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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 delegated acts, implementing decisions and guidance issued under the Benchmarks Regulation ( EU) 2016/1011 (the EU Benchmarks Regulation). For background on the EU Benchmarks Regulation, consult these Practice Notes: EU Benchmarks Regulation—essentials EU Benchmarks Regulation—one minute guide EU Benchmarks Regulation—timeline EU Benchmarks Regulation— Level 2 measures RTS/ ITS Commission Implementing Regulation ( EU) 2016/1368 sets the list of critical benchmarks in accordance with Article 20(1) of the Benchmarks Regulation. It was later amended by: Commission Implementing Regulation ( EU) 2017/1147 Commission Implementing Regulation ( EU) 2017/2446 Commission Implementing Regulation ( EU) 2018/1106 Commission Implementing Regulation ( EU) 2019/482 Commission Delegated Regulation ( EU) 2018/66 defines how to assess the nominal amount of financial instruments other than derivatives, the notional amount of derivatives, and the net asset value of investment funds for the purposes of Article 20(1) of the Benchmarks...
ARCHIVED: This archived Practice Note outlines the key recommendations of the European Commission’s High‑ Level Expert Group in its report on restructuring banking businesses (the Liikanen Report), delivered to the Commission on 2 October 2012. In July 2018, the Commission withdrew the draft regulation derived from the Liikanen Report, as its objectives had, in the meantime, been met to a large extent by other initiatives, including the Financial Services ( Banking Reform) Act 2013. For further details, see Practice Note: UK structural banking reform—ring‑fencing. This Practice Note is provided for background only and is not updated. The European Commission’s High‑ Level Expert Group ( HLEG) was created in February 2012 to examine potential structural changes to the EU banking sector. Erkki Liikanen, then Governor of the Bank of Finland, served as chairman. Its remit was to assess whether financial stability, efficiency and consumer...
ARCHIVED: This document is archived and no longer maintained. This overview outlines high-level divergence between Regulation ( EU) 2017/2402 ( EU Securitisation Regulation) and Assimilated Regulation ( EU) 2017/2402 ( UK Securitisation Regulation). ‘ Formal’ denotes different drafting and/or legislative cross‑references without any substantive alteration to scope or requirements. General definitions Level: Formal. There is a formal divergence in the definitions of ‘sponsor’ and ‘institutional investor’. Sources: Article 2 of Regulation ( EU) 2017/2402 and Article 2 of Assimilated Regulation ( EU) 2017/2402. For detailed guidance, see Practice Note: UK Securitisation Regulation—essentials [ Archived]— Securitisation Regulation— General definitions. Criteria for traditional STS securitisations—general Level: Formal. Sources: Articles 20, 21, 22, 24, 25 and 26 of Regulation ( EU) 2017/2402 and Articles 20, 21, 22, 24, 25 and 26 of Assimilated Regulation ( EU) 2017/2402. For detailed guidance, see Practice Note: UK...
STOP PRESS: Regulation ( EU) 2024/2809, part of the EU Listing Act package, was published in the Official Journal of the EU on 14 November 2024 and became effective on 4 December 2024. The measure updates the EU Prospectus Regulation. Certain elements took effect immediately, while others carry lead‑in periods of 15 or 18 months—specifically from 5 March 2026 and 5 June 2026, respectively. Transitional rules permit, until their expiry, prospectuses approved up to 18 months after 4 December 2024 to remain governed by the EU Prospectus Regulation as it stood at the point of approval. For more information, see: The EU Prospectus Regulation—essentials. UK— The UK’s prospectus framework is presently grounded in the EU Prospectus Regulation, retained in domestic law post‑ Brexit as the UK Prospectus Regulation. The UK has been reassessing its regime as part of broader initiatives to reform UK capital...
STOP PRESS: The EU Listing Act appeared in the Official Journal on 14 November 2024 and introduces amendments to the EU Market Abuse Regulation. The majority of the EU Listing Act’s provisions, including the EU Market Abuse Regulation changes, are due to apply from July 2026, subject to the Commission’s adoption of level 2 delegated acts. On 7 May 2025, ESMA released its technical advice to the Commission covering, among other matters, the EU Market Abuse Regulation. The Commission is anticipated to adopt the corresponding delegated acts by July 2026. This table offers high-level insight into divergence between key provisions of the Market Abuse Regulation ( EU) 596/2014 ( EU Market Abuse Regulation) and the Assimilated Regulation ( EU) 596/2014 ( UK Market Abuse Regulation). Be aware that the EU Listing Act’s amendments to the EU Market Abuse Regulation will drive further...
ARCHIVED This Practice Note is archived and is no longer maintained. What is the objective of the EU Market Abuse Regulation and UK Market Abuse Regulation? Market Abuse Regulation ( EU) 596/2014 (the EU Market Abuse Regulation) brought in a refreshed and reinforced EU market abuse framework, extending its scope and imposing more severe sanctions. From IP completion day (31 December 2020), the onshored Market Abuse Regulation, Retained Regulation ( EU) 596/2014 (the UK Market Abuse Regulation), applies in the UK. Divergence between the EU Market Abuse Regulation and the UK Market Abuse Regulation For high-level insight on 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 do the EU Market Abuse Regulation and UK Market Abuse Regulation apply to? ......
