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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 outlines the UK private equity market, covering the regulation of private equity fund managers, the usual legal structures for funds and the principal industry bodies. It is designed as an introduction for readers new to the private equity arena. What is private equity? Private equity ( PE) involves providing medium- to long-term capital to companies (targets) with scope for growth, in return for the investor obtaining an equity interest (that is, shares). Targets may be privately held or quoted on an exchange such as the London Stock Exchange, although, in broad terms, PE funds more often focus on private rather than quoted or listed businesses. Investors placing capital into PE funds or PE-backed companies are typically institutional, including: Pension funds High-net-worth individuals Endowments Insurance companies Funds of funds Pension funds comprise the largest class of investors in private equity funds, and...
This Practice Note summarises the principal characteristics of collective investment vehicles that target unlisted (including public‑to‑private) companies. It covers tax issues, fund structure and documentation, the fund life cycle, fee and carried interest arrangements, and the relevant UK regulatory framework. What is a private equity fund? A private equity fund ( PE fund) is a pooled investment arrangement focused mainly on unquoted securities. Chances to invest in these assets, commonly shares in private limited companies, are seldom publicised and are usually sourced and negotiated privately. Accordingly, investors outside the private equity market struggle to obtain direct access. By combining their capital in a professionally managed PE fund, investors can participate in these opportunities. Inward investment by a PE fund can appeal to investee businesses because PE funds: provide growth capital to portfolio businesses; support transactions that take securities from public markets into private...
A Accelerated depreciation Accelerated depreciation refers to HM Revenue & Customs rules letting companies deduct, from taxable profits, the falling value of business assets (for example, plant and machinery) more quickly than those assets actually depreciate. The most widely used methods are sum-of-the-years’-digits and double-declining balance. Acquisition The act of obtaining a controlling stake in another company, or any transaction where the bidder secures 50% or more of the target. Acquisition finance External funding taken on by the buyer to finance an acquisition. This may consist of bank borrowing and/or equity, such as raising capital through a share issue. Alternative investment fund ( AIF) Any collective investment undertaking, including an AIF’s investment compartments, that gathers capital from multiple investors to invest under a defined investment policy for their benefit, and which is not a fund covered by...
This quick guide to Regulation ( EU) 1286/2014 on key information documents ( KIDs) for packaged retail and insurance-based investment products ( PRIIPs) sets out the current UK legislation and retained EU measures as amended by the Packaged Retail and Insurance-based Investment Products ( Amendment) ( EU Exit) Regulations 2019, SI 2019/403 (the PRIIPs Exit Regulations or SI 2019/403), as further modified by The Financial Services ( Miscellaneous Amendments) ( EU Exit) Regulations 2020, SI 2020/628 and other instruments, at the close of the implementation period following the UK’s withdrawal from the EU. It also highlights related updates to Financial Conduct Authority ( FCA) rules and guidance. The summary below explains the approach to onshoring EU requirements for PRIIPs after the Brexit implementation period... Overview of onshored and preserved EU-derived law The PRIIPs Exit Regulations form part of HM Treasury’s programme of statutory...
PRA PS21/25 and FCA PS25/15: reform of the remuneration regime Joint consultation On 26 November 2024, the Prudential Regulation Authority ( PRA) and the Financial Conduct Authority ( FCA) issued Joint Consultation Paper 6/24–24/23, Remuneration reform, which outlines proposed amendments to the remuneration framework as follows: revisions to the Remuneration Part of the PRA Rulebook ( Appendix 1) updates to Supervisory Statement SS2/17— Remuneration ( Appendix 2) modifications to SYSC 19D within the FCA Handbook ( Appendix 3) consequential amendments to the FCA’s non- Handbook guidance FG23/6: General guidance on the application of ex-post risk adjustment to variable remuneration ( Appendix 4), and the withdrawal of the FCA’s non- Handbook guidance in FG23/4: Dual-regulated firms Remuneration Code ( SYSC 19D): Frequently asked questions on remuneration, and FG23/5: General Guidance on...
