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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 function of supranational bodies within the anti-money laundering ( AML), counter-terrorist financing ( CTF) and counter-proliferation financing ( CPF) legal and regulatory landscape for financial services. It considers the roles and outputs of the Financial Action Task Force ( FATF) and FATF-style regional bodies ( FSRBs); the Basel Committee on Banking Supervision ( BCBS); the International Association of Insurance Supervisors ( IAIS); the International Organisation of Securities Commissions ( IOSCO); the Egmont Group of Financial Intelligence Units ( FIUs), and the Wolfsberg Group. Further resource includes: for practical guidance on the UK’s AML/ CTF/ CPF framework for financial services, see the Anti-money laundering and counter-terrorist financing ( AML/ CTF)—overview for practical guidance on the EU’s AML/ CTF/ CPF framework for financial services, see the Financial crime and sanctions ( EU...
This Practice Note outlines the principal factors that an Obligor ought to weigh carefully when choosing an appropriate structure for the issuance of Sukuk, the core documentation linked to those structures, and the key provisions that would ordinarily be incorporated into such documentation. It also explains in brief the forces underpinning the Sukuk market’s prominence in recent years, together with the legislative developments that have driven such growth in the market. For more detail on Sukuk transactions and the background to the transaction structures described below, see Practice Note: The structure and elements of a Sukuk transaction. Form of transactions Sukuk instruments allow holders to obtain direct or indirect ownership of an underlying asset or a pool of assets, while not requiring the payment of interest. They have been defined by the Accounting and Auditing Organisation for Islamic Finance Institutions ( AAOIFI) as...
STOP PRESS: EU securitisation regime— On 17 June 2025, the European Commission unveiled its highly anticipated review of the EU Securitisation Framework, alongside a comprehensive, wide-ranging legislative package proposing amendments to the EU Securitisation Regulation ( Regulation ( EU) 2017/2402), the EU Capital Requirements Regulation ( Regulation ( EU) No 575/2013), the EU Solvency II Delegated Regulation ( Commission Delegated Regulation ( EU) 2015/35) and the EU Liquidity Coverage Requirement Delegated Regulation ( Commission Delegated Regulation ( EU) 2015/61). Changes to the EU Securitisation Regulation cover, among other areas, risk retention, due diligence, disclosure, STS on-balance sheet securitisations and the meanings of public and private securitisation. Revisions to the Capital Requirements Regulation address, among other aspects, risk-sensitive capital requirements, robust and resilient securitisation positions and significant risk transfer tests. Additional consultations and amendments are expected as the EU legislative process...
ARCHIVED : This Practice Note has been archived and is not maintained. From 8 October 2001, the Welfare Reform and Pensions Act 1999 ( WRPA 1999) placed a duty on employers with five or more staff to nominate and enable access to a stakeholder pension arrangement for their workforce as required by applicable law. That designation and access duty, as provided for in WRPA 1999, s 3, was superseded on 1 October 2012, when automatic enrolment into a qualifying scheme, introduced by the Pensions Act 2008, came into legal force. Nonetheless, save where a relevant exception applies, employers remain obliged, for relevant employees, to deduct member contributions to a stakeholder scheme from remuneration and remit them promptly to the trustees or managers. In addition, any existing or newly established stakeholder pension schemes must still be administered in accordance with the statutory rules for such...
From 1 October 2012, the duty on employers to nominate and facilitate access to a stakeholder pension scheme (as set out in section 3 of the Welfare Reform and Pensions Act 1999 ( WRPA 1999)) ceased, as the new requirement by employers to enrol workers automatically into an automatic enrolment scheme (introduced by the Pensions Act 2008) took effect thereafter. However, unless a relevant exception applies (eg where an employer is notified that a designated stakeholder pension scheme has begun winding up), employers remain under an ongoing obligation, as applicable, in respect of relevant employees, to deduct employee contributions to any existing stakeholder scheme from pay, as appropriate, and forward them to the trustees or managers of the schemes. In addition, both existing and newly created stakeholder pension schemes must continue to be run in line with the statutory...
This Practice Note forms one of a carefully curated trio that sets out the prudential regulatory landscape for UK life and general insurers and reinsurers falling under the Solvency UK regime, which traces its origin to the Solvency II Directive ( Directive 2009/138/ EC) ( Solvency II). This Practice Note addresses and explains the Pillar 2 and Pillar 3 obligations applicable to insurers. For an introduction to the prudential requirements affecting UK insurers, see: Prudential requirements for UK insurers—introduction. For details on Pillar 1 (quantitative capital and solvency standards), see Practice Note: Prudential requirements for UK insurers— Pillar 1 requirements. Pillar 2 overview— Risk management, governance and supervision Risk management underpins prudent operation and sound governance for insurers and is therefore also a core element of prudential regulation within this context, in this regard. Solvency UK obliges insurers to evaluate the risks inherent in their...
