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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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RED II—overview The recast Renewable Energy Directive ( Directive ( EU) 2018/2001, RED II) took effect on 24 December 2018, with a transposition deadline of 30 June 2021. Its principal aim is to set a common framework to support the promotion of energy derived from renewable sources. Directive ( EU) 2023/2413 of the European Parliament and of the Council of 18 October 2023, concerning the promotion of energy from renewable sources and amending RED II, Regulation ( EU) 2018/1999 (the Governance Regulation) and Directive 98/70/ EC, was published in the Official Journal on 31 October 2023 and entered into force on 20 November 2023. It set a transposition deadline of 21 May 2025, except for the following, which had to be transposed into national legislation by 1 July 2024: the new Article 15(e) of Directive ( EU) 2018/2001 (covering the designation of dedicated...
RED II—overview The recast Renewable Energy Directive ( Directive ( EU) 2018/2001, RED II) took effect on 24 December 2018, with a transposition deadline of 30 June 2021. Its core purpose is to create a shared framework to advance energy from renewable sources. Directive ( EU) 2023/2413 of the European Parliament and of the Council of 18 October 2023 on promoting energy from renewable sources, which amends RED II, Regulation ( EU) 2018/1999 (the Governance Regulation) and Directive 98/70/ EC, was published in the Official Journal on 31 October 2023 and entered into force on 20 November 2023. It set a transposition deadline of 21 May 2025, save for the following elements, which had to be implemented in national law by 1 July 2024: the new Article 15(e) of Directive ( EU) 2018/2001 (designating dedicated infrastructure areas), and the new Articles 16, 16b, 16c, 16d,...
This Practice Note outlines passporting entitlements and related notification obligations for credit intermediaries under the Mortgage Credit Directive ( Directive 2014/17/ EU) ( MCD) in the setting of cross-border activity across the EU/ EEA. It explains the MCD framework governing the freedom to provide services and the freedom of establishment, alongside the connected notification, supervisory and enforcement arrangements. References to ‘ Member State’ are to EU Member States and, where appropriate, EEA States that have implemented the MCD. Key points are as follows: The MCD ( Directive 2014/17/ EU) creates an EU/ EEA regime for regulating and supervising creditors and credit intermediaries in respect of certain consumer mortgage credit agreements, covering authorisation, conduct of business and consumer information duties. Subject to exceptions, the MCD applies to credit agreements (i) secured by a mortgage (or equivalent security) on residential immovable property (or a...
STOP PRESS: On 20 June 2025, the Commission signalled plans to pull its proposal for the EU Green Claims Directive, leading the Council of the EU to call off trilogue talks with the European Parliament that were due to start on 23 June 2025. The Commission has since softened this stance, indicating the move remains open to discussion with the Council and Parliament, including potential exemptions for microenterprises. This Practice Note will be revised in due course, pending any additional statement or confirmation from the Commission. Greenwashing and misleading environmental claims—introduction Amid the triple planetary crisis—namely the overlapping emergencies of climate change, pollution and biodiversity loss—shoppers are ever more alert to the environmental footprint of the goods and services they purchase. Businesses therefore have reason to highlight their green credentials. When environmental assertions create a false or deceptive picture of a product’s real...
Background to this Practice Note In this Practice Note, the term 'cryptoasset' follows the definition in the Markets in Cryptoassets Regulation ( Mi CA): a digital representation of value or rights that can be transferred and held electronically using distributed ledger technology or similar technology. Within its legislative programme for Mi CA, the European Commission indicates that a straightforward taxonomy of 'cryptoassets' divides them into: payment tokens (used as a medium of exchange or for payment) investment tokens (to which profit rights are attached) utility tokens (granting access to a particular product or service) Mi CA also includes specific provisions addressing 'stablecoins'. A 'stablecoin' is a variety of cryptoasset whose value is pegged to an external asset, such as a fiat currency or gold, to stabilise pricing, or one whose value is set by an...
