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Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived.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

GAAR guidance: examples of non-abusive transactions—checklist

GAAR guidance: examples of non-abusive transactions—checklist The GAAR guidance aims to help interpret and apply the general anti-abuse rule (GAAR). This is why the GAAR guidance includes in Part D various examples to illustrate the types of arrangements HMRC considers should escape the GAAR and those which it considers should be caught by the GAAR. The current version of the GAAR guidance, as well as previous versions of the guidance, are available online (see: GAAR guidance). Part D of the GAAR guidance (which is dated 11 September 2020) contains the majority of the illustrative examples, but some are found in other parts of the guidance too. For ease of reference, the table in this Checklist: • pulls together • in one place • a list of the arrangements: ◦ referred to in any part of the GAAR guidance ◦ in respect of which HMRC has indicated it would not pursue counteraction under the GAAR (although note that much of the legislation underlying the examples has changed since the examples were...

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When is a break fee permissible on a takeover transaction?—flowchart

When is a break fee permissible on a takeover

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Modern slavery—key performance indicators

Modern slavery—key performance indicators Section 54(5) of the Modern Slavery Act (MSA 2015) identifies six categories of information that may be included in an organisation’s slavery and human trafficking statement. One of these categories is information on the organisation’s effectiveness in ensuring slavery and human trafficking is not taking place in its business or supply chains, measured against such performance indicators as it considers appropriate. UK Home Office guidance on the transparency in supply chains provisions in MSA 2015, s 54 (Home Office guidance) goes further and states that organisations can report on key performance indicators (KPIs) in two broad ways by providing information on: • existing KPIs and whether they make their business or supply chains more vulnerable to modern slavery, eg by incentivising poor behaviours, and • KPIs introduced to measure progress and performance of anti-slavery measures undertaken Existing KPIs that may incentivise poor labour conditions include: • requiring unrealistically quick turnaround from suppliers • last-minute orders that stretch supplier capacity • unreasonable pressure on pricing KPIs that...

The remittance basis—business investment relief—qualifying investments

The remittance basis—business investment relief—qualifying investments STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime At Spring Budget 2024 on 6 March 2024, the government announced that it will abolish the remittance basis of taxation and replace it with a residence-based regime, to commence on 6 April 2025. Individuals who opt into the regime will not pay UK tax on foreign income and gains for the first four years of tax residence. Overseas Workday Relief (OWR) will also be reformed with eligibility for the relief based on the new regime. The government has also announced an intention to move to a residence-based regime for inheritance tax, with plans to publish a policy consultation on these changes, followed by draft legislation for a technical legislation, later in 2024. For further information, see Spring Budget 2024—Private Client analysis — International and Spring Budget 2024 (web) (paras 2.38 and 5.29) and OOTLAR (para 2.3). Since 6 April 2012 remittance basis foreign income and gains can be brought to...

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Property due diligence report—share or asset purchase

Property due diligence report—share or asset purchase A. Executive summary 1 Scope of review For the purposes of this report we have reviewed the following properties [insert details of the properties], (the ‘Properties’). 2 Basis of the review 2.1 Information relating to the Properties for the purposes of conducting our due diligence exercise and preparing our report has been sourced from the following: 2.1.1 documents provided in the due diligence [data room OR files] as set out in the index in Schedule...

Re-measurement clause

Remeasurement 1 [Gross Internal Area means the gross internal area of the Premises expressed in square [feet OR metres] and measured in accordance with the Royal Institution of Chartered Surveyors’ Property Measurement (2nd Edition). OR Net Internal Area means the net internal area of the Premises expressed in square [feet OR metres] and measured in accordance with the Royal Institution of Chartered Surveyors’ Property Measurement (2nd Edition).] 2 When the [frame OR shell OR [other relevant point of construction]] of each of the relevant parts of the Works i

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What is the logic, under the Loan Market Association leveraged facility agreement, for the split in conditions precedent (CP) between 'CPs to signing the agreement' and 'CPs to initial utilisation'? Further, in circumstances where a share sale and purchase agreement will be signed and the acquisition will complete on the same day, is such a split in CPs under the facility agreement necessary?

What is the logic, under the Loan Market Association leveraged facility agreement, for the split in conditions precedent (CP) between 'CPs to signing the agreement' and 'CPs to initial utilisation'? Further, in circumstances where a share sale and purchase agreement will be signed and the acquisition will complete on the same day, is such a split in CPs under the facility agreement necessary? The convention of splitting conditions precedent (CPs), into ‘CPs to signing the agreement’ and ‘CPs to initial utilisation’, reflects the fact that company acquisitions typically involve a split ‘exchange’, where the key documents are executed and the parties commit to the transaction (subject to certain conditions), and completion, where the money moves and the company or group legally changes hands. Certain CPs, such as corporate authorities, can be given prior to signing, while CPs such as security by the target group can’t be given until completion (the documents can be

Could a clause requiring consultants to pay back any shortfall in their billing target be treated as a penalty clause?

Could a clause requiring consultants to pay back any shortfall in their billing target be treated as a penalty clause? This Q&A examines liquidated damages and penalty clauses in the context of the following example scenario: The NHS pays a dental practice a set amount per year for the treatments it provides. If the practice doesn't meet its target, it must pay the shortfall to the NHS. Under the relevant dental consultancy agreement, dentists have an annual treatment target and get paid for each treatment performed. If the contract is terminated early, there is a clause which provides that the practice may require the consultant to pay back any shortfall in their pro-rated treatment target, to the extent that the shortfall has not been performed by any other consultant as at the date of termination. The question is, could a clause requiring consultants to pay back any shortfall in their billing target be treated as a penalty clause? Contractual liquidated damages clauses (a clause where the...

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Environment weekly highlights—17 October 2024

This week's edition of Environment weekly highlights includes: news analysis on South Lakeland Action on Climate Change—Towards Transition v Secretary of State for Levelling Up, Housing and Communities, in which permission for a proposed ‘net zero’ coal mine was quashed. Friends of the Earth has also confirmed this week that West Cumbria Mining have missed the deadline to appeal the decision. In addition, this week Dan Corry, has been appointed to conduct an internal review of the regulation and regulators within the Department for Environment, Food and Rural Affairs (Defra), the Department for Business and Trade (DBT) has launched a consultation on the development of a new Industrial Strategy, the UN Climate Change (UNCC) has announced the publication of two key standards to operationalise a new UN crediting mechanism ahead of COP29. Further, the Office for Environmental Protection (OEP) has published a report on the drivers and pressures affecting nature in Northern Ireland. DESNZ has published the response to its consultation on the climate change agreement scheme and Defra has...

EU Law weekly highlights—17 October 2024

This week's edition of EU Law weekly highlights includes an analysis of the Court of Justice decision that competitors are entitled to bring an injunction claim based on infringement of the EU GDPR and on the European Commission’s talks with individual Chinese EV makers on alternative to duties solutions. In addition, this week the Council of the EU has adopted its final position on the Cyber Resilience Act, updates to EU product liability rules, the Platform Work Directive, revisions to the EU CLP Regulation, a recast Directive of the Ambient Air Quality Directives, and a new designs protection legislation package. The Council has also agreed to extend the application timeline for the EU Deforestation Regulation and published its conclusions on the EU’s negotiating positions for COP29 and COP 16. Further this week, the European Securities and Markets Authority issued the first consolidated report on sanctions, and the European Medicines Agency opened a consultation on revisions to its policy on handling competing interests among scientific committee members and experts.