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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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ARCHIVED: This Practice Note is archived and will not be updated again... Introduction to the Mi FIR UK implementation roadmap The recast 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) appeared in the Official Journal of the European Union on 12 June 2014 and took effect on 2 July 2014. Together they overhauled and broadened the regime first created by the Markets in Financial Instruments Directive ( Directive 2004/39/ EC) ( Mi FID I)... Following amendment, most provisions of the Directive and the Regulation applied from 3 January 2018. EU Member States had until 3 July 2017 to implement Mi FID II domestically, whereas Mi FIR has direct applicability across Member States... This note sets out an...
UK implementation of Mi FID II and Mi FIR The recast Markets in Financial Instruments Directive ( Directive 2014/65/ EU) ( Mi FID II) and the new Markets in Financial Instruments Regulation ( Regulation ( EU) 600/2014) ( Mi FIR) appeared in the Official Journal of the European Union on 12 June 2014 and applied from 3 January 2018 thereafter. Together, both Mi FID II and Mi FIR materially revise and broaden the regime at EU level first created by the Markets in Financial Instruments Directive (2004/39/ EC) ( Mi FID). EU Member States had to implement Mi FID II’s provisions into domestic law by 3 July 2017 by that date, whereas Mi FIR takes effect directly in Member States without any need for transposition. In the UK, Mi FID II and Mi FIR were given effect via HM Treasury...
ARCHIVED This document is archived and will not be updated further. Introduction to the Mi FID II UK implementation roadmap The recast Markets in Financial Instruments Directive (2014/65/ EU) ( Mi FID II) and the Markets in Financial Instruments Regulation (600/2014) ( Mi FIR) were published in the Official Journal of the European Union on 12 June 2014 and came into force on 2 July 2014. Mi FID II and Mi FIR substantially revised and broadened the framework first introduced by the Markets in Financial Instruments Directive (2004/39/ EC) ( Mi FID I). As amended, most provisions of the Directive and Regulation applied from 3 January 2018, and EU Member States had until 3 July 2017 to transpose Mi FID II into domestic legislation. This document sets out an article-by-article roadmap to Mi FID II, outlining UK implementation for each article, including both proposed and final...
This Practice Note offers concise, high-level coverage of the principal features of the UK Mi FID II regime and signposts to further guidance. The regime stems from Directive 2014/65/ EU ( Mi FID II) and incorporates EU measures that had direct effect in the UK, became part of UK assimilated law upon the UK’s withdrawal from the EU, and are subject to revocation under the Financial Services and Markets Act 2023 ( FSMA 2023). Instruments within UK assimilated law include Assimilated Regulation ( EU) 600/2014 ( UK Mi FIR) and, until it is revoked on 23 October 2025, Commission Delegated Assimilated Regulation ( EU) 2017/565 (the UK Mi FID II Organisational Regulation). For details on the revocation of UK Mi FIR and other assimilated measures in the UK Mi FID II framework, see Practice Note: UK Mi FID II...
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)—together, the Mi FID II framework—were published in the Official Journal of the European Union on 12 June 2014 and took effect on 3 January 2018. In the UK, the regime was put in place through HM Treasury-led amendments to primary and secondary legislation, alongside rules and guidance issued by the Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA). For more on the UK implementation of Mi FID II and Mi FIR, see Practice Note: UK implementation of Mi FID II and Mi FIR [ Archived]. The EU’s Mi FID II framework has recently been subject to a mandated review overseen by the European Commission (the EU Mi FID II...
UK Market Abuse Regulation level 2 and 3 measures This Practice Note sets out the delegated acts, implementing decisions and guidelines adopted under Assimilated Regulation ( EU) 596/2014 ( UK Market Abuse Regulation). 7 October 2020 — Commission Implementing Assimilated Regulation ( EU) 2020/1406 This measure elaborates on the procedures and templates for the exchange of information and co-operation among competent authorities and other entities... 22 March 2019 — Commission Delegated Assimilated Regulation ( EU) 2019/461 This instrument revises Delegated Regulation ( EU) 2016/522 concerning the exemption of the Bank of England and the United Kingdom Debt Management Office from the scope of Regulation ( EU) No 596/2014......
This FLASHCARD sets out the instruments captured by the UK Market Abuse Regulation ( Assimilated Regulation ( EU) 596/2014). Categories of Instrument within the scope of the UK Market Abuse Regulation Four categories of instrument fall within scope: traded financial instruments emission allowances and related auctioned products commodity derivatives and associated spot commodity contracts benchmarks In addition, the UK Market Abuse Regulation applies to certain activities conducted away from a trading venue. Traded financial instruments The UK Market Abuse Regulation applies to: financial instruments admitted to trading on a UK-regulated market, Gibraltar-regulated market or EU-regulated market, or where a request for admission to trading has been made financial instruments traded on a UK multilateral trading facility ( MTF), Gibraltar MTF or EU MTF, admitted to trading on a UK MTF, Gibraltar MTF or EU MTF, or where a request for admission to trading on a UK MTF, Gibraltar MTF or EU MTF has been...
