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UK Benchmarks Regulation—timeline

UK Benchmarks Regulation—timeline This timeline shows key developments relating to Assimilated Regulation (EU) 2016/1011 (the UK Benchmarks Regulation) from January 2024 onwards. For earlier developments, see Benchmarks Regulation—timeline [Archived] 2024 Date Source Document Description 22 October 2024 UK Parliament SI 2024/1051: The Critical Benchmarks Regulations 2004 SI 2024/1051: These Regulations are made to specify the WMR Closing Spot Rates (also known as the WMR London 4pm Closing Spot Rate) and ICE Swap Rate® as critical benchmarks for the purposes of Article A20(5) of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds. They are made in exercise of legislative powers under Regulation (EU) 2016/1011 in connection with assimilated law. They are due to come into force on 13 November 2024.See: LNB News 22/10/2024 108 1 October 2024 FCA and BoE FCA press releaseThe end of LIBOR The BoE has issued a joint press release...

A summary checklist and timeline for bringing misfeasance, fraudulent trading and wrongful trading claims under sections 212, 213, 246ZA, 214 and 246ZB of the Insolvency Act 1986

A summary checklist and timeline for bringing misfeasance, fraudulent trading and wrongful trading claims under sections 212, 213, 246ZA, 214 and 246ZB of the Insolvency Act 1986 Checklist This Checklist is in relation to claims under sections 212–214, 246ZA and 246ZB of the Insolvency Act 1986 (IA 1986), being commenced by an insolvency office-holder. For further reading on claims under IA 1986, ss 212–214, 246ZA and 246ZB generally, see Practice Notes: • Misfeasance claims under section 212 of the Insolvency Act 1986 • Fraudulent trading claims under sections 213 and 246ZA of the Insolvency Act 1986 • Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986 Step/action Time (days) Section/rule 1. Investigate the events and circumstances leading to the insolvency of the company and the matters giving rise to the claim(s) against the respondent(s). This would include obtaining the company's books and records, interviewing directors, former directors and any persons with information concerning the promotion, formation, business, dealings, affairs or property of the company.It...

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Texas shoot out (sealed bids)—flowchart

Texas shoot out (sealed bids)—flowchart The Texas shoot out (sometimes called a Mexican shoot out, Tex Mex shoot out or sealed bids) procedure may be started by either shareholder (or the shareholder which did not cause the deadlock) serving notice on the other shareholder, requiring both shareholders to submit sealed bids for the shares of the other shareholder within a specified timescale. The shareholders will be obliged to complete a share transfer on the terms of the bid with the highest price per share. There are a number of variants to this procedure, including that the joint venture shareholders’ agreement may provide for bidding by auction. It would be more usual in a deadlock or 50:50 joint venture for either shareholder to be able to serve the notice starting the Texas shoot out procedure. In a majority/minority joint venture, the majority shareholder may prefer for only

Final payment in JCT Standard Building Contract 2011—flowchart [Archived]

Final payment in JCT Standard Building Contract 2011—flowchart [Archived] ARCHIVED: This flowchart has been archived and is not maintained. This flowchart illustrates the final

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Notices—commercial contracts

PurposeA notices clause is often included in an agreement to ensure that each party has certainty and clarity in relation to formal communications between the parties and the giving of notices to, and the receipt of notices from, the other parties to the agreement. In the absence of a notices clause, default statutory provisions may apply (see Statutory provisions below).Nugee LJ, in the Court of Appeal decision in Khan v D’Aubigny has commented that a notice can include a document which conveys information as well as one which exercises a right. Further, it is generally understood as referring to a notice in writing and having an air of formality, although no particular form or language is required.Compliance with a notices clause is likely to be essential in a number of different contractual scenarios. It is commonly relevant, for example, when extending (or preventing the extension of) the term of a commercial contract or if informing the other party of a dispute, breach of warranty or an indemnity claim.The courts have...

Terminating commercial contracts

Termination—contractual and common law rightsAs commercial lawyers, we are used to being instructed to advise in connection with the formation of a commercial relationship. Even if, like family lawyers drafting pre-nuptial agreements, we anticipate the consequences of the end of the relationship, it is only in more recent economic times that we are being asked more frequently how to break the relationship in the first place.It is important to remember that rights to terminate a contract may arise at common law (for example, in the event of repudiatory breach) and under the express terms of the contract. Where an agreement is silent as to contract termination, in the event of a dispute, the courts will apply common law principles. To avoid uncertainty, parties often include express contractual clauses which provide for the termination of a contract. In general, contractual rights to terminate are in addition to, and not in substitution for, common law rights. Absent express wording to the contrary, the ordinary assumption is that a contractual right to terminate...

