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Bank Recovery and Resolution Directive (BRRD)—timeline [Archived]

Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived.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...

Cyber security for financial services firms—regulatory and industry initiatives—timeline

Cyber security for financial services firms—regulatory and industry initiatives—timeline Cybersecurity is the infrastructure of technologies, processes and practices used to protect networks, data and technology from unauthorised access. Cybersecurity measures adopted by organisations need to guard against breaches motivated by malicious intent (whether that is financial crime, cyber terrorism, industrial espionage, hacktivism or state-sponsored attacks), or through unfortunate incidents. The ability of malicious third parties to successfully penetrate and damage an organisation is growing. This means that the security of a financial services firm’s network and the safety of its data is increasingly important, and cyber security is the focus of a number of regulatory and industry initiatives. Key dates and publications—2024 Date Description 7 November 2024 ABI and Lloyd’s of London published Components of a major cyber event: a (re)insurance approach, a guide for (re)insurers on how to approach defining a major cyber event. 31 October 2024 The FCA published a webpage containing its insights, observations and key lessons from how firms responded to the CrowdStrike outage and...

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Liquidated damages v penalty clause—checklist

Liquidated damages v penalty clause—checklist As seen in Practice Note: Contract interpretation—distinguishing between liquidated damages and penalty clauses, the task of determining whether or not a liquidated damages clause may be held to be unenforceable as a penalty is not always an easy one. While it will be a matter of construction for the courts in each case, there are a number of factors to consider when analysing the scope of an alleged liquidated damages clause and whether or not it may be susceptible to challenge as a penalty. If drafting a liquidated damages clause, it is essential that you keep these factors in mind in drafting the clause (and its relationship with related clauses). See: • Drafting and negotiating a liquidated damages clause—checklist • Precedent: Liquidated damages clause For specific consideration of how clauses in commercial contracts which provide for ‘default interest’ have been considered in the authorities, see: • Penalty interest rates in commercial contracts • Contract interpretation—distinguishing between liquidated damages and penalty clauses—When might default interest be...

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Money Laundering Regulations 2017—CDD quick reference guide—individuals

Money Laundering Regulations 2017—CDD quick reference guide—individuals Client due diligence (CDD) is a central pillar of the anti-money laundering (AML) and counter-terrorist financing (CTF) regime. CDD requirements underpin the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. Counter-proliferation financing is the most recent addition to the long-established AML and CTF regime. Requirements in relation to counter-proliferation financing were introduced through amendments to the MLR 2017 and include in relation to systems and controls, risk assessment, etc. No specific counter-proliferation financing requirements were added in relation to CDD, and existing CDD provisions in the MLR 2017 were not amended to include mention of proliferation financing. As things stand, therefore, counter-proliferation financing is not covered in this Practice Note. For more information, see Practice Note: Counter-proliferation financing—CPF—the basics. Where the MLR 2017 apply (see Practice Notes: Money Laundering Regulations 2017—scope and application—law firms), conducting CDD is an absolute requirement. It is not in itself subject to the risk-based approach....

Procedural guide—applications for a financial remedy: final hearing (standard procedure)

Procedural guide—applications for a financial remedy: final hearing (standard procedure) This Procedural Guide sets out steps for the standard procedure under the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, Pt 9, Ch 4 (SI 2010/2955, 9.12–9.17). For practical guidance on proceedings to which the fast-track procedure under FPR 2010, SI 2010/2955, Pt 9, Ch 5 (SI 2010/2955, 9.18–9.21A) applies, see Practice Note: Fast-track (shortened) financial remedy procedure. A ‘Statement on the efficient conduct of financial remedy hearings in the Financial Remedies Court below High Court judge level’ was issued in January 2022 by the Financial Remedies Court national lead judge, Mostyn J, and the deputy national lead judge, HHJ Hess, together with a Primary Principles document (replacing the previous Good Practice Guide) and templates for a composite case summary and schedule of assets and income. See Practice Notes: The Financial Remedies Court, Financial remedy proceedings allocated below High Court judge level and Evidential issues for the final hearing of an application for a financial remedy. For practical guidance on...

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Letter to client enclosing order made at first appointment

Letter to client enclosing order made at first appointment Dear [insert client name] Finances I enclose a copy of the order made by [deputy] [district] judge [insert name] at the first appointment at the [insert name of court] on [insert date]. The order provides that: • you and your [former] [husband OR wife OR civil partner] are to reply to questionnaires by [insert date]. • [a letter of instruction to a single joint expert to provide evidence on [insert details, for example, the value of a property or business] has to be agreed by [insert date]] • [the letter of joint instruction must be sent to the single joint expert by [insert date]] • [the single joint expert must file their report by [insert date]] • your case has been listed for a financial dispute resolution (FDR) hearing on [insert date] at [insert time] at [insert name of court]. You should attend court at [insert time], an hour earlier than the...