What is the objective of the UK MAR? Regulation ( EU) 596/2014 (the EU Market Abuse Regulation) reshaped and reinforced the EU market abuse framework, extending its scope and imposing stiffer sanctions. From IP completion day (31 December 2020), the onshored version, Assimilated Regulation ( EU) 596/2014 (the UK Market Abuse Regulation), has applied in the UK. Divergence between the EU Market Abuse Regulation and UK MAR For a high-level overview of differences between the principal provisions of the EU Market Abuse Regulation and the UK Market Abuse Regulation, see Practice Note: Market Abuse Regulation—key provisions divergence table. What instruments does UK the UK Market Abuse Regulation apply to? The UK Market Abuse Regulation applies to financial instruments: admitted to trading on a regulated market in the UK, Gibraltar or the EU, or where an application for admission to trading has been made traded on a UK, Gibraltar or EU...
ARCHIVED: This Practice Note has been archived and is no longer being updated. It offers a concise overview of the principal aspects of unlawful disclosure of inside information and the market sounding framework under Assimilated Regulation ( EU) 596/2014 ( UK Market Abuse Regulation), and covers: the categories of information that constitute inside information under the UK Market Abuse Regulation the circumstances in which disclosure of inside information is unlawful under the UK Market Abuse Regulation, and when the release of inside information is allowed in the course of a market sounding For fuller guidance on the UK Market Abuse Regulation, see Practice Note: UK Market Abuse Regulation ( MAR)—essentials. For a high-level overview of divergence between key provisions of Regulation ( EU) 596/2014 (the EU Market Abuse Regulation) and the UK Market Abuse Regulation, see Practice Note: Market Abuse...
Implementation of MAR in the UK Regulation ( EU) No 596/2014, the Market Abuse Regulation ( MAR), took effect on 3 July 2016 and applied directly in the UK. MAR set out the framework governing insider dealing, unlawful disclosure of inside information, market manipulation, and measures designed to prevent market abuse. As a consequence, the Financial Conduct Authority ( FCA) deleted the Model Code from the Listing Rules, and updated the FCA’s Disclosure Rules regarding the reporting of transactions by persons discharging managerial responsibilities ( PDMRs) and persons closely associated with them ( PCAs). The European Union ( Withdrawal) Act 2018 ( EU( W) A 2018), as amended by the European Union ( Withdrawal Agreement) Act 2020, created the structure and process for onshoring and preserving most EU and EU‑derived law to secure legal continuity following the UK’s exit from the EU. This included...
A limited liability partnership ( LLP) A limited liability partnership ( LLP) is a corporate body established under the Limited Liability Partnerships Act 2000 ( LLPA 2000). Most rules governing LLPs derive from modified company law rather than partnership law (see Practice Note: The nature of a limited liability partnership and its legal framework). The requirements for incorporation are prescribed in the LLPA 2000 and the Companies Act 2006 ( CA 2006), as adapted by the Limited Liability Partnerships ( Application of Companies Act 2006) Regulations 2009, SI 2009/1804 ( LLP ( Application of CA 2006) Regs 2009). The method for forming an LLP closely mirrors the procedure for company incorporation......
ARCHIVED: This Practice Note has been archived and is not maintained. A major overhaul of the UK listing regime took effect on 29 July 2024, abolishing the premium and standard segments and introducing one unified listing category for equity shares issued by commercial companies. That commercial companies category is strongly disclosure-led and sits alongside other categories, such as shell companies, secondary listing and closed ended investment fund categories. To implement the reforms, the UK Listing Rules sourcebook came into effect and the Listing Rules sourcebook was revoked. For further information, see Practice Note: Reform of the UK listing regime—fundamentals. This Resource Note sets out the regime as it applied before 29 July 2024 and is kept for reference only. It brings together relevant commentary, analysis and resources to help with interpreting, and to offer practical guidance on the application of, Chapter 15 of the former...
Investment trust An investment trust is a collective investment vehicle structured as a listed, UK tax-resident public limited company. Despite the label, in legal terms an investment trust is a company rather than a trust. The expression stems from a period when these vehicles were established as trusts, but they later converted to limited companies and therefore are no longer trusts in any legal sense. Where HMRC grants approval to an investment trust, it can access certain UK tax advantages. This Practice Note sets out the eligibility criteria that must be met for a fund to obtain approval as an investment trust for UK tax purposes. It also addresses the continuing requirements that must be satisfied in every accounting period for which the vehicle holds that approval......
