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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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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 has been archived and is no longer maintained. This archived Practice Note is not being updated. It offers high-level insight into the position of the European Market Infrastructure Regulation ( EU) 648/2012 ( EMIR) in UK law from 1 January 2021. This Quick Look Brexit Financial Services Legislation Status Guide provides concise information on the status of the European Market Infrastructure Regulation ( EU) 648/2012 ( OJ L 201/1) ( EU EMIR) in the UK from that date. For more detail, see Practice Note: Impact of Brexit: EMIR—quick guide. During the implementation period from 31 January 2020 to 31 December 2020 ( IP completion day), EMIR applied directly in the UK pursuant to the European Union ( Withdrawal) Act 2018 ( EU( W) A 2018), as amended by the European Union ( Withdrawal Agreement) Act 2020 ( EU( WA) A 2020), and the...
Scope of this Practice Note This Practice Note explains how UK authorities gave effect to the second Electronic Money Directive ( Directive 2009/110/ EC) (2EMD) via secondary legislation—principally the Electronic Money Regulations 2011, SI 2011/99 ( EMRs 2011)—together with updates to the Financial Services Authority’s rules and guidance (the FSA being the predecessor to the Prudential Regulation Authority ( PRA) and the Financial Conduct Authority ( FCA)). It also sets out an overview and draws out the key provisions of the EMRs 2011, and reviews the alterations made to the EMRs 2011 by the Payment Services Regulations 2017 ( PSRs 2017) arising from amendments to the 2EMD under the recast Payment Services Directive ( Directive 2015/2366/ EU) ( PSD2). In addition, it considers the effects that the UK’s decision to leave the EU has had on the UK’s e-money regulatory...
Scope of this Practice Note This Practice Note sets out the activities connected with administering dormant assets under the Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001, and explains how participating institutions may approach the treatment of dormant assets. It also addresses the broadening of the dormant accounts framework to encompass other categories of dormant assets. In addition, it summarises the Dormant Assets Scheme ( DAS) (as amended) and highlights the respective responsibilities of the Prudential Regulation Authority ( PRA), the Financial Conduct Authority ( FCA) and the Financial Ombudsman Service in overseeing entities that deal with dormant assets. Background to the Dormant Assets Scheme: Dormant Bank and Building Society Accounts Act 2008 The Dormant Bank and Building Society Accounts Act 2008 ( DBBSA 2008) initially set the statutory basis for a Dormant Assets Scheme ( DAS) enabling specified balances in bank and...
This quick reference to the Brexit Deposit Guarantee Schemes Directive 2014/49/ EU ( EU DGSD) explains the UK enactments and retained EU measures that were altered and/or repealed by the Deposit Guarantee Scheme and Miscellaneous Provisions ( Amendment) ( EU Exit) Regulations 2018, SI 2018/1285, and by various other instruments, taking effect from the very end of the implementation period after the UK’s departure from the EU, together with matching updates to the Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA) regulatory rules and guidance. Background: The UK’s Brexit preparations and the EU- UK trade agreement The SI sits within HM Treasury’s programme of statutory instruments made under the European Union ( Withdrawal) Act 2018 ( EU( W) A 2018), designed to address contingency planning for a no-deal Brexit. It constitutes part of the onshoring of EU law to preserve legal...
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...
STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime The Finance Act 2025 ( FA 2025), granted Royal Assent on 20 March 2025, enacts the removal of the remittance basis and introduces a residence-based system from 6 April 2025. This shift takes effect from 6 April 2025, fully supplanting the prior remittance basis entirely. FA 2025 also substitutes domicile as the principal determinant of liability to inheritance tax. Additional reforms include revising the rules for excluded property status, ending the protected settlements status for offshore trusts, and updating overseas workday relief. For further information on these measures, see: Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. FORTHCOMING CHANGE : On 27 April 2023, the former Conservative government launched a consultation (closing 22 June 2023) on altering the tax...