This Practice Note outlines high-level details of the prudential capital framework that applies to UK banks and building societies, as well as to large, systemically important investment firms designated by the Prudential Regulation Authority ( PRA) under Article 3 of the Financial Services and Markets Act 2000 ( PRA-regulated Activities) Order, SI 2013/556. The requirements are contained in: the onshored Capital Requirements Regulation, Retained Regulation ( EU) 575/2013 ( UK CRR), and associated technical standards—for information, see Practice Note: UK Capital Requirements Regulation ( UK CRR)—technical standards [ Archived] PRA Supervisory Statements ( SSs), and the PRA Rulebook In the PRA Rulebook, banks, building societies and designated investment firms are collectively termed ‘ CRR firms’. For information on the regulatory capital requirements applying to non-designated UK investment firms, see Practice Note: The UK investment firms prudential regime (...
Background As the prudential regulator for insurers, banks, and certain investment firms that could pose significant risks to the stability of the financial system, the Prudential Regulatory Authority ( PRA) frames its oversight of insurers differently from its oversight of banks and investment firms, reflecting the distinct risks and liabilities each sector carries. There are common threads that run through the PRA’s supervisory approach. Its model is anchored in the primary aim of promoting the safety and soundness of regulated firms. Central to this model is an assumption that the PRA will not place exclusive reliance on the judgement of firms’ management; nevertheless, accountability for financial soundness rests with each firm’s management, board of directors, and shareholders, rather than with the PRA. The supervisory approach adopted by the PRA builds upon that undertaken by its predecessor, the Financial Services Authority. The PRA also...
Temporary permissions regime ( TPR) and temporary marketing permissions regime ( TMPR) This Practice Note examines the Financial Conduct Authority ( FCA) and Prudential Regulation Authority ( PRA)/ Bank of England ( Bo E) temporary permissions regime ( TPR) and the temporary marketing permissions regime ( TMPR), introduced at the close of the implementation period following the UK’s exit from the EU. The TPR has concluded (31 December 2023). In contrast, the TMPR for EEA UCITS remains operative and has been extended to 31 December 2026 to aid transition to the Overseas Funds Regime ( OFR). These arrangements allowed EEA passporting firms and funds to continue UK activities for a limited duration after the implementation period while pursuing full UK authorisation or recognition. The European Union ( Withdrawal) Act 2018 ( EU( W) A 2018), as amended by the European Union (...
Quick Look Brexit Financial Services Legislation Status Guide This guide gives a high-level overview of the position of the Investment Firms Regulation ( EU) 2019/2033 ( EU IFR) and the Investment Firms Directive ( EU) 2019/2034 ( EU IFD) in UK law from 1 January 2021. For deeper insight into how Brexit affects the prudential framework for investment firms, see Practice Note: Impact of Brexit: CRR and prudential regulation—quick guide— Background to UK implementation of CRR II, CRD V, IFR and IFD. For further detail on the UK’s post‑ Brexit prudential regime for investment firms, consult Practice Note: The UK investment firms prudential regime ( IFPR). The EU IFR entered into force on 25 December 2019 and has applied since 26 June 2021 (save for certain provisions that started in December 2019 and March 2020), and EU Member States were obliged to...
Quick Look Brexit Financial Services Legislation Status Guide This Quick Look Brexit Financial Services Legislation Status Guide outlines the position of the Capital Requirements Directive IV ( Directive 2013/36/ EU) ( EU CRD IV) and the amending Directive ( EU) 2019/878 ( OJ L 150/253) ( EU CRD V) within UK law from 1 January 2021. For fuller analysis of Brexit’s impact on prudential regulation, consult Practice Note: Impact of Brexit: CRR and prudential regulation—quick guide [ Archived]. For a concise overview of the standing of the Capital Requirements Regulation ( EU) 575/2013 ( EU CRR) and Regulation ( EU) 2019/876 ( EU CRR II) under UK law 1 January 2021, see Practice Note: Quick Look Brexit Financial Services Legislation Status Guide— CRR [ Archived]. For detail on the post‑ Brexit prudential framework in the UK, refer to Practice Note: The UK...