This Practice Note forms part of a trio outlining the prudential regulatory regime applying to UK life and general insurers and reinsurers within the scope of the Solvency UK regime, which originates from the Solvency II Directive ( Directive 2009/138/ EC) ( Solvency II). It introduces the prudential obligations for UK insurers operating under Solvency UK. For detail on requirements across the three Pillars— Pillar 1 (quantitative capital and solvency standards), Pillar 2 (governance and supervision) and Pillar 3 (reporting and disclosure)—see Practice Notes: Prudential requirements for UK insurers— Pillar 1 requirements and Prudential requirements for UK insurers— Pillar 2 and Pillar 3 requirements. For a step-by-step tracker of the evolution and roll-out of Solvency UK, with links to UK legislation, rules and guidance, see: Solvency UK—timeline. For material on the EU Solvency II framework, consult Practice Notes: EU Solvency...
This Practice Note outlines the architecture and statutory underpinnings of Solvency UK. It sets out how the United Kingdom has implemented Directive 2009/138/ EC (the Solvency II Directive), considers the consequences of leaving the EU, and charts the emergence of the post‑ Brexit Solvency UK regime, with pointers to pertinent UK legislation, Prudential Regulatory Authority ( PRA) rules, and associated PRA policy materials. For further detail on the Solvency UK framework, see Practice Notes: Prudential requirements for UK insurers—introduction, Prudential requirements for UK insurers— Pillar 1 requirements, and Prudential requirements for UK insurers— Pillar 2 and Pillar 3 requirements. For a dated record of how the Solvency UK framework has been developed and rolled out, see: Solvency UK—timeline, for ease of reference in UK, as applicable to firms. The requirement for transposition and...
This Practice Note is one of three that outline the prudential regulatory architecture for UK life and general insurers and reinsurers within Solvency UK, the regime stemming from the Solvency II Directive ( Directive 2009/138/ EC) ( Solvency II). It explains how the principal Pillar 1 quantitative standards are embedded in the Prudential Regulation Authority ( PRA) Rulebook, covering: valuation of assets and liabilities, including technical provisions for insurance liabilities regulatory capital requirements, including the solvency capital requirement ( SCR), the minimum capital requirement ( MCR) and technical provisions for insurance liabilities own funds requirements, comprising basic own funds and ancillary own funds investment requirements, including the prudent person principles ( PPP) For a primer on the prudential requirements affecting UK insurers, see: Prudential requirements for UK insurers—introduction. For detail on Pillar 2 (governance and supervision) and Pillar 3 (reporting and disclosure), see Practice Note:...
ARCHIVED This Practice Note is archived and no longer maintained. It offers historical context and outlines concepts such as UK mini-bonds and the Order Book for Retail Bonds ( ORB). With the advent of the new UK prospectus regime, these concepts are being phased out or materially reformed. It is provided for background information only. For more on the new UK prospectus regime, see Practice Note: The UK Prospectus Regulation—essentials [ Archived]— Reform of the UK prospectus regime. Introduction Traditional debt capital markets Historically, large corporates have tapped the debt capital markets to raise funds from an investor base made up largely of investment funds, pension funds, insurance companies and other institutional investors. Consequently, debt capital markets transactions have typically been characterised by: substantial issue sizes—typically at least £50m (or the equivalent in another currency) and frequently above £100m uniform...
STOP PRESS: The Short Selling Regulations 2025 were finalised and released on 13 January 2025, accompanied by an explanatory memorandum. They replace the assimilated UK Short Selling Regulation and introduce a new statutory framework for regulating short selling in the UK, defining designated activities and granting the Financial Conduct Authority ( FCA) powers to make rules for those activities, as well as to intervene in exceptional circumstances. Certain elements took effect on 14 January 2025, with the remainder commencing on the date the UK Short Selling Regulation is revoked under the Financial Services and Markets Act 2023. In October 2025, the FCA published CP25/29, outlining proposals for a new Short Selling sourcebook and changes concerning, among other matters: position reporting covering arrangements lists of reportable shares market maker exemptions disclosures of aggregated net short positions ( ANSPs) The FCA also issued a derivations and changes table explaining how rules and guidance have been...
This Practice Note is the first part of a two-part series and sets out matters to weigh up when establishing a Shari'ah-compliant investment fund. It outlines key ideas in Shari'ah finance, covering the principles of Shari'ah law, a range of fund structures, the process of purification, the concept of riba or interest, and the basic finance techniques and fund types that are commonly utilised in Shari’ah-compliant investments. What is Shari'ah law? Shari'ah is a body of Islamic principles observed by Muslims, derived from the central religious text of Islam, including the holy Qùran. Shari'ah law regulates almost all aspects of Muslim life, and places specific restrictions on the types of finance and investments permitted within Muslim countries. Investments regarded as unfair or unethical under Shari'ah law, ie arrangements where only one party bears the burden of risk, are therefore forbidden. The guiding...