Background to the regulation of cryptoasset promotions in the UK Following the establishment of the Cryptoassets Taskforce ( CATF) in March 2018, by October 2018 the CATF had issued its final report. Chapter 4 considers the risks and potential advantages linked to cryptoassets. On financial promotions, the report observes that advertising, often directed at retail investors, is frequently neither fair nor clear and may mislead. Commonly, adverts: overstate the benefits; rarely flag volatility risks, the reality that consumers can both gain and lose their investment, and the absence of regulation; include cases where regulated firms market cryptoasset products without making clear that this aspect of their business is not regulated. After the report’s publication, the UK government began consulting on legislation to bring certain cryptoasset promotions within the Financial Services and Markets Act 2000 ( FSMA 2000), and therefore under the...
Corporate ‘failure to prevent’ offences Corporate ‘failure to prevent’ offences have proved an effective way of prompting organisations to establish and uphold internal systems and procedures aimed at stopping particular financial offences. Since the arrival in 2011 of the failure to prevent bribery offence under section 7 of the Bribery Act 2010 ( BA 2010), two corporate criminal offences of failing to prevent the facilitation of UK and foreign tax evasion under sections 45 and 46 of the Criminal Finances Act 2017 ( CFA 2017) were introduced in 2017, and the failure to prevent fraud offence under the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023) commenced on 1 September 2025. The growth in both scope and number of these failure to prevent offences reflects the acknowledged aim of successive governments to widen corporate criminal liability to encompass a broader range of...
Part XII of the Financial Services and Markets Act 2000 ( FSMA 2000) obliges controllers and prospective controllers to obtain approval from the Financial Conduct Authority ( FCA) or the Prudential Regulation Authority ( PRA) before acquiring or increasing control in a UK‑authorised firm, and to notify the appropriate regulator when reducing or ceasing control in a firm. To accommodate fund management activity, the FCA permits investment managers to pre‑notify proposed changes of control and may authorise such changes for periods of up to a year. This Practice Note summarises the controllers regime as it applies to fund managers. For more detail on the FSMA 2000 controllers regime, see the following Practice Notes: FSMA 2000 controllers regime—key concepts Obligations of controllers—acquiring and increasing control Obligations of controllers—reducing or ceasing control FSMA 2000 controllers...
This Practice Note outlines the routes to redress for consumer card payments—section 75 of the Consumer Credit Act 1974 ( CCA 1974) and chargeback—available when goods or services are bought with plastic cards. These remedies assist where items or services are not supplied, are below the expected standard, or where the trader has gone into liquidation or stopped trading. The option available depends on the card used for payment and the price of the goods or services. This Practice Note also addresses consumer prepayments, including consumer savings schemes (for example, Christmas clubs) and gift vouchers, in the context of retailer insolvency. These avenues sit alongside any other redress and consumer rights available under consumer protection legislation. For a summary of key consumer protection legislation, see Practice Note: Key consumer...
This Brexit consumer credit quick guide outlines the UK statutes and retained EU measures that have been altered and/or annulled by the Consumer Credit ( Amendment) ( EU Exit) Regulations 2018, SI 2018/1038 (the Consumer Credit Exit Regulations 2018), together with other instruments (including the Financial Services and Markets Act 2000 ( Amendment) ( EU Exit) Regulations 2019, SI 2019/632 (the FSMA Exit Regulations 2019)) at the close of the implementation period after the UK’s withdrawal from the EU, and notes the related amendments to Financial Conduct Authority ( FCA) regulatory rules and guidance. Overview of onshored and preserved EU-derived law post- IP completion day The Consumer Credit Exit Regulations 2018 and the FSMA Exit Regulations 2019 sit within HM Treasury’s programme of statutory instruments made under the European Union ( Withdrawal) Act 2018 ( EU( W) A 2018) to address...
The general prohibition Pursuant to section 19 of the Financial Services and Markets Act 2000 ( FSMA 2000) (the general prohibition), no person may conduct a regulated activity unless authorised by the relevant regulator or otherwise exempt. Under FSMA 2000, s 23, a breach of FSMA 2000, s 19 may amount to a criminal offence. The Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001 ( RAO), SI 2001/544, art 66 ( Chapter XVII) sets out exclusions that apply to specified categories of regulated activity. These operate to remove certain activities from the scope of Regulated Activities for the purposes of FSMA 2000, s 19. For an outline of the various general exclusions in place, see RAO, SI 2001/544. RAO, SI 2001/544, art 72B, as amended, provides a general exclusion from the perimeter of regulated activities for...