Quick Look Brexit Financial Services Legislation Status Guide This guide offers a concise overview of the position, under UK law from 1 January 2021, of the coronavirus ( COVID‑19) amendments to the Capital Requirements Regulation ( EU) 575/2013 ( EU CRR) and Regulation ( EU) 2019/876 ( EU CRR II), introduced by Regulation ( EU) 2020/873 ( OJ L 204/4) (the EU Amending Regulation). For fuller analysis of Brexit’s effect on prudential rules and the CRR, see Practice Note: Impact of Brexit: CRR and prudential regulation—quick guide [ Archived], and for detail on the targeted EU banking measures issued in response to the pandemic, see Practice Note: Coronavirus ( COVID‑19)—targeted EU banking package. For a high‑level summary of the standing of the EU CRR and EU CRR II from 1 January 2021, see Practice Note: Quick Look Brexit Financial Services...
This concise note sets out the UK legislation and retained EU law that has been amended and/or revoked by the Securitisation ( Amendment) ( EU Exit) Regulations 2019, SI 2019/660 ( Securitisation Exit Regulations) and other instruments at the end of the implementation period following UK’s departure from the EU. Changes to the Securitisation Exit Regulations are effected by the Gibraltar ( Miscellaneous Amendments) ( EU Exit) Regulations 2019, SI 2019/680, the Financial Services ( Miscellaneous) ( Amendment) ( EU Exit) ( No. 3) Regulations 2019, SI 2019/1390, the Over the Counter Derivatives, Central Counterparties and Trade Repositories ( Amendment, etc., and Transitional Provision) ( EU Exit) Regulations ( No 2) 2019, SI 2019/1416, the Over the Counter Derivatives, Central Counterparties and Trade Repositories ( Amendment, etc., and Transitional Provision) ( EU Exit) Regulations 2020, SI 2020/646, and the Financial Services and...
This quick guide to payment services and electronic money directives summarises the current UK legislation, retained EU legislation, and Financial Conduct Authority ( FCA) rules and guidance on payment services and e-money requirements, as modified by the Electronic Money, Payment Services and Payment Systems ( Amendment and Transitional Provisions) ( EU Exit) Regulations 2018, SI 2018/1201 (the E- Money and Payments Exit Regulations 2018) and the Financial Services ( Electronic Money, Payment Services and Miscellaneous Amendments) ( EU Exit) Regulations 2019, SI 2019/1212 (the E- Money and Payments Exit Regulations 2019) (together, the E- Money and Payments Exit Regulations), alongside other instruments in force at the end of the implementation period following the UK’s withdrawal from the EU, together with related FCA updates to rules and guidance affecting payment services and e-money obligations. The summary below outlines Brexit...
Brexit Capital Requirements Regulation ( EU) 575/2013 ( EU CRR) quick guide This quick guide sets out the UK legislation and retained EU law that have been revised or revoked by the following measures, together with associated amendments to Financial Conduct Authority ( FCA) and Prudential Regulation Authority ( PRA) regulatory rules and guidance, taking effect at the close of the implementation period after the UK’s departure from the EU: Capital Requirements ( Amendment) ( EU Exit) Regulations 2018, SI 2018/1401 (the CRR SI) Capital Requirements ( Amendment) ( EU Exit) Regulations 2019, SI 2019/1232 (the CRRII SI) Financial Holding Companies ( Approval etc.) and Capital Requirements ( Capital Buffers and Macro-prudential Measures) ( Amendment) ( EU Exit) Regulations 2020, SI 2020/1406 (the CRDV SI) other related instruments It also pinpoints principal areas where, after the...
Brexit Financial Services Legislation Status Guide This guide outlines high-level information on the status of EU laws regulating the payments sector, namely: the second Electronic Money Directive ( Directive 2009/110/ EC) (2EMD) the Cross- Border Payments Regulation ( Regulation ( EC) 924/2009) ( CBPR) as amended by Regulation ( EU) 2019/518 ( CBPR2) the Regulation establishing technical and business requirements for credit transfers and direct debits in euro and amending the CBPR ( Regulation ( EU) 260/2012) ( SEPA Regulation) the Payment Accounts Directive ( Directive 2014/92/ EU) ( PAD) the recast Payment Services Directive ( Directive ( EU) 2015/2366) ( PSD2) the Interchange Fee Regulation ( Regulation ( EU) 2015/751) ( IFR) This Practice Note should be read alongside the following Practice Notes: Impact of Brexit: Payment services and electronic money...