Aims of PSD2 The Second Payment Services Directive ( PSD2) took effect in January 2016, with application from 13 January 2018. Since then, various delegated acts and regulatory technical standards have been issued and adopted. PSD2 folded in, repealed and replaced the original Payment Services Directive 2007/64/ EC ( PSD1). Its core objectives are to foster competition, bolster consumer protection and build a single payments market across the European Economic Area ( EEA). It also captures a broader array of payment systems, with far‑reaching consequences for market participants. Changes introduced by PSD2 PSD2 scope extended to all currencies and one-leg transactions PSD2 widens conduct of business and transparency rules to consumer transactions with one leg in the EU—payments to or from third countries where at least one payment services provider ( PSP) is in the EU. PSPs may still disapply certain information and conduct duties when serving...
Scope of this Practice Note This Practice Note sets out a summary and flags the principal elements of the second Payment Services Directive ( PSD2), which took effect on 13 January 2018. It contrasts PSD2 with the original Payment Services Directive ( PSD). It further outlines the level 2 implementing measures the European Commission must adopt under PSD2, and surveys the level 3 materials issued by the European Securities and Markets Association ( ESMA), the European Banking Authority ( EBA) and the European Commission concerning PSD2. For details on parallel provisions in the Payment Services Regulations 2017, SI 2017/752 ( PSRs 2017), refer to Practice Note: UK regulation of payment services providers—essentials Background to PSD2 Member States had to implement the first Payment Services Directive ( Directive 2007/64/ EC) ( PSD) by 1 November 2009. Its purpose was to oversee payment services providers ( PSPs) and...
What is the Payment Accounts Directive and what are the key protections it offers consumers? The Payment Accounts Directive ( PAD) is designed to improve transparency and comparability for consumers in relation to payment accounts. In particular, the PAD: helps consumers compare charges applied by banks and other providers across the European Union ( EU) makes it simpler for consumers to switch payment accounts gives all EU consumers the right to open a payment account that enables essential activities such as receiving wages and paying bills This Practice Note explains the background and provides an overview of the PAD’s provisions, together with the technical standards and guidelines issued under it. It should be read alongside Practice Note: UK payment accounts requirements—essentials, which outlines the UK implementation of the PAD through the Payment Accounts Regulations 2015, SI 2015/2038 ( PARs 2015). It also...
STOP PRESS: Commission Delegated Act of 7 May 2026 complements changes introduced by the EU Listing Act and sets out requirements relating to the format of the prospectus, sequence of disclosure items and scrutiny and approval of the prospectus. The Delegated Act builds on the EU Listing Act reforms, prescribing rules for prospectus format, the ordering of disclosure items, and the review and approval process. It also adds a new annex and tailored disclosure obligations for non‑equity instruments marketed as considering ESG factors or pursuing ESG objectives. From 5 June 2026, the Listing Act amendments on the format, content, scrutiny and approval of prospectuses will apply to new debt issuances. Given the expected delay to the Delegated Act’s application, ESMA issued guidance on 7 May 2026 advising market participants to use its provisions to identify the additional granular disclosures required to meet Level 1...
This Practice Notice outlines the structure and legal framework of Directive 2009/138/ EC (the Solvency II Directive). Solvency II sets the capital, governance and reporting requirements for insurance firms. The Practice Note further summarises the consultations and draft technical standards released to support Directive ( EU) 2025/2 (the Solvency II amending Directive) following the Solvency II review. Solvency II—overview Solvency II is the EU regime for entry into business and supervision of insurance and reinsurance undertakings (collectively, 'firms'). The Solvency II Directive replaced 14 prior directives (known as Solvency I) and delivers a maximum harmonising system to secure cross-border consistency. It aligns with other financial services legislation, notably the banking supervision framework ( CRD IV/ CRR—for more information, see Practice Note: EU CRD IV package—essentials). Mirroring CRD IV, the Solvency II Directive rests on three pillars: Pillar 1: valuation and capital...