STOP PRESS : In March 2025, the government set out plans to fold the Payment Systems Regulator, with most of its responsibilities, into the Financial Conduct Authority. The aim is to simplify the regulatory landscape, cut duplication, and enable firms to prioritise innovation and the delivery of services. The timing has yet to be confirmed; however, HM Treasury has stated in a letter that it expects to consult on the proposal’s details over summer 2025 and to legislate at the earliest opportunity. In the meantime, the PSR and the FCA intend to work closely together. Also in March 2025, ministers restated their intention to bring the Payment Systems Regulator and its functions principally within the Financial Conduct Authority. This reform seeks to streamline oversight, reduce overlap, and allow businesses to focus on innovation and service delivery. Exactly when these changes take effect remains unclear, but HM...
FORTHCOMING CHANGE: This Practice Note sets out the law as it currently stands, though elements could be affected by the Digital Omnibus proposals released on 19 November 2025 under the European Commission’s ‘simplification’ agenda. For details, see Practice Note: EU Digital Omnibus—tracker. It introduces the EU’s General Data Protection Regulation, Regulation ( EU) 2016/679 ( EU GDPR), and the United Kingdom General Data Protection Regulation, Assimilated Regulation ( EU) 2016/679 ( UK GDPR). The UK data protection law collection and the EU data protection law collection compile further core guidance on these regimes and are recommended starting points for research. In brief, data protection law across the EEA (the EU together with Iceland, Norway and Liechtenstein) and the UK aims to ensure that information about living individuals (‘personal data’) is treated fairly and responsibly. To that end, both EEA and UK data protection laws impose...
What is an equity derivative? An equity derivative is a financial contract that takes its price or value from the behaviour of a share-based asset or another equity-linked variable, providing economic exposure to that performance. Such derivatives can be dealt on-exchange or over the counter (see further details below). They can also be structured as funded or unfunded. Funds and investors chiefly employ them for speculation, while end users and banks use them as hedging tools for commercial purposes. They also serve numerous other purposes, which will be discussed in more detail below. Types of equity derivative instruments Equity derivative instruments fall into the following five principal categories: Options — the two core varieties are puts and calls. A put gives its holder the right to sell an underlying asset (for example, shares) to a counterparty at an agreed price on a specified future date. A call grants its holder the...
This Practice Note outlines the Sentencing Council’s guidance on sentencing corporate bribery offences in the Crown Court and magistrates’ court. The court must follow these guidelines when sentencing a corporate offender unless it is satisfied that doing so would be contrary to the interests of justice. The court should set a sentence within the offence range, subject to: a reduction for a guilty plea a discount for assistance provided totality where the court considers none of the categories sufficiently resemble the offender’s case For guidance on sentencing guidelines generally, see Practice Note: Sentencing criminal offences—sentencing guidelines and resources. For information on sentencing more broadly, see Practice Notes: Sentencing procedure in the magistrates’ and Crown Courts and Sentences imposed following conviction. Bribery committed by a corporate offender Corporate bodies can be convicted of offences under sections 1, 2 and 6 of the Bribery Act 2010 ( BA...
This Practice Note outlines the range of enforcement routes open to creditors where judgment debts stem from consumer credit dealings, generally speaking. For fuller guidance, please refer to the Dispute Resolution module. For further details on authorisation under the Financial Conduct Authority’s consumer credit regime, see Consumer credit regime—overview. General Where a creditor succeeds in court against a debtor, it is generally anticipated that the debtor will honour the judgment or order secured. Yet losing parties do not invariably comply with what has been ordered. Typically, and in many cases, a judgment creditor expects payment of monies owed, delivery up of goods, or some other species of mandatory or injunctive relief granted by the court. The successful judgment creditor may pursue enforcement to obtain compensation or recover a debt, together with enforcement costs, in full. Accordingly, responsibility rests with the judgment creditor to secure...
This Practice Note sets out an overview of how derivatives are applied within the energy markets and considers divergence between EU and UK regulation of energy derivatives. What are energy derivatives? Energy derivatives track the price of an underlying energy commodity, including oil, gas or electricity. They can be traded over the counter ( OTC) or on an exchange (exchange traded derivatives or ETDs). Market participants include: brokers financial institutions investment funds speculators direct energy users Common types of energy derivatives Forwards/futures A forward in the energy sector is an OTC derivative providing for the future delivery of an energy product, with the price fixed on the date the agreement is concluded. A futures contract is broadly comparable but is traded on an exchange rather than negotiated privately with a market counterparty. For further detail on these instruments, see Practice Note: Types of...
