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This Practice Note outlines the law concerning criminal recklessness. The subjective test for recklessness Certain statutory and common law offences allow the prosecution to prove mens rea through ‘recklessness’. Put simply, recklessness is where the accused takes an unjustified risk that results in unlawful harm or damage. The House of Lords in R v G reaffirmed the subjective approach to recklessness. Before R v G, two distinct tests were used, depending on the offence charged: Subjective recklessness from R v Cunningham: the prosecution had to establish that the accused personally foresaw the risk. Objective recklessness from R v Caldwell: the prosecution only needed to show that the risk would have been obvious to a reasonable person, without proving the accused themselves foresaw it. In R v G, the House of Lords concluded that the objective test could operate unfairly where a defendant did not foresee the
This Practice Note examines the remedy of rescission, explaining when and in what manner a contract can be unwound (at common law, in equity and under statute) and thereby terminated and brought to an end. It covers the consequences and effects of rescission, the principal grounds for setting aside an agreement (misrepresentation, mistake, undue influence, duress, non‑disclosure, fiduciary misdealing and bribery) and the main obstacles to claiming rescission—affirmation, the intervention of third‑party rights and the impossibility of restitution. For further guidance on rescission in the context of misrepresentation, see Practice Note: Misrepresentation—rescission as a remedy. There are many ways in which a contract may reach its end; see: Terminating contracts—how and when a contract ends—overview for a brief and accessible summary, with links to the related further practical guidance, including Practice Note: Termination and expiry of contracts. For a table
What is a res judicata? A res judicata is a determination by a court or tribunal with jurisdiction over the cause of action and the parties, which finally disposes of the issues decided so they cannot be litigated again by those bound, save on appeal. Final judgments entered by default or by consent fall within this concept, whereas rulings on purely procedural points and any decision lacking finality do not. The doctrine’s aim is to bring litigation to an end and shield parties from being harassed by the same dispute twice. in personam—binds the parties and their privies in rem—binds all persons, privy or otherwise (ie a judgment binding the whole world) A party may rely on res judicata: as an estoppel to defeat an opponent’s claim or defence; and/or as the basis of their own claim or
The offence of causing grievous bodily harm with intent Wounding or causing grievous bodily harm (GBH) with intent can be tried solely in the Crown Court on indictment. Elements of the offence Under the Offences against the Person Act 1861 (OATPA 1861), the prosecution must establish that the defendant unlawfully and maliciously: wounded with the intention of causing GBH, or caused GBH with that intention, or wounded intending to resist or prevent the lawful arrest or detention of any person, or caused GBH intending to resist or prevent the lawful arrest or detention of any person ‘Unlawfully’ and ‘maliciously’ Unlawfully The wounding or causing of GBH must be unlawful. Such conduct may be lawful if used: in self-defence in defence of another in defence of property for the prevention of crime where the victim gave express or implied consent For further information on these defences, see below:
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This Practice Note sets out the UK regime for insurance-linked securities ( ILS). It outlines what ILS are and identifies the requirements under: the Prudential Regulatory Authority ( PRA) Rulebook for Insurance Special Purpose Vehicles ( ISPVs); Section 284 of the Financial Services and Markets Act 2000 ( FSMA 2000); the Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001, SI 2001/544 ( RAO); the Risk Transformation Regulations 2017, SI 2017/1212 ( RTRs); and the Risk Transformation ( Tax) Regulations 2017, SI 2017/1271 ( RTRs Tax). What are insurance-linked securities? ILS are a risk management tool for insurance and reinsurance firms. Insurers typically address their exposure by entering into arrangements where: the insurer keeps its direct liability to its policy holders; and another firm receives sums corresponding to part of the premium paid by policy holders to the insurer; and is obliged to pay...
Summary of the UK GDPR regime This Practice Note condenses the UK GDPR framework. For a higher-level primer on UK data protection, see Practice Note: Data protection law—new starter guide. The UK data protection law collection assembles key guidance on this regime and is a recommended first stop for research. For information on the EU’s General Data Protection Regulation, Regulation ( EU) 2016/679, see Practice Note: The EU’s General Data Protection Regulation ( EU GDPR). This Practice Note covers: principal legislation substantive scope territorial reach core concepts data protection principles legal bases for processing special category personal data criminal conviction and offence data individual rights accountability and governance security personal data breaches international transfers of personal data exemptions the Information Commissioner data protection fees ...
