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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 21 November 2019. This week’s edition of Financial Services highlights provides an aggregation of the news reported by the Lexis®PSL Financial Services team over the past week and includes (1) news items relating to the UK’s decision to leave the EU (2) updates from UK, EU and international regulators (3) updates from industry bodies and market participants (4) new and updated content and (5) dates for your diary from Financial Services.
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This week's edition of Financial Services weekly highlights includes: the FCA’s eight portfolio letters on implementation of the Consumer Duty; HM Treasury’s proposed exemption for crypto promotions; HM Treasury’s and the BoE’s plans for a ‘digital pound’; the PRA’s proposals for dealing with
Micklefield clausesWhat is a Micklefield clause?It is common for employee share plans to provide that, on termination of employment (or when an employee is given or receives notice of termination of employment), subsisting share awards will be forfeited and subsisting share options will lapse.It is
Financial clean break orders in family proceedingsDuty of the court to consider a clean breakAlthough there is no presumption in favour of there being a financial clean break between parties on divorce, the court is under a duty to consider whether it would be appropriate to exercise its powers so
Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid
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