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FCA consultation paper tracker—2017 [Archived]

FCA consultation paper tracker—2017 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Payment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out their policy decision on the way they will collect PSR regulatory fees in 2018/19 and in subsequent years, and consulting further on the proposed fees allocation method. 15 December 2017 26 January 2018 Handbook Notice 53 (23 March 2018)CP18/8 (23 March 2018) Consumer credit, mortgage and home finance CP17/43: Credit card market study: Persistent debt...

Solvency II—timeline (2007–2023) [Archived]

Solvency II—timeline (2007–2023) [Archived] ARCHIVED: This timeline is archived and is no longer maintained. For key developments relating to the EU’s Solvency II framework (Directive 2008/138/EC), see EU Solvency II—timeline. For key developments relating to the UK's Solvency II regime, see UK Solvency II—timeline. 2023 Date Source Document Description 20 December 2023 Official Journal REGULATION (EU) 2023/2859 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to  financial services, capital markets and sustainabilityDIRECTIVE (EU) 2023/2864 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 December 2023 amending certain Directives as regards the establishment and functioning of the European single access point Regulation (EU) 2023/2859 establishing a European Single Access Point (ESAP) providing centralised access to publicly available information of relevance to  financial services, capital markets and sustainability and Directive (EU) 2023/2864 amending certain Directives as regards the establishment and functioning of the ESAP was published in the Official Journal of the...

View the related practice notes about Chapter 11

US Chapter 7 liquidation

Updated for the UK by the Practical Guidance Team.Chapter 7 affords the debtor a fresh start following financial misfortune. This fresh start is different for an individual debtor and a business debtor in Chapter 7. Specifically, only an individual debtor can receive a discharge of its debts in a Chapter 7 case—there is no corresponding discharge for business debtors in a Chapter 7 case (see 11 U.S.C. § 727(a)(1); Fed. R. Bankr. P. 4004(c)(1)(A)). Business debtors obtain relief from their debts through dissolution (see Collier on Bankruptcy P 727.01).Unlike cases under other chapters of the Bankruptcy Code, in a Chapter 7 case, a trustee takes control of the debtor's assets, sells them, and distributes the sale proceeds to creditors according to the Bankruptcy Code's distribution scheme. Potential debtors must understand that filing for relief under Chapter 7 may result in the loss of their assets. Because of this process, Chapter 7 is titled ‘Liquidation’.This Practice Note addresses the following requirements for and issues common to Chapter 7 cases:•Eligibility for Chapter...

US Chapter 11 proceedings

Updated for the UK by the Practical Guidance Team.A debtor-in-possession (DIP) must operate the business, serve as a fiduciary or trustee for the bankruptcy estate, and propose a plan of reorganisation that is acceptable to creditors. The DIP's management, board of directors, and retained bankruptcy counsel assists with these functions. Counsel should note that references in the Bankruptcy Code to actions taken by the trustee apply to the DIP as long as the debtor remains in control of its business and a trustee is not appointed to manage the debtor's estate.Generally, the filing of a voluntary Chapter 11 bankruptcy case follows a similar course of events. This Practice Note summarises and provides a general overview of the below listed Chapter 11 events:•Filing Chapter 11 bankruptcy•US trustee and creditors' committee•Automatic stay•First day motions in bankruptcy•DIP financing•Cash collateral•Professional retention in bankruptcy•Fee applications•Proofs of claim•Bankruptcy litigation and adversary proceedings•Asset sales in bankruptcy•Chapter 11 plan•Disclosure statement and voting on plan•Plan confirmationFiling Chapter 11 bankruptcyAll bankruptcy cases are filed in the bankruptcy court, which is...

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Indemnity for tax deductions clause—joint venture agreement

Indemnity for tax deductions clause—joint venture agreement 1 Deductions from payments and indemnity for tax deductions 1.1 [Subject to anything to the contrary in this Agreement,] the Company shall make all payments to the Shareholders [required under this Agreement] free and clear of all deductions or withholdings save as may be required by law. 1.2 If: 1.2.1 the Company makes a payment to a shareholder [under this Agreement] without deduction of income tax because it reasonably believes that the shareholder receiving the payment (the Relevant Shareholder) satisfies one of the conditions set out in chapter 8 or chapter 11 of Part 15 of the Income tax Act 2007 (as appropriate); and 1.2.2 the Company is liable to account for income tax pursuant to chapter 15 or chapter 16 of Part 15 of the Income Tax Act 2007 in respect of such payment to the Relevant Shareholder; the Relevant Shareholder covenants to pay to the Company an amount equal to the liability for income tax on such payment together...

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Funds are received from a bank in an estate. There is a gift in the Will of monies in a specific account at that bank, but the bank are not able to provide information regarding whether the funds came from the specific account or another account, since they have deleted their records. Is there any process that can be undertaken to clarify whether or not the gift is payable or will fail?

Funds are received from a bank in an estate. There is a gift in the Will of monies in a specific account at that bank, but the bank are not able to provide information regarding whether the funds came from the specific account or another account, since they have deleted their records. Is there any process that can be undertaken to clarify whether or not the gift is payable or will fail? We have assumed that: • the administration of the estate is governed by the law of England and Wales • the bank accounts in question all have a situs in England and Wales • the lack of information as to the source account of the funds should not, per se, be sufficient reason to cause the gift to fail Consider the following points: • if the gift is a specific gift, it would fail if the account were no longer in existence at the time of the testator’s death • if the gift is a demonstrative...

The rules on issuing a second contract, in a contract race situation, refer to ‘seller’. Does this apply they apply equally to the grant or disposal of a leasehold interest?

The rules on issuing a second contract, in a contract race situation, refer to ‘seller’. Does this apply they apply equally to the grant or disposal of a leasehold interest? SRA Code of Conduct Chapter 11 covers the relations that a solicitor has with third parties. Outcome 11.3 of the solicitors regulation authority (SRA) Code of Conduct applies to contract races ie when a seller instructs their solicitor to deal with two or more separate buyers and provides: ‘where you act for a seller of land, you inform all buyers immediately of the seller’s intention to deal with more than one buyer’ The SRA Code however does not provide further guidance on how this should work in practice. The Law Society Practice Note on Conflict of Interests deals with reference to ‘buyer and seller’ in relation to conflict of interest and states: ‘2. 6 Acting for a buyer and seller 2.6.1 What does the SRA Code say? IB 3.14 in chapter 3 of the SRA Code is about...

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Brazilian Airline GOL files Ch 11 Plan to cut US$2.5bn debt

Law360: Low-cost Brazilian airline GOL Linhas has revealed a proposed Chapter 11 plan after reaching a global settlement with creditors, major investor Abra Group Limited and other stakeholders that would extinguish US$2.5bn in debt before its January confirmation hearing.

What makes an issue a jurisdictional issue?

Arbitration analysis: The English Commercial Court rejected a challenge to a USD multimillion arbitral award under section 67 of the English Arbitration Act 1996 (the 'Act') by the Republic of Korea ('Korea') rendered in favour of Elliott Associates, LP ('Elliott'