Opt-in to EU policy area meaning

This timeline shows key developments relating to the UK securitisation regime from January 2024 onwards For earlier milestones, see EU and UK Securitisation Regulations—timeline [Archived]. On 1 November 2024, Assimilated Regulation (EU) 2017/2402 (the UK Securitisation Regulation) no longer applied in the UK, and new securitisation rules issued by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) came into effect. For insight into the revised UK framework, see Practice Note: The UK securitisation regime. 2026 17 February 2026 — PRA/FCA CP2/26 – Reforms to securitisation requirements; CP26/6: Rules for reforming the UK Securitisation Framework; Applying the FSMA 2000 model of regulation to the Capital Requirements Regulation The PRA and FCA have opened consultations on changes to the UK securitisation framework. The FCA suggests simplifying reporting, disclosure and due diligence obligations. The PRA intends to lessen firms’ compliance load by making the regime less prescriptive and adjusting the capital treatment of loans under the Mortgage Guarantee...

'Twin peaks' regulatory structure The 2007–2008 financial crisis prompted a sweeping overhaul of the UK’s supervisory framework. The new model, effective from 1 April 2013, is widely referred to as ‘twin peaks’ regulation. Under this arrangement, responsibilities are divided between: Prudential oversight — undertaken by the Prudential Regulatory Authority (PRA) for insurers, banks, building societies, credit unions and systemically important investment firms. Conduct supervision — undertaken by the Financial Conduct Authority (FCA), which also carries out prudential regulation of investment firms that are not systemically important. The framework also encompasses the Bank of England (the Bank) and its Financial Policy Committee (FPC), and the Payment Systems Regulator (PSR), a subsidiary of the FCA that began operating in 2015. For a visual outline, see Practice Note: Regulatory structure diagram. For more on the UK regulators, see Overview: UK regulators—financial services—overview, and for how they interact with each other and non-UK regulators, see Practice Note: Interaction between the PRA, FCA and FPC...

This timeline highlights key developments within the UK prudential framework for banks and designated investment firms from January 2024 onwards. For earlier milestones, see: Capital Requirements Directive IV (CRD IV) and Capital Requirements Regulation (CRR)—timeline [Archived]... 2026 17 March 2026 — Prudential Regulation Authority (PRA) Speech: Phil Evans on modernising the liquidity framework for banks and building societies PRA unveils liquidity reform proposals Document: CP5/26—Modernising the liquidity policy framework The PRA has issued consultation paper CP5/26—Modernising the liquidity policy framework, outlining measures to ensure banks can rapidly monetise high-quality liquid assets during swift stress episodes, such as the 2023 Silicon Valley Bank collapse. Comments are requested by 17 June 2026. In remarks on the plans, the PRA’s Phil Evans said the focused and proportionate changes would enhance firms’ capacity to realise assets and sharpen operational readiness...

Competition policy Commission publishes report on enforcement of EU antitrust and merger control rules in the pharmaceutical sector between 2018–2022 The Commission has issued a report on competition enforcement—covering antitrust and merger control—in the pharmaceutical sector, outlining the activities undertaken by the Commission and national competition authorities during 2018 to 2022. It updates an earlier 2019 report that examined the period from 2009 to 2017. Alongside a broad overview of enforcement in pharmaceuticals, the report describes the sector’s key features that guide competition assessments and, through concrete and practical examples, clearly demonstrates how competition law action protected undertakings and consumers, including in the course of the Covid-19 crisis...

Antitrust Court of Justice issues judgment in national reference from the Netherlands proposing that parity clauses are not ancillary restrictions for the purposes of EU competition law The Court of Justice has delivered its judgment in Case C- 264/23 Booking,com BV and Booking.com (Deutschland) GmbH v 25hours Hotel Company Berlin GmbH and Others, concerning a Dutch reference seeking clarification on whether wide and narrow parity clauses are ancillary restraints under Article 101(1) TFEU. The reference seeks guidance on their classification within EU competition rules under Article 101(1) of TFEU. Background Booking.com BV runs an online hotel reservation platform. Up to 2015, its agreements contained wide price parity obligations that stopped hotels from advertising cheaper room rates via their own direct channels and any other outlets, including rival online travel agencies (OTAs). Thereafter, Booking.com moved to narrow price parity undertakings, which bar hotels from offering lower prices through their direct sales channels; the Federal Court of Justice of Germany nonetheless held these also restrict competition. Booking.com and other...

Competition policy The Commission has issued a Competition Policy Brief concerning legal professional privilege in competition law investigations, restating its position that this protection should not be widened to encompass in-house lawyers, and confirming that LPP should not extend to company-employed legal advisers either...