Shari’ah compliant, or Islamic, finance is a method of funding grounded in the principles and prohibitions of Shari’ah ( Islamic law). These rules stem from a range of sources, with further detail provided in Practice Note: Sources of Shari'ah. That Practice Note sets out the fundamental principles and prohibitions that underpin the structuring of Islamic finance transactions, and explains how arrangements are shaped to reflect them. In practice, the question of whether a given Islamic finance transaction satisfies these standards—and so can be treated as Shari’ah compliant—rests with the Shari’ah board of the institution offering or arranging the finance and, less commonly, with the Shari’ah board of a corporate making use of the facility. As a general rule, the default assumption is that a transaction presented as Shari’ah compliant or Islamic will be acceptable unless it breaches core principles or passes...
Introduction Shari’ah—also rendered as Sharia, Shariah, or Shari’a—literally means, in Arabic, ‘the path towards the watering place’. As Islamic law, it is the religious legal framework of Islam, laying down duties and a code of conduct for people to observe so that they can lead their lives in a rewarding and worthwhile way. According to Potter LJ, much of the classical Islamic law governing financial dealings is not set out as formal ‘rules’ or ‘law’ in the Qur'an and Sunnah; instead, it rests on the often differing opinions of established schools of law that took shape roughly between 700 and 850 CE......
This Practice Note sets out a summary of the Shareholder Rights Directive II ( SRD II) ( Directive ( EU) 2017/828 amending Directive 2007/36/ EC) and its effect in the UK, with a particular emphasis on consequences for asset managers and institutional investors across the market. SRD II seeks to encourage robust stewardship and long-term investment choices, introducing requirements in areas such as transparency of engagement policies and investment approaches across the institutional investment community, and mandating approval and disclosure of related-party transactions. Scope and overview of SRD II The original Shareholder Rights Directive ( SRD I) took effect in 2009 to bolster shareholder rights by setting minimum standards for exercising voting rights attached to shares in EU listed companies. SRD I was extensively revised by SRD II, which applied from 10 June 2019. SRD II places a range of rights and duties on listed...
Background and introduction to SEPA After the euro was introduced in 11 EU countries in 1999, it became evident that domestic and cross-border retail payment services did not deliver comparable service levels. In September 1999, the European Central Bank ( ECB) issued a report on enhancing cross-border retail payment services (the ECB 1999 Report). The report recognised that cross-border credit transfers within the euro area lagged significantly behind domestic credit transfers, even though a single currency environment called for a Single European Payment Area ( SEPA). To initiate the debate and send a clear signal to the banking and payment systems industry, the Eurosystem (consisting of the ECB and the national central banks of countries that had adopted the euro) set out seven objectives for the industry to meet: Improved systems/services to be in place by 1 January 2002 Place priority on...
Single European Payments Area ( SEPA) quick guide This SEPA quick guide sets out current UK legislation and retained EU law relating to requirements amended by the Credit Transfers and Direct Debits in Euro ( Amendment) ( EU Exit) Regulations 2018, SI 2018/1199 ( Transfers and Debits Exit Regulations 2018), at the end of the implementation period after the UK’s withdrawal from the EU. The legal underpinning for SEPA is the Payment Services Directive ( Directive 2007/64/ EC) ( PSD), which has been replaced by the recast Payment Services Directive ( Directive ( EU) 2015/2366) ( PSD2). PSD and its successor, PSD2, establish a harmonised legal framework for payments across the European Union, which is vital for SEPA’s smooth functioning. EU Regulation ( EC) 924/2009 on charges for cross-border payments in euro ( OJ L 266 9.10.2009 p 11) (the Cross Border Payments...
Self-invested personal pension schemes ( SIPPs) At their launch in April 1988, personal pensions could only be set up by authorised banks, insurers or unit trust providers. These were the only bodies permitted to establish such arrangements, and this exclusivity influenced how early schemes were initially set up. The prevailing assumption was that products from these organisations would confine investment opportunities to areas closely aligned with their principal activities of banking, long‑term insurance and running unit trusts. Yet still the legislation itself imposed no such limits, and HM Revenue & Customs ( HMRC) issued a statement — Joint Office Memorandum 101 — outlining when it would approve personal pension schemes that offered members a broader range of investments. Under current conditions, these so‑called self‑invested personal pension schemes ( SIPPs) can, in principle, give an individual almost complete discretion over the...
Relevant articles The Journal of International Banking and Finance Law features numerous helpful pieces on, and linked to, Mi FID, which can be accessed from this page. These materials are available solely to Lexis+® UK Legal Research subscribers. Date, article and a brief overview: 1 May 2018 — ‘ The enforcement of basic norms of commerce and of fair and honest dealing’: holding banks to higher standards ( Part Two) (2018) 5 JIBFL 294 — In this piece, Gerard Mc Meel continues exploring when a bank is a fiduciary, highlighting policy reasons that support heightened standards of behaviour for financial intermediaries. 1 April 2018 — The English law rights of investors in Initial Coin Offerings (2018) 4 JIBFL 214 — Here, the authors examine, under English law, the rights and liabilities of parties involved in an Initial Coin Offering. 1 April 2018 — Do the FCA's...
Timeline This timeline monitors the principal developments and news items connected to securities lending transactions and repos. For details on the rules on reporting and transparency for securities financing transactions ( Regulation ( EU) 2015/2365), see: Securities Financing Transactions Regulation ( SFTR)—essentials......
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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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