Scope of this Practice Note This Practice Note explores the measures that have been adopted by the UK government and by financial watchdogs—particularly the Financial Conduct Authority ( FCA), the Bank of England ( Bo E) (including the Prudential Regulation Authority ( PRA)) and the Payment Systems Regulator ( PSR)—to foster innovation in the UK financial technology (fintech) market, and to do so within a well‑regulated framework. It outlines the leading financial innovations; charts the current position of the fintech sector and the successes achieved to date; considers the future prospects together with the associated risks linked to financial innovation; and sets out the regulatory approach that is intended to stimulate the development of, and investment across, the fintech industry. It also examines the part played by financial regulators in response to the growing use of artificial intelligence ( AI). Fintech covers a wide...
This Practice Note offers a comprehensive primer on the UK’s anti‑money laundering ( AML), counter‑terrorist financing ( CTF) and countering proliferation financing ( CPF) regime as it applies to financial services firms. It outlines: money laundering ( ML), terrorist financing ( TF) and proliferation financing ( PF) the AML/ CTF/ CPF framework for financial services, including the Financial Conduct Authority’s ( FCA) role the UK’s statutory AML/ CTF framework relevant FCA Handbook rules and guidance Joint Money Laundering Steering Group ( JMLSG) Guidance the responsibilities of a firm’s Money Laundering Reporting Officer ( MLRO) FCA AML/ CTF reporting obligations: REP‑ CRIM the Economic Crime ( Anti‑ Money Laundering Levy) a snapshot of key participants in the UK AML/ CTF landscape for financial services UK AML/ CTF legislative proposals, action plans and reforms...
The Sanctions and Anti- Money Laundering Act 2018 ( SAMLA 2018) SAMLA 2018 establishes the UK framework governing how international sanctions are applied and enforced. Brought in after Brexit, its aim is to support the UK’s continued adherence to international law, while giving the UK the agility to adopt or revise sanctions swiftly. It grants the Secretary of State authority to create sanctions regimes through secondary legislation, namely Statutory Instruments ( SIs). Consequently, the substantive detail of the UK’s sanctions regimes resides in SIs, particularly in regulations that are country-focused or thematic, rather than in SAMLA 2018 itself. The Act also permits regulations to be made concerning the enforcement of any prohibition or obligation imposed by a regulation. See Practice Notes: The UK sanctions framework under SAMLA 2018 and UK sanctions regimes currently in force......
The Export Credits Guarantee Department ( ECGD) is the UK’s official export credit agency and a government department, working with the Department for Business and Trade. It operates as UKEF, which supports UK exporters through guarantees, insurance, direct lending and unbiased guidance. UKEF is a key source of backing in periods of both financial calm and financial turmoil. For background on export credit agencies generally, see Practice Note: Export Credit Agencies and export credit support. Purpose of UKEF UKEF exists to boost UK exports by maintaining the competitiveness of British exporters against overseas competitors that benefit from their own export credit agency support, thereby helping to protect UK jobs and the wider economy. Its role is to complement, not compete with, the commercial market, aiming to ensure that no viable UK export falls through for lack of finance or insurance. Much of UKEF’s...
The Export Credits Guarantee Department ( ECGD) The UK’s official agency for export credit is the Export Credits Guarantee Department ( ECGD), which trades as UK Export Finance ( UKEF). UKEF forms part of central government. Its role is to advance UK exports by safeguarding the competitiveness of UK suppliers against overseas rivals that receive backing from their own export credit agencies. It achieves this by assisting UK exporters with guarantees, insurance, direct loans and unbiased guidance. This support is designed to keep UK businesses competitive in global markets. For further detail, see Practice Note: UK Export Finance ( UKEF). Lenders financing UKEF-supported exports, and UK exporters applying for UKEF assistance, must provide UKEF with information about the specific shipment and their wider business operations. Where that material is confidential or commercially sensitive, lenders and UK exporters will wish to be assured that the data...
This Practice Note sets out and summarises high-level guidance on the obligations for systematic internalisers ( SIs), reflecting updates introduced by the Financial Conduct Authority ( FCA) through Policy Statement PS24/14 on improving transparency for bond and derivatives markets, together with the Discussion Paper on the future of the SI regime, and PS25/17 on the SI regime for bonds and derivatives, as well as other consultation proposals. What are systematic internalisers and why are they regulated? Funds, insurers and other major investors generally have two principal routes for transacting in securities. They may execute on a trading venue where many buyers and sellers meet, or they may deal directly with an investment firm (ie trading OTC) which, when completing those trades, acts on its own account. In the latter case, the securities traded are drawn from, or added to, the investment firm’s own...