Resource Note This Resource Note signposts key commentary, analysis and materials to aid interpretation and offer practical direction on using Chapter 2 of the Disclosure Guidance and Transparency Rules (DTR 2). Where relevant, it draws on: the Financial Conduct Authority (FCA) Handbook FCA Knowledge Base—Procedural and Technical notes (formal guidance binding on the FCA) FCA consultation and discussion papers, policy and feedback statements, and warnings Primary Market Bulletins and other FCA publications legacy UKLA technical and procedural notes and the UKLA’s newsletter List!, where still pertinent assimilated EU legislation EU Directives and EU Regulations, where helpful to construing a provision Lexis+® UK analysis and resources Setting the scene What it covers: DTR 2 prescribes the framework for issuers to disclose and manage inside information, supporting timely and even-handed release of market-sensitive information. It also identifies specific situations permitting a delay to public disclosure of inside information, together with the safeguards required to keep such information...

This Resource Note spotlights commentary, analysis and materials to aid interpretation and give practical guidance on applying Chapters 1, 1A, 1B and 1C of the Disclosure Guidance and Transparency Rules: DTR 1, DTR 1A, DTR 1B and DTR 1C respectively. Materials referenced here include, where pertinent: the Financial Conduct Authority (FCA) Handbook FCA Knowledge Base guidance—Procedural notes and Technical notes (constituting formal guidance and binding on the FCA) FCA consultation papers, discussion papers, policy statements, feedback statements and warnings Primary Market Bulletins and other FCA publications former UKLA technical and procedural notes and the UKLA newsletter List!, where still relevant to interpreting or applying a provision assimilated EU legislation EU Directives and EU Regulations, where relevant to interpreting a provision Lexis+ UK analysis and resources Setting the scene What it covers: DTR 1 sets out the Disclosure guidance, explaining its scope and purpose; DTR 1A sets out the transparency rules with their scope and purpose;...

NOTE—to check whether notification thresholds in Vietnam and worldwide are triggered, please consult: Where to Notify. 1. Have there been any recent developments regarding the Vietnamese merger control regime and are any updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in Vietnam? In 2020, Vietnam promulgated Decree 35 on Detailed Regulations for Implementation of the Law on Competition dated 24 March 2020 (Decree 35), which became effective on 15 May 2020. This marked a pivotal step in putting into operation the competition framework envisaged under the Law on Competition dated 12 June 2018 (Competition Law). The body designated under the Competition Law, the Vietnam Competition Committee (VCC), was established on 1 April 2023 and from that date assumed responsibility for the merger control regime. Decree 35 introduced the following clarifications to merger control: Notification thresholds, under which a transaction must be notified where: the total assets or turnover in Vietnam of...

Insert the following definitions as new definitions into clause 1 of Precedent: Share purchase agreement—pro-seller—individual sellers—unconditional—long form: 1 Definitions and interpretation Sanctioned Activity • any conduct subject to sanctions set by a Sanctioning Body; Sanctioning Body • the UK, USA, EU and any other relevant authority imposing/administering sanctions; Sanctioned Entity • any person or entity that is, or is owned/controlled (directly or indirectly, per Sanctions Laws) by, a party sanctioned or listed by a Sanctioning Body; Sanctions Laws • all applicable law on Sanctioned Activities binding any Party or this Agreement’s performance; Sanctions Policy • the Sellers’ sanctions policy in Appendix [ insert Appendix number ], as updated and notified to the Buyer; 1.2 The Sellers and the Group Companies, as at the date of this Agreement and throughout its term: are not Sanctioned Entities; have not been notified of any investigation into a Sanctioned Activity; are unaware of Business circumstances that could give rise...

1 Consider seeking external advice Recognising fully how intricate many sanctions frameworks are; the risk that offences may span several jurisdictions, and nuanced issues arising in relation to privilege and in‑house counsel, it is often prudent to obtain specialist guidance from external solicitors promptly at the earliest opportunity once any breach is identified. 2 Cease dealing with the sanctioned entity/person/funds etc Stop all dealings with any sanctioned entity/person/funds etc immediately. Hold the transaction, but do not return funds to the sanctioned entity or person. Where funds have reached the UK from a designated person outside the EU, government policy mandates that those funds are frozen on entry to the UK...

This Precedent sets out a broad template for a website privacy policy, informing data subjects about how a site operator gathers personal data, the lawful grounds for processing, subsequent uses and potential recipients. It has been prepared to meet the EU GDPR’s information and transparency obligations, taking account of guidance from the European Data Protection Board (EDPB). The website privacy policy sits within a wider collection covering website terms of use, e‑commerce, privacy and cookies. Where cookies or similar tools are deployed, a distinct cookie policy is required. See Precedent: Ireland—Cookie policy. EU GDPR and UK GDPR Designed for commercial organisations established in Ireland, this Precedent reflects EU GDPR requirements. It also offers optional clauses for Irish organisations that maintain a UK establishment and/or provide goods or services to, or monitor the behaviour of, people in the UK, bringing them within the scope of equivalent UK data protection laws. The UK GDPR and EU GDPR regimes are largely consistent...