What does PRA mean? In legal practice, “PRA” refers to the UK Prudential Regulation authority, the prudential supervisor within the Bank of England responsible for the safety and soundness of banks, building societies, credit unions, insurers and certain designated (systemically important) investment firms. The PRA was established by the Financial Services Act 2012 and operates under the Financial Services and Markets Act 2000 (FSMA). Its statutory objectives include promoting the safety and soundness of PRA-authorised firms and, for insurers, securing an appropriate degree of protection for policyholders. The PRA sets prudential requirements (via the PRA Rulebook) on capital, liquidity, governance and risk management,...
Read More
This PrACTice Note sets out the principal features of Assimilated Regulation (EU) 648/2012 (UK EMIR), namely: (1) the clearing obligation, (2) the duty to report trades, (3) margin rules for non‑centrally cleared over‑the‑counter (OTC) derivatives, and (4) further risk mitigation for uncleared transactions, including timely confirmation, portfolio reconciliation, portfolio compression, and dispute resolution.
Section 1(1) and Schedule 1 Part 1 of the Financial Services and Markets Act 2023 (FSMA 2023) empower the revocation of UK EMIR on a date, or dates, to be set by HM Treasury; no such date has been set to date.
UK EMIR is the leading UK instrument regulating the OTC derivatives market. Its core elements are:
When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...