This Practice Note This Practice Note examines the consequences of the UK’s exit from the EU for the oversight of central counterparties ( CCPs), trade repositories, and central securities depositories ( CSDs) in the UK. It addresses the following arrangements: the temporary recognition framework and run-off arrangements for non- UK CCPs the temporary registration framework and conversion pathway for UK trade repositories the transitional framework for non- UK CSDs the temporary designation scheme for settlement finality The European Union ( Withdrawal) Act 2018, as amended by the European Union ( Withdrawal Agreement) Act 2020, makes provision for ratifying and implementing in domestic law the Withdrawal Agreement between the UK and the EU. The Withdrawal Agreement sets out the terms for the UK’s departure. It introduced a transition phase (referred to by the UK government as the...
This mortgage credit quick guide outlines the current UK legislation and retained EU legislation governing the intermediation of mortgage credit that have been amended and/or revoked by the Mortgage Credit ( Amendment) ( EU Exit) Regulations 2019, SI 2019/656 ( MC Exit Regulations 2019), together with other instruments made at the end of the implementation period after the UK’s withdrawal from the EU, and notes the corresponding changes to Financial Conduct Authority ( FCA) rules and guidance. Overview of onshored and preserved EU-derived law post- IP completion day The MC Exit Regulations 2019 form part of HM Treasury’s programme of statutory instruments under the European Union ( Withdrawal) Act 2018 ( EU( W) A 2018), intended as contingency measures for a ‘no deal’ Brexit. They are a component of domesticating EU law to secure legal continuity from the end of the...
ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note does the following: sets out where to locate updates on the most recent Brexit developments, especially those affecting financial institutions; describes the effects on UK legislation at the close of the transition period and the approach adopted to on‑shoring financial services legislation; covers Brexit matters of broad relevance to finance transactions, including passporting, security and data transfers; identifies principal issues for distinct forms of financing (for example, project finance, real estate, aviation, debt capital markets ( DCM), securitisation, derivatives and transactions involving individuals); and details the effect of certain significant statutory instruments. For the impact of Brexit on documentary terms in facilities agreements, see the Brexit checklist—finance documents [ Archived] and Practice Note: Brexit—documentary implications for facility agreements [...
This quick guide to e-commerce and financial services outlines current UK law and retained EU law on financial services e-commerce obligations that were changed and/or cancelled by the Electronic Commerce and Solvency 2 ( Amendment etc.) ( EU Exit) Regulations 2019, SI 2019/1361 (the E- Commerce Exit Regulations), together with other measures made at the end of the implementation period after the UK’s withdrawal from the EU. The summary below explains the Brexit arrangements for onshoring EU rules applicable to e-commerce financial services providers following Brexit. Overview of onshored and preserved EU-derived law post- IP completion day The E- Commerce Exit Regulations 2019 were laid on 25 March 2019. They sit within HM Treasury’s programme of statutory instruments under the European Union ( Withdrawal) Act 2018 EU( W) A 2018, addressing contingency planning for a ‘no deal’ Brexit. These Regulations contribute to...
Quick Look Brexit Financial Services Legislation Status Guide This Quick Look Brexit Financial Services Legislation Status Guide offers an overview of the position of the Bank Recovery and Resolution Directive 2014/59/ EU ( EU BRRD), and the amending Directive ( EU) 2019/879 ( OJ L 150/296) ( EU BRRD II), within UK law from 1 January 2021. For fuller detail on Brexit’s impact on bank recovery and resolution, see Practice Note: Impact of Brexit: BRRD—quick guide [ Archived]. The EU BRRD entered UK law via a series of statutory instruments that either revised existing domestic legislation or introduced new provisions. To implement the EU BRRD, the following legislation was amended or enacted: the Banking Act 2009; the Insolvency Act 1986; the Financial Services ( Banking Reform) Act 2013; the Bank Recovery and Resolution ( No. 2) Order 2014, SI...
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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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