What is an equity derivative? Equity derivatives are contracts struck between two parties, or bought on an exchange, whose value arises from a company’s share price, a basket of shares, or a share index. They provide varied applications, giving investors flexible, cost‑effective access to movements in shares and equity markets that cannot be achieved through direct investment in the asset class. Traded over‑the‑counter ( OTC) or on exchange Include numerous structured equity products May be funded or unfunded Used mainly by funds and investors for speculation, and by end‑users and banks as commercial hedges Other uses also exist... Why use equity derivatives? They enable investors to gain the benefits of equity exposure without paying an upfront purchase price, stamp duty, and other taxes. Buying a derivative is typically cheaper than purchasing shares directly. Options, for example, require only a premium to be paid in advance to secure the right to buy or sell...
What is UK EMIR? This Practice Note sets out high‑level guidance on Assimilated Regulation ( EU) 648/2012, known as UK EMIR. In 2009, the G20 committed to reforms designed to enhance transparency and reduce systemic counterparty risk in the over‑the‑counter ( OTC) derivatives market. The European Market Infrastructure Regulation ( EU) 648/2012 ( EU EMIR) delivered most of these commitments in the EU and covers OTC derivatives, central clearing counterparties ( CCPs) and trade repositories ( TRs). The onshored version, UK EMIR, applies within the UK. Practice Note: EU EMIR and UK EMIR—comparison offers a navigation aid for examining UK EMIR by setting it alongside the corresponding provisions of the EU EMIR regime. Under section 1(1) and Schedule 1 Part 1 of the Financial Services and Markets Act 2023 ( FSMA 2023), UK EMIR is to be revoked from a date, or dates, to be...
UK EMIR—key requirements Assimilated Regulation ( EU) 648/2012 ( UK EMIR) is the main UK regime overseeing the over-the-counter ( OTC) derivatives market. It centres on: an obligation for specified counterparties to clear certain standardised OTC derivatives via a central counterparty ( CCP)—see Practice Note: UK EMIR—essentials — Clearing obligation an obligation to submit derivatives contracts to a trade repository ( TR)—see Practice Note: UK EMIR—essentials — Trade reporting obligation margin rules for non-centrally cleared OTC derivatives traded by certain counterparties—see Practice Note: UK EMIR—essentials — Margin requirements, and further risk mitigation for uncleared transactions, covering prompt confirmation, portfolio reconciliation, portfolio compression and dispute resolution—see Practice Note: UK EMIR—essentials — Additional risk mitigation requirements Who is the counterparty? The obligations applying to fund counterparties or fund manager counterparties depend on their UK EMIR categorisation and the identity of their trading partner. Where a...
This Practice Note lists the Assimilated Regulation ( EU) 648/2012 ( UK EMIR).delegated acts and implementing decisions which form part of UK assimilated law. 27 November 2025 — PS23/25— Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251 Through PS23/25, the PRA and FCA: introduce an indefinite exemption from UK bilateral margin rules for single-stock equity options and equity index options remove the requirement to exchange Initial Margin on existing legacy contracts where a firm subsequently moves below the in-scope thresholds allow UK firms, when facing a counterparty subjected to another jurisdiction’s margin rules, to use that jurisdiction’s threshold assessment calculation periods and entry into scope dates to decide whether certain IM...
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— Introduction Key requirements of UK EMIR UK EMIR is the leading UK instrument regulating the OTC derivatives market. Its core elements are: a mandate for certain standardised OTC derivatives, traded by specified counterparties, to be cleared through a central counterparty ( CCP)—see Clearing...
This Practice Note This Practice Note examines the European Market Infrastructure Regulation ( EMIR), Assimilated Regulation ( EU) 648/2012 ( UK EMIR) as it has operated in the UK since IP completion day (11 pm on 31 December 2020) and the duties it places on pension schemes. For details on how UK EMIR departs from EMIR ( EU) 648/2012 ( OJ L 201, 27.7.2012, p. 1) ( EU EMIR) and the circumstances in which EU EMIR applies, see Practice Note: UK EMIR—essentials. EU EMIR is the key EU instrument governing the over the counter ( OTC) derivatives market. It extends to counterparties to derivatives transactions, including EU pension arrangements and common investment funds, central counterparties ( CCPs) and trade repositories, although the range of obligations in EU EMIR has been introduced on a staged basis. EU EMIR took effect on 16 August 2012, with most...