This FLASHCARD supports your absorption and recall of the essential features of the regime established by the Solvency II Directive (2009/138/ EC) ( Solvency II) of this regulatory framework in outline. What is Solvency II? Solvency II is an EU legislative programme that took effect on 1 January 2016, creating a harmonised, EU-wide supervisory framework for insurers, spanning capital requirements, authorisation, corporate governance, supervisory reporting, public disclosure, and the assessment and management of risk. Directive ( EU) 2025/2, which amends Solvency II, entered into force on 28 January 2025 and must be implemented by Member States from 30 January 2027.......
EU Mi FID II & Mi FIR—third-country regime This Practice Note examines the two avenues by which third-country firms may access the EEA market, namely those set out in Article 39 of the Markets in Financial Instruments Directive ( Directive 2014/65/ EU) ( Mi FID II) and in Articles 46–49 of the Markets in Financial Instruments Regulation 600/2014 ( Mi FIR). It additionally addresses (1) the rules on ‘reverse solicitation’, (2) passporting available to third–country firms, and (3) the alterations made to the third-country regime through the prudential framework for investment firms, comprising Regulation ( EU) 2019/2033 ( IFR) and Directive ( EU) 2019/2034 ( IFD). Background to Mi FID II & Mi FIR third-country regime The recast Markets in Financial Instruments Directive 2014/65/ EU ( Mi FID II) and the Markets in Financial Instruments Regulation 600/2014 ( Mi FIR) came into force on 2 July 2014 and, with...
ARCHIVED : This Practice Note has been archived and is not maintained . In the EEA, the Markets in Financial Instruments Directive ( Directive 2014/65/ EU) ( Mi FID II) and the Markets in Financial Instruments Regulation ( Regulation ( EU) 600/2014) ( Mi FIR), collectively the EU Mi FID II framework, set out the rules for delivering investment services and activities across the EEA. The framework applies to investment firms, regulated markets and credit institutions that provide investment services, and it also captures data reporting service providers within its scope. Most of the Mi FID II and Mi FIR provisions took effect on 3 January 2018. For further detail on Mi FID II and Mi FIR, see Practice Note: EU Mi FID II and Mi FIR—essentials. The framework built in a compulsory review to evaluate the regime’s overall performance after two years of...
This FLASHCARD outlines the instruments that fall within the EU Market Abuse Regulation ( Regulation ( EU) 596/2014) Categories of instrument within the scope of the EU Market Abuse Regulation Four categories fall within scope: traded financial instruments emission allowances and related auctioned products commodity derivatives and related spot commodity contracts benchmarks Additionally, the EU Market Abuse Regulation covers certain off‑trading venue activities. Traded financial instruments The Regulation applies to: financial instruments admitted to trading on an EU‑regulated market, or where an application for admission to trading has been made financial instruments traded on an EU multilateral trading facility ( MTF), admitted to trading on an EU MTF, or where an application for admission to an EU MTF has been made financial instruments traded on an EU organised trading facility ( OTF) other financial instruments whose price or value depends on, or...
This Practice Note outlines the data reporting services providers ( DRSPs) framework introduced by the recast Markets in Financial Instruments Directive ( Directive 2014/65/ EU) ( EU Mi FID II) and the Markets in Financial Instruments Regulation ( Regulation ( EU) 600/2014) ( EU Mi FIR). It provides a synopsis of the obligations for approved publication arrangements ( APAs), consolidated tape providers ( CTPs) and approved reporting mechanisms ( ARMs), which are integral to the pre- and post-trade transparency and transaction reporting regimes under EU Mi FIR, and flags the principal updates to the DRSP regime made by Regulation ( EU) 2024/791 (the Mi FIR Review)... Regulatory overview EU Mi FIR requires investment firms, including systematic internalisers ( SIs), to make post-trade information public through an approved publication arrangement ( APA). An APA is a person authorised under EU Mi FIR to provide the service of...
