repair under a Jervis v Harris clause is served? A Jervis v Harris provision will contain most if not all the following covenants on the part of the tenant: • to repair the demised premises • to permit the landlord to enter to inspect the state of repair • to carry out any work required in a notice by the landlord identifying defects discovered on inspection within a specified time • to permit the landlord to enter to carry out work which the tenant has failed to carry out pursuant to such a notice • to pay the cost of the landlord carrying out such work The advantages to the landlord include the following: • it avoids the need to forfeit • there is no need for a section 146 of the Law of Property Act 1925 notice • the Leasehold Property (Repairs)...

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BHP to face £36bn trial in London over Brazil dam collapse

Law360, London: A highly anticipated trial that will pit some 640,000 Brazilian claimants against mining giant BHP over the collapse of a dam opens in London on 21 October 2024 and could set in motion a raft of claims against global companies over their environmental records.

Corporate Crime weekly highlights—17 October 2024

This week's edition of Corporate Crime weekly highlights includes analysis of the positive change that the UK’s new failure to prevent fraud offence may bring in targeting corporates who profit from the crime, of the implications of the first FCA crypto ATM crackdown and of the new duty for employers to prevent sexual harassment in the workplace. Also included is news of the launch of OTSI and the announcement of a new service to apply for sanctions licences for trade services, of certain provisions of the Investigatory Powers (Amendment) Act 2024 coming into force and of the updated guidance from the G7 on preventing Russian evasion of export controls and sanctions. All this, and more, in this week’s Corporate Crime highlights.