Lease of a rooftop area to an electronic communications operator—new code

Lease of a rooftop area to an electronic communications operator—new code HM Land Registry Prescribed Clauses [ LR1. Date of the lease [date] LR2. Title Number[s] LR2.1 Landlord’s title number [s] [title number(s) out of which this lease is granted. Leave blank if not registered] LR2.2 Other title numbers [existing title number(s) against which entries of matters referred to in LR9, LR10, LR11 and LR13 are to be made] LR3. Parties to this lease Landlord [[OPTION 1 — name of Landlord (not an overseas entity)] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address]OR[OPTION 2 — name of Landlord (overseas entity)] [incorporated OR formed] in [territory of incorporation/formation] (registration number [number]) [and registered at Companies House (company registration number BR[number])] (overseas entity ID [[number] OR not required]) whose registered office is at [address]] Tenant [[OPTION 1 — name of Tenant (not an overseas entity)] [of OR incorporated in...

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A husband and wife have created mutual Wills to the effect that they will not revoke their Will after the death of the first to die if it is then unamended and unrevoked, with no mention of what should happen during their lifetime or notice being given. One spouse has lost capacity. Can notice be served by the spouse that retains capacity to revoke the mutual Will?

A husband and wife have created mutual Wills to the effect that they will not revoke their Will after the death of the first to die if it is then unamended and unrevoked, with no mention of what should happen during their lifetime or notice being given. One spouse has lost capacity. Can notice be served by the spouse that retains capacity to revoke the mutual Will? Mutual Wills Mutual Wills are Wills executed by at least two individuals as a consequence of an agreement between the parties to create irrevocable interests in favour of ascertainable beneficiaries. Re Dale provides: 'The doctrine of mutual wills is to the effect that where two individuals have agreed as to the disposal of their property and have executed mutual wills in pursuance of the agreement, on the death of the first (“the first executor”) the property of the survivor (“the second testator”), the subject matter of the agreement is held on implied trusts for the beneficiary named in the Wills....

Where replacement executors need to apply for a grant in place of the executor who initially obtained a grant of probate and has since lost capacity, what application should be made?

Where replacement executors need to apply for a grant in place of the executor who initially obtained a grant of probate and has since lost capacity, what application should be made? This Q&A assumes that the executor who has lost capacity had obtained a grant of probate and had partially administered the estate. The new application will be for a grant de bonis non for the use and benefit of the grantee who lacks capacity, limited while they lack capacity, unless the new grantee is an executor to whom power had been reserved in the original probate application, in which case, an ordinary grant of double probate will issue, with a note referring to the lack of capacity of the other proving, or sole surviving proving, executor. See: • Practice Note: The type of grant needed—Grants de bonis non • Commentary: Lack of mental capacity of sole grantee: Tristram and Coote's Probate Practice [17.64] • Q&A:

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Home Office strengthens MAC to address rising net migration

The Home Office has announced significant changes to the Migration Advisory Committee (MAC) as part of its strategy to reduce net migration. From January 2025, Professor Brian Bell will assume the role of full-time Chair, while Dr Madeleine Sumption will become Deputy Chair. The MAC will collaborate with Skills England, the Department for Work and Pensions, and the Industrial Strategy Council to develop evidence-based approaches to reduce international recruitment and prioritise the domestic workforce. Additionally, the MAC will conduct regular reviews of skills shortages in key sectors, particularly IT and engineering, and provide yearly assessments to the government. These changes align with the government's commitment to introduce an Immigration white paper in 2025, outlining further plans to reduce legal migration and address the fourfold increase in net migration over the past five years.

What comprises an ‘unregistered company’ under section 220(1) of the Insolvency Act 1986? (East Riding of Yorkshire Council v KMG)

Restructuring & Insolvency analysis: KMG (the Fund) is an investment fund located in and subject to the laws of Luxembourg. The Fund offers the opportunity to invest in dedicated sub-funds. KMG SICAV-GB Strategic Land Fund (the Sub-Fund) was such a sub-fund, concerned in investing in the UK property market. The petitioner is a local council, acting in its capacity as administrator of a pension fund. The petitioner invested in the Sub-Fund. The Sub-Fund was liquidated in Luxembourg. The petitioner presented a petition to wind up th e Sub-Fund (the Petition) pursuant to sections 220 and 221 of the Insolvency Act 1986 (IA 1986), asserting that (i) the Sub-Fund was an unregistered company within the meaning of IA 1986, s 220(1), (ii) it had standing to present the Petition as a contingent creditor; and (iii) the court ought to exercise its discretion to wind up the Sub-Fund. In a judgment handed down in May 2024 (East Riding of Yorkshire Council as administrating authority of the East Riding Pension Fund v KMG...