Relevant articles The Journal of International Banking and Finance Law hosts numerous helpful articles on EMIR, which can be accessed via links from this page. These pieces are available solely to Lexis+® UK Legal Research subscribers. 1 April 2019 The tide goes out: the structure of UK financial services legislation post- Brexit: Part 3 (2019) 4 JIBFL 219 — Deborah Sabalot completes the survey, exploring distinctive legislative ‘solutions’ and the emergence of hybrid instruments that are law yet resemble rules, as powers held by EU institutions move to UK financial regulators and the framework required to separate the UK from the EU is put in place. 1 March 2019 The tide goes out: the structure of UK financial services legislation post- Brexit: Part 2 (2019) 3 JIBFL 147 —...
This tracker has been archived and does not reflect events occurring after 19 November 2025 On 9 December 2022, via Written Statement UIN HCWS425, the chancellor of the exchequer, Jeremy Hunt, introduced a package of proposals for UK financial services, collectively called the Edinburgh Reforms. For top-level detail, see: UK government unveils ‘ Edinburgh Reforms’ package for financial services LNB News 09/12/2022 67; 7 areas to look out for in the Edinburgh Reforms package; and News Analysis: The Mansion House speech 2023—pensions aspects. Also consult Video analysis— The Edinburgh Reforms—in which Brian Mc Donnell, Partner at Mc Donnell Ellis LLP, summarises the principal considerations and their impact on the financial services industry. On 10 July 2023, in his Mansion House speech, Jeremy Hunt set out the government’s intended changes to the financial services sector,...
Legislation tracker This tracker outlines consultation papers, primary and secondary legislation, and guidance linked to the Economic Crime and Corporate Transparency Act 2023 ( ECCTA 2023), which obtained Royal Assent on 26 October 2023. It lists all pertinent primary legislation and statutory instruments associated with ECCTA 2023, including the ECCTA Bill as it moved through parliament. The Protection and Disclosure of Personal Information ( Amendment) Regulations 2025 Status: Draft – not yet in force. This instrument will broaden the circumstances in which individuals may apply to the Companies House registrar to shield personal information that appears on the public register. Once protected, the registrar must not make the relevant details publicly available. The Register of People with Significant Control ( Amendment) Regulations 2025 Date: 18...
In recent years, there has been mounting pressure on the government to introduce further legislation on economic crime to deter criminals from laundering money in the UK. The conflict in Ukraine triggered the Economic Crime ( Transparency and Enforcement) Act 2022 ( EC( TE) A 2022), forming part of the UK government’s response. The government expedited the Bill’s passage through Parliament, with all stages completed in five Parliamentary sitting days. EC( TE) A 2022 is intended to stop the UK property market being used to store, hide or launder criminal proceeds and wealth, to improve transparency over the ultimate owners of properties and assets in the UK, and to make it simpler for enforcement bodies to dispossess owners of unlawfully obtained assets. This is supported by separate provisions that make it easier to designate persons and organisations under sanctions pursuant to the Sanctions and Anti- Money...
Background to the Dodd- Frank Act After the 2008 turmoil in US capital markets, the Dodd- Frank Wall Street Reform and Consumer Protection Act of 2010 was adopted to strengthen regulation of the US financial system. In relation to financial derivatives, Dodd- Frank: requires the registration and supervision of ‘swap dealers’ and ‘major swap participants’ (both terms are discussed below) imposes clearing and trade execution obligations on standardised derivative contracts mandates record-keeping and data reporting for swaps, including real-time public disclosure expands federal agencies’ oversight of the swaps sector Under Dodd- Frank, the US Commodity Futures Trading Commission ( CFTC), which supervises the futures and options markets, and the US Securities and Exchange Commission ( SEC) jointly oversee derivatives. The CFTC regulates ‘swaps’ under the Commodity Exchange Act ( CEA), while the SEC regulates...
A distributed ledger is a database that securely logs financial, physical or digital assets and shares them across a network via fully transparent updates of information. Its earliest form appeared in 2008 as ‘blockchain’. Best known for underpinning Bitcoin and other cryptocurrencies and crypto tokens such as Etherium, blockchain is hailed by supporters as a technology with the potential to revolutionise financial services. At its simplest, it stores records of transactions or other data; at the same time, it can power a broad array of applications that may fundamentally reshape how financial services are delivered. Definition of distributed ledger technology There is no single, universally accepted way to define distributed ledger technology ( DLT). In essence, it denotes a suite of technological solutions that enable cryptographically secured ledgers of electronic transactions to be maintained by a shared, or...
THIS PRACTICE NOTE APPLIES TO PERSONAL PENSION SCHEMES This Practice Note considers the disclosure obligations that applied to trustees of personal pension schemes prior to 6 April 2014 under the Personal Pension Schemes ( Disclosure of Information) Regulations 1987, SI 1987/1110. Those regulations were repealed with effect from 6 April 2014 and therefore no longer apply. In this Practice Note, references to ‘trustees’ should, for a contract-based personal pension, be read as including the managers of the scheme. For guidance on the disclosure rules that applied to occupational pension schemes before 6 April 2014 under the Occupational Pension Schemes ( Disclosure of Information) Regulations 1996, SI 1996/1655, see Practice Note: Occupational pension schemes—disclosure requirements before 6 April 2014. From 6 April 2014, the disclosure regime for occupational and personal pension schemes was consolidated and harmonised into a single set of...
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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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