An investment trust is a collective investment vehicle structured as a quoted UK tax-resident company. Despite the name, it is not a trust in legal terms. Where HMRC approval is obtained, investment trusts benefit from exemption from tax on chargeable gains. For further detail on what investment trusts are, as well as the qualifying conditions and ongoing obligations they must meet, see Practice Note: Tax and investment trusts—what are investment trusts? This Practice Note sets out the specific tax rules for approved investment trusts in relation to: tax on chargeable gains tax on income, in particular the treatment of: distributions received trading versus investment transactions loan relationships and derivative contracts holdings in...
STOP PRESS : In March 2025, the government signalled plans to fold the Payment Systems Regulator and most of its functions into the Financial Conduct Authority. The goal is to streamline the regulatory landscape, minimise duplication, and enable businesses to focus on innovation and service delivery. When this will take effect remains uncertain; however, HM Treasury, in a letter, confirmed it intends to consult on the proposal’s details over summer 2025 and legislate at the earliest opportunity. In the meantime, the PSR and FCA intend to work closely together. Meaning of interchange fees Interchange fees are charges borne by a merchant when a cardholder settles a transaction using a credit or debit card. These fees arise within the card payment process, which typically involves the following five parties: cardholder — the consumer making a payment using a credit or debit card merchant — the merchant that accepts payment by...
This Practice Note explores the obligations contained in Chapter 13 of the Financial Conduct Authority ( FCA)’s Senior Management Arrangements, Systems and Controls sourcebook ( SYSC 13), and offers insurers direction on setting up and sustaining robust systems and controls to manage operational risk. Purpose of SYSC 13 SYSC 13 is intended to assist with the interpretation of SYSC 3.1.1 R and SYSC 3.2.6 R, which prescribe how firms should establish and maintain systems and controls for the management of operational risk. The chapter addresses systems and controls for risks arising across any aspect of a firm’s operations, but it does not extend to systems and controls for credit, market, liquidity or insurance risk. Firms should also take account of the operational risk provisions in the FCA’s Conduct of Business sourcebook ( COBS), SYSC 14 (risk management and associated systems and controls for...
This Practice Note sets out a synopsis of the extensive regulatory requirements and guidance applicable to UK insurers on governance, risk management, and systems and controls (for a checklist for Solvency II UK firms, see: Governance, systems and controls requirements for Solvency II UK firms—checklist). Introduction The obligations on UK insurers around governance, risk management, systems and controls are interconnected and should be treated in a rounded, integrated way. These obligations mainly comprise a body of granular rules and guidance, and insurers must from time to time assess their governance, risk management, systems and controls to achieve and maintain effective compliance. Insurers will further recognise that the UK regulators assess whether events amount to regulatory breaches by reference to overarching ‘threshold conditions’ and broad regulatory principles (or ‘fundamental rules’), which are outlined in this Practice Note. Consequently, the UK regulators might deem an insurer to have...
This Practice Note outlines how the UK has given effect to the Insurance Distribution Directive ( Directive ( EU) 2016/97) ( IDD), setting out the core components of the UK insurance distribution framework, with links to UK legislation, rules and guidance, and noting reforms made since the UK’s withdrawal from the EU. For information on the EU IDD, including its background and objectives, see Practice Note: EU IDD—essentials. IDD—implementation in the UK EU Member States were required to transpose the IDD into domestic law by 1 July 2018, with the rules taking effect from 1 October 2018. To implement the IDD in the UK, the Financial Conduct Authority ( FCA) issued three dedicated consultation papers, three corresponding policy statements and a Handbook Notice. The relevant papers are: March 2017, FCA Consultation Paper ‘ Insurance Distribution Directive Implementation— Consultation Paper I’ 17/7 (...
Background to the UK transposition of the Mortgage Credit Directive The Mortgage Credit Directive 2014/17/ EU ( MCD) came into force in the UK on 21 March 2016 and covers both first and second charge mortgages. HM Treasury gave effect to the MCD by passing legislation, including the Mortgage Credit Directive Order 2015, SI 2015/910 (the MCD Order), and by amending the Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001 ( RAO), SI 2001/544. At the same time, the Financial Conduct Authority ( FCA) implemented the MCD through rules and guidance in the Mortgages and Home Finance Conduct of Business sourcebook ( MCOB). Table setting out UK transposition of the Mortgage Credit Directive Based on HM Treasury’s March 2015 publication, the table below is intended to indicate where the provisions transposing MCD requirements are located within the MCD Order, the RAO and MCOB, and to...
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...
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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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