UK competition law UK competition law polices anti-competitive behaviour, oversees merger control and promotes competitive markets. The Competition and Markets Authority ( CMA) is the principal UK competition authority. Created by the merger of the OFT and the Competition Commission, it took over enforcing competition law in the UK on 1 April 2014. The CMA, together with other concurrent competition authorities, has powers to: enforce prohibitions on anti-competitive agreements and on abuse of a dominant position (see further, Chapter I prohibition and Chapter II prohibition) bring criminal prosecutions against individuals responsible for implementing hardcore cartels (see further, The UK criminal cartel offence) seek director disqualification orders against directors involved in competition law breaches (see further, Director disqualification) investigate UK mergers and block them or require remedies where they would result in a substantial lessening of competition (see further, UK merger...
The recast Markets in Financial Instruments Directive 2014/65/ EU ( Mi FID II) brought in limits on commodity derivatives positions, controls for position management and a reporting framework, all intended to deter market abuse and to promote orderly pricing and settlement by raising transparency and oversight across financial markets. The regime took effect on 3 January 2018. This Practice Note explains the UK measures that implemented Mi FID II, together with the changes being introduced to the UK’s post‑ Brexit commodity derivatives regulatory framework. For details on the reforms of the taking effect on 6 July 2026 and 1 January 2027, see Reform of the below. UK’s implementation of commodity derivatives framework In March 2015, HM Treasury ( HMT) issued a consultation on transposing Mi FID II. The consultation closed on 18 June 2015, and in February 2017 HMT published its...
This Practice Note outlines collateralised debt obligations ( CDOs) and the relevant UK regulatory regime. It addresses: fundamentals such as special purpose vehicles ( SPVs), securitisation, tranches, and creating security over a portfolio of financial assets, which may include asset-backed securities ( ABS), mortgage-backed securities ( MBS) and other issues of CDO securities the key participants in a CDO transaction (arranger, portfolio manager, rating agencies, issuer and investors) the principal CDO structures (cash flow CDO, market value CDO and synthetic CDO) the main portfolio management approaches (dynamic and static) the capital structure of SPVs used for CDO transactions the role of hedging in CDO structures key considerations and legal issues for CDOs (bankruptcy remoteness, methods of transferring the underlying assets to the SPV, jurisdiction and tax issues, credit enhancement and...
ARCHIVED : This Practice Note is archived and not updated. It introduces the Bank of England ( Bo E)’s Climate Biennial Exploratory Scenario ( CBES), launched in June 2021, and reviews its design, objectives, scenarios included, and priority themes. It also references the Prudential Regulation Authority ( PRA)’s Climate Change Adaptation Report 2021, issued in October 2021, and Bo E’s publication on climate-related risks and regulatory capital frameworks, March 2023. Background and introduction The Bo E has observed that climate change creates financial risks without precedent, meaning the development of tools to manage and reduce them is similarly novel. Scenario analysis and climate stress testing are central to that toolkit, enabling examination of system-wide impacts and exposures across a variety of plausible climate pathways. Consequently, the Bo E chose to deploy its stress testing framework to evaluate how...
This Practice Note summarises the mandatory climate-related disclosures applicable to UK financial institutions and the intention to extend sustainability reporting in the UK under IFRS S1 and S2. What are the current UK requirements? In the UK, climate-related disclosures are already compulsory through corporate legislation, alongside distinct Financial Conduct Authority ( FCA) rules for certain listed issuers and financial services firms. The FCA has additionally set out some sector- and product-specific disclosure expectations. The government is reviewing the UK climate disclosure frameworks and, on 25 June 2025, issued the following consultations: a Department for Business and Trade consultation on draft UK Sustainability Reporting Standards ( UK SRS), to incorporate the ISSB’s IFRS S1 and IFRS S2 into UK law a Department for Business and Trade consultation on proposals for stronger regulatory oversight of third-party assurance over...
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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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