Trade finance frequently relies on instruments like bills of lading, bills of exchange and promissory notes (see: Bills of exchange and promissory notes—overview). The Electronic Trade Documents Act 2023 ( ETDA 2023) reshapes their use where they exist electronically and are maintained within a reliable system. As cross-border technology matures and organisations look to capture the efficiencies of electronic trade documents, practitioners advising on trade finance must grasp the implications of the ETDA 2023. In particular, they should assess what constitutes a ‘reliable system’ and guide clients on dealings with third-party system providers, so that electronic trade documents satisfy the ETDA 2023’s conditions and can secure the advantages the statute offers. Given evolving systems across jurisdictions and the growing appetite to realise the benefits of digitised trade instruments, lawyers working on such transactions should stay alert to how the ETDA 2023 operates in...
What does this Practice Note cover? The primary emphasis of this Practice Note is on debt securities (such as bonds or notes) and it provides an introduction to: trading, settlement and custody of debt securities in the UK, and the key UK regulatory frameworks that govern these activities This Practice Note also highlights the main categories of relevant service providers and summarises the UK regulatory frameworks applicable to them. For a quick summary of how the debt capital markets are regulated in the UK, see Practice Note: EU and UK regulation of the debt capital markets—one minute guide. For information on the debt securities market infrastructure in the EU, see Practice Note: EU Debt securities market infrastructure. Introduction The importance of tradeability of debt securities Tradeability is a fundamental attribute of debt securities. Investors’ ability to purchase and...
ARCHIVED: This Practice Note is archived and is not maintained. STOP PRESS: The UK prospectus framework formerly derived from the EU Prospectus Regulation has been superseded by the Public Offers and Admission to Trading Regulations 2024 ( POATRs), with detailed admission to trading requirements now set out in Financial Conduct Authority ( FCA) rules. The FCA published its final rules ( PS25/9) on 15 July 2025, and the new rules took effect on 19 January 2026. In October 2025, the FCA’s Primary Market Bulletin 58 provided guidance on timing and approval of prospectuses and supplementary prospectuses, and confirmed the removal of Listing Particulars as an admission document under the new regime. For key features of the POATRs relevant to debt capital markets, see The UK Prospectus Regulation—essentials [ Archived]— Reform of the UK prospectus regime. This Practice Note focuses on debt capital markets and reflects the rules...
What does this Practice Note cover? This Practice Note sets out a high-level introduction to the debt capital markets and covers: what is meant by the capital markets the nature of a debt security the main differences between debt and equity securities the main differences between raising finance in the debt capital markets and borrowing by way of loan debt capital markets terminology the types of instruments used in the debt capital markets What are the capital markets? When a company wants to obtain funds (ie ‘capital’), it generally has three principal routes. Where authorised, it may: issue shares (to raise share capital)—usually via the equity capital markets borrow from an institution such as a bank (to raise loan capital)—through the loan markets (see: Types of lending—overview), or issue debt...
STOP PRESS: The UK’s prospectus framework presently stems from the EU Prospectus Regulation, which was maintained in domestic law following Brexit as the UK Prospectus Regulation. As part of wider reforms to the UK capital markets aimed at boosting the UK’s appeal as a listing venue, the regime is being replaced. The UK Prospectus Regulation will give way to the Public Offers and Admission to Trading Regulations 2024 (the POATRs), with detailed admission to trading requirements set out in the Financial Conduct Authority ( FCA) admission rules. The FCA published its final rules ( PS25/9) on 15 July 2025, and these take effect on 19 January 2026. On 17 October 2025, the FCA issued Primary Market Bulletin 58 which, among other matters, provides guidance on the timing and approval of prospectuses (and supplementary prospectuses) and confirms the removal of Listing...
STOP PRESS: At present, the UK prospectus framework draws from the EU Prospectus Regulation, kept in domestic law after Brexit as the UK Prospectus Regulation. As part of wider capital markets reforms intended to strengthen the UK’s appeal as a listing destination, that regime is being reshaped. The UK Prospectus Regulation will be replaced by the Public Offers and Admission to Trading Regulations 2024 (the POATRs), while the detailed admission to trading requirements will be set out in Financial Conduct Authority ( FCA) admission rules. The FCA issued its final rules ( PS25/9) on 15 July 2025, with the new regime taking effect on 19 January 2026. On 17 October 2025, the FCA published Primary Market Bulletin 58 which, amongst other matters, provides guidance on the timing and approval of prospectuses (and supplementary prospectuses), and confirms the removal of Listing...
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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 ]...
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