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Consultancy agreement—company and individual—pro-client (short form)

Consultancy agreement—company and individual—pro-client (short form) [ON HEADED NOTEPAPER OF CLIENT COMPANY] [Insert consultant’s name] [Insert consultant’s address] [Insert date] Dear [insert consultant’s name] [ Consultancy agreement OR Insert name of project ] Further to our recent discussions, I am pleased to confirm the terms of our agreement regarding the provision of your consultancy services to [insert name of client company] (Company). 1 Term 1.1 [Subject to the terms set out in this letter, your engagement [will commence OR commenced] on [insert date] and will continue unless or until either party gives to the other not less than [insert number] [weeks’ OR months’] prior notice in writing. OR 1.2 Your engagement will be for a fixed period of [insert number] months from [insert date], subject to the terms of this letter and subject to the right of either the Company or you to give to the other not less than [number] [weeks’ OR months’] notice in writing during such fixed period terminating the...

ET3 grounds for resisting claim—religion or belief: direct or indirect discrimination, harassment

ET3 grounds for resisting claim—religion or belief: direct or indirect discrimination, harassment [Insert in para 6.1 of response form ET3:] 1 Paragraph 1 of the Grounds of Claim is admitted. 2 It is admitted that on or about [insert date], the Respondent announced the introduction of a new rolling shift system which would require all poultry processors to work on Sunday one week in every four and that the Claimant objected to the new system on the basis that she attends religious services every Sunday. It is admitted that the Respondent has implemented the new shift system. 3 The new shift system was a proportionate means of achieving a legitimate aim. The Respondent had to introduce Sunday working in order to ensure that its poultry business remained profitable and to avoid closing down that part of its operations. A questionnaire circulated amongst employees on or about [insert date] revealed that very few wanted to volunteer for Sunday shifts for a variety of reasons including family and other...

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Is a Part 20 defendant normally required to complete a directions questionnaire ‘DQ’ (Form N181), does this answer change if the claim would be fast track, but the Part 20 claim multi-track? If the notice of allocation sent to the claimant does not require budgets, disclosure discussion report etc, can you ignore and propose standard directions? Also, outside the disclosure pilot, can one use standard disclosure?

Is a Part 20 defendant normally required to complete a directions questionnaire ‘DQ’ (Form N181), does this answer change if the claim would be fast track, but the Part 20 claim multi-track? If the notice of allocation sent to the claimant does not require budgets, disclosure discussion report etc, can you ignore and propose standard directions? Also, outside the disclosure pilot, can one use standard disclosure? In this Q&A, the defendant’s Part 20 claim is a counterclaim that has been made against a person other than the claimant under CPR 20.5. Is a Part 20 defendant required to file a directions questionnaire? CPR 20 deals with counterclaims and other additional claims by the defendant. CPR 20.3(2) sets out which of the Civil Procedure Rules do not apply to additional claims (which, as defined in CPR 20.2(2) includes counterclaims). Included in the rules that do not apply to additional claims is CPR 26, which sets out the requirement for the parties to file a directions questionnaire (DQ)....

When issuing a claim form (for a debt matter) where the defendant is a company based in Jersey, the court has advised we need to provide a completed Form N510 but they cannot advise which box to tick. How is Jersey classed?

When issuing a claim form (for a debt matter) where the defendant is a company based in Jersey, the court has advised we need to provide a completed Form N510 but they cannot advise which box to tick. How is Jersey classed? Jersey is part of the Channel Islands. The islands are a crown dependency. Form N510 can only be used where permission of the court is not required to serve a claim form out of the jurisdiction. it is therefore important to determine whether the court’s permission is required to serve the claim form in Jersey. Permission is not required if any of the provisions in CPR 6.33 apply. Where proceedings were issued prior to 31 December 2020 at 11 pm, permission will not be required if the provisions in CPR 6.33(2) apply. These cover proceedings in which: • the defendant is not a consumer, but is a party to a consumer contract within Article 17 of the Judgments Regulation • the defendant is an...

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FCA exercises own-initiative powers to restrict  Direct Trading Technologies from carrying out regulated activities

The Financial Conduct Authority (FCA) has published a press release and issued a First Supervisory Notice (FSN) to Direct Trading Technologies UK Ltd (DTT), exercising its own-initiative powers under sections 55J and 55L of the Financial Services and Markets Act 2000 (FSMA 2000) to vary DTT’s Part 4A permission to perform regulated activities and impose requirements on DTT in order to restrict its access to its assets. The FCA’s regulatory intervention follow its concerns regarding DTT’s inadequate financial crime systems and controls, poor governance and oversight, and its failure to be open and cooperative with the FCA and appropriately disclose information. The FCA adds that the information provided to the firm’s auditor appears to be inconsistent with information separately provided by the firm to the FCA. DTT is required to ensure that all open trading positions have been closed and investor money is set aside for customers. The firm can no longer offer regulated services, including trading.

'Vagisan' too close to 'vagisil' for EU Pharma Trade mark, court says

Law360, London: A German pharmaceutical company has failed to revive its efforts to get a trade mark for 'Vagisan' in the EU because of its likeness to rival feminine health product 'Vagisil'.

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1139 Service of documents on company

(1)     A document may be served on a company registered under this Act by leaving it at, or sending it by post to, the company's registered office.(2)     A document may be served on an overseas company whose particulars are registered under section 1046—(a)     by leaving it at, or sending it by post to, the registered address of any person resident in the United Kingdom who is authorised to accept service of documents on the company's behalf, or(b)     if there is no such person, or if any such person refuses service or