This Practice Note sets out a summary of the European Social Entrepreneurship Funds ( Eu SEF) Regulation ( EU) 346/2013 (the Eu SEF Regulation), as subsequently amended by Regulation ( EU) 2017/1991, Regulation ( EU) 2019/1156 and Regulation ( EU) 2023/2869. It establishes a dedicated alternative investment fund ( AIF) framework, open to alternative investment fund managers ( AIFMs) under the Alternative Investment Fund Managers Directive (2011/61/ EU) ( AIFMD). AIFMs that run qualifying social entrepreneurship funds ( QSEFs) can opt to apply the ' Eu SEF' label to such funds and, using the Eu SEF marketing passport, promote them across the EU to professional investors and specified high net-worth investors. Objective of the Eu SEF Regulation The Eu SEF Regulation seeks to simplify how social enterprises secure financing throughout the EU as a whole. This overarching purpose closely mirrors the EU’s Europe 2020 agenda for...
Trading obligation for derivatives under the Markets in Financial Instruments Regulation ( EU) 600/2014 ( EU Mi FIR) This Practice Note outlines the derivatives trading obligation under EU Mi FIR, alongside the recast Markets in Financial Instruments Directive 2014/65/ EU ( EU Mi FID II), which came into force on 3 January 2018, and considers: the regulatory framework underpinning the trading obligation, the categories of in-scope counterparties (specified financial counterparties and certain non-financial counterparties), the prerequisite that any derivative deemed subject to the trading obligation must already be within the clearing obligation under the European Market Infrastructure Regulation ( EU) 648/2012 ( EU EMIR), the derivative types that fall under the trading obligation, the approach to package orders or transactions, the exemption available for post-trade risk reduction services, the recognised trading venues on which these derivatives must be executed (regulated markets, multilateral trading facilities ( MTFs), organised trading...
This Practice Note summarises how firms should structure their organisations in line with Article 16 of the Markets in Financial Instruments Directive ( Directive 2014/65/ EU), together with the pertinent level 2 measures: Commission Delegated Regulation ( EU) 2017/565 (the Mi FID II Delegated Regulation) and Commission Delegated Directive ( EU) 2017/593 (the Mi FID II Delegated Directive). Background to Mi FID II and organisational requirements The recast Markets in Financial Instruments Directive ( Directive 2014/65/ EU) ( Mi FID II), alongside the Markets in Financial Instruments Regulation ( Regulation ( EU) 600/2014) ( Mi FIR), entered into force on 2 July 2014. The bulk of Mi FID II and Mi FIR provisions (together, the Mi FID II framework) began to apply on 3 January 2018. This framework revised the Mi FID I ( Directive 2004/39/ EC) organisational requirements for firms, widening and...
This Practice Note outlines the corporate governance obligations under the recast Markets in Financial Instruments Directive ( Directive 2014/65/ EU) ( Mi FID II) that apply to investment firms and their management bodies, as set out in Article 9 of Mi FID II and Articles 88 and 91 of the Capital Requirements Directive ( Directive 2013/36/ EU) ( CRD IV). It also addresses the pertinent delegated acts adopted by the European Commission and the guidelines issued by the European Supervisory Authorities ( ESAs). It should be considered alongside the Practice Notes: EU Mi FID II conduct of business and investor protection requirements, EU Mi FID II organisational requirements, and EU Mi FID II product governance requirements, which together explain how a firm should manage itself and its operations. Background to Mi FID II Following the 2008 financial crisis, the European Commission reviewed the Markets in...
Position limits under Article 57 of Mi FID II This Practice Note explains position limits under Article 57 of the recast Markets in Financial Instruments Directive ( Directive 2014/65/ EU) ( Mi FID II) and how they operate for commodity derivatives, or derivatives with a commodity as the underlying, in line with Commission Delegated Regulation ( EU) 2022/1302 of 20 April 2022 ( RTS 21a), as applicable. It also summarises the changes introduced by Directive 2021/338—including the expansion of available exemptions from position limits under Article 57—and the revisions made by Directive ( EU) 2024/790 (the Mi FID II Review) to obligations on position management controls; see Position management controls. The Mi FID II Review, together with Regulation ( EU) 2024/791 amending Regulation ( EU) 600/2014 (the Mi FIR Review), was published in the Official Journal of the EU on 8 March 2024. Member States must...
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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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