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This is a type of regulated investment as defined in article 74 of the regulated activities order.
This is a sum of money paid on terms under which it will be repaid, with or without interest or a premium, either on demand or at a time agreed between the person making the payment and the person receiving it. The Article 7 exclusion excludes sums received by all practising solicitors if a deposit is received in the course of business.
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Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived. For developments from January 2024 onwards, see EU Bank Recovery and Resolution Directive—timeline if they relate to the EU BRRD, or UK bank recovery and resolution regime—timeline if they relate to the UK bank recovery and resolution regime, For further guidance on the EU BRRD, see Practice Note: Bank Recovery and Resolution Directive (BRRD)—essentials. For further guidance on the UK bank recovery and resolution regime, see Practice Note: The UK bank recovery and resolution regime. Date Source Document Description 20 December 2023 European Banking Authority The EBA publishes amendments to disclosures and reporting on MREL and TLAC The European Banking Authority (EBA) has published its final draft implementing technical standards (ITS) on amendments to disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC). The amendments reflect the new requirement to deduct investments in eligible liabilities instruments of entities belonging to the same resolution group, the...
FCA consultation paper tracker—2017 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Payment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out their policy decision on the way they will collect PSR regulatory fees in 2018/19 and in subsequent years, and consulting further on the proposed fees allocation method. 15 December 2017 26 January 2018 Handbook Notice 53 (23 March 2018)CP18/8 (23 March 2018) Consumer credit, mortgage and home finance CP17/43: Credit card market study: Persistent debt...
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Terminating an assured shorthold tenancy under section 21 of the Housing Act 1988–flowchart This Flowchart sets out the procedure for terminating an assured shorthold tenancy (AST) under section 21 of the Housing Act 1988 (HA 1988) using the standard possession procedure, including the timing for serving a section 21 notice, issuing proceedings and stages in the proceedings leading to an order for possession. Where HA 1988 applies, unless a tenant agrees to vacate a property voluntarily, a landlord can only recover possession by following the procedures set out in HA 1988, ss 8 or 21, by obtaining an order for possession and enforcing it. For further guidance, see Practice Note: Assured and assured shorthold tenancies—terminating. HA 1988, s 21 allows a landlord to bring a fixed term AST to an end on giving the tenant at least two months’ written notice, on the exercise of a break notice during a fixed term or at the end of, or after the end of a fixed term tenancy. It also applies to...
Excluded property from 6 April 2017—flowcharts These flowcharts are designed to help determine if an asset is excluded property for the purposes of UK inheritance tax (IHT) on or after 6 April 2017. The flowcharts consider whether an asset is excluded property or not, depending on the situs of the property and the domicile of the beneficial owner or settlor as appropriate. However, the detailed provisions relating to excluded property should be referred to and practitioners should also consider whether a double tax treaty may apply to override the excluded property regime depending on the particular circumstances of a matter. See Practice Note: Double taxation relief—summary. Conversely, unilateral relief from IHT may apply where a tax of a similar nature has already been levied in respect of the same asset by a foreign tax authority. For further information, see Practice Notes: Excluded property trusts—key events affecting IHT status and Situs of assets for succession and IHT. Situs of property The situs of an asset is important for determining the...
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Background to the regulated activity of accepting depositsUnder section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), a person cannot carry out regulated activities in the UK unless that person is authorised or exempt. This is known as the general prohibition. For more information about the general prohibition and its territorial scope, see Practice Notes: The general prohibition and implications of its breach and Territorial scope of the general prohibition.'Regulated activities' are defined as including specified activities carried on by way of business that relate to ‘specified investments’ or property of any kind to which the specified activity relates. ‘Specified’ for these purposes means specified by HM Treasury. The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO) sets out a number of activities and investments which are so specified. For further information on what constitutes regulated activities, see Practice Note: What are regulated activities? For more information about what 'by way of business' means in relation to insurance, see Practice Note: What does 'by...
Scope of this Practice NoteThe exemptions to the financial promotion restriction are contained in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, SI 2005/1529 (FPO), as has been amended from time to time (eg by the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, SI 2019/632). For more information about the financial promotion restriction, see Practice Note: The financial promotion regime—essentials.The FPO exemptions apply to communications relating to all kinds of controlled activity. The FPO exemptions to the restriction are split into three different categories:•those applying all controlled activities (Pt IV)•those applying to deposits and insurance (Pt V), and•those applying to certain controlled activities (Pt VI)This Practice Note looks at the exemptions that apply to communications relating to deposits and contracts of insurance other than life policies. These exemptions can be combined with the exemptions for all controlled activities (FPO, SI 2005/1529, Pt IV, ss 12–20C). Broadly, the effect of the exemptions in Pt V is:•to remove the financial promotion restriction altogether in the case of real-time...
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Drafting notes for claim form in s 21 notice accelerated possession proceedings How to use these drafting notes A claim for possession of a residential property situated wholly or partly in England let on an assured shorthold tenancy (AST) using the accelerated possession procedure is made using Form N5B England. These drafting notes are for completing form N5B England only. Note that from 1 December 2022 ASTs and other forms of residential tenancies and licences of properties in Wales were replaced with occupation contracts under the Renting Homes (Wales) Act 2016. Existing ASTs became converted occupation contracts. For accelerated possession claims of residential properties situated in Wales, Form N5B Wales should be used. For further guidance, see Practice Note: Renting Homes (Wales) Act 2016—terminating standard occupation contracts and recovering possession. General points for issuing accelerated possession proceedings These drafting notes are designed to assist in completing form N5B England, which is the claim form where a private landlord has served a section 21 notice on the tenant...
Particulars of claim for defective hip replacement Claim No: [Insert] IN THE COUNTY COURT AT [insert location] Between [insert name]Â Â Â Â Â Â Â Â Claimant and [insert name]Â Â Â Â Â Â Â Â Defendant(s) __________________________________ PARTICULARS OF CLAIM ___________________________________ 1 The Defendant is a manufacturer of medical devices including prosthetic hip implants. 2 The Claimant was fitted with DEFG prosthetic total hip replacement implants (the Implants) to his [left side OR right side] on [insert date] at the [insert] Hospital. On [insert date] the Claimant underwent an x-ray, followed by blood tests which revealed elevated metal ions, and he was advised to undergo revision surgery, undertaken at [insert] on [insert date]. 3 The DEFG System comprised an acetabular implant, a femoral implant and a taper sleeve, each manufactured by the Defendant. The DEFG System was a metal on metal system meaning that all of the components and, in particular, the stem and acetabular cup were both made of metal components. 4 The Implants were designed, manufactured and supplied by the Defendant to another (for the purposes of...
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A guarantee agreement to a six-month Assured Shorthold Tenancy (AST) states that the guarantee also applies any renewals or extension of the fixed term. Following expiry of the original AST, a new AST is granted for an increased rent and a longer term. The guarantor was unaware of the new tenancy. Does the original guarantee apply to the new AST? It is unclear from this Q&A whether the original term of the Assured Shorthold Tenancies (AST) has expired, or that the new tenancy agreement is a ‘renewal or extension’. The Q&A states that a new tenancy has been granted (albeit at a higher rent than was paid in the original AST and for a further fixed term). Assuming the original term has expired, then the existing tenancy has come to an end and the new tenancy agreement creates a new relationship of landlord and tenant in which the (former) guarantor plays no part. While the
Is a letting agent bound to pass details of a settlement reached with a tenant to its landlord principal, in respect of the tenant’s claim for compensation/return of the deposit under section 214 of the Housing Act 2004? An agent is a person who has authority, whether express or implied, to enter into agreements or legal relations on behalf of their principal. The key to agency is the actual or ostensible authority to enter into such legal relations and if a person does not in fact have such authority, they are not an agent. Therefore, for example, estate agents are ordinarily not true agents, as they have no such authority to bind their principal without express authorisation to do so. It is unclear in this scenario what status the letting agent has and whether they are truly an agent. It is also unclear whether the claim under section 214 of the Housing Act 2004 (HA 2004), which entitles a tenant to claim the repayment of a deposit and compensation of...
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This week's edition of Environment weekly highlights includes: the Department for Environment, Food and Rural Affairs’s (Defra) implementing of the Deposit Scheme for Drinks Containers (England and Northern Ireland) Regulations 2025, SI 2025/67, to establish a deposit return scheme (DRS) for drinks containers in England and Northern Ireland,scheduled to launch on 1 October 2027, the announcement of several key commitments to the Environmental Audit Committee (EAC) aimed at achieving the government's net zero targets and Defra’s announcement to extend the Ivory Act 2018 (IA 2018) to include four additional species. In addition, this week the UK Green Building Council (UKGBC) has provided guidance on addressing operational carbon emissions in buildings, explaining the causes of these emissions and outlining strategies for their reduction and Defra has announced its decision to deny emergency authorisation for the use of Cruiser SB, a neonicotinoid pesticide containing thiamethoxam, on sugar beet in England for 2025.
This week's edition of Banking and Finance weekly highlights includes: (1) the High Court holds that BOS did not breach implied terms in facility agreements in relation to forced asset disposals; (2) ICMSA updates standard provisions for bondholder meetings with enhanced electronic consent wording; and (3) ESMA announces implementation of new regime for the reporting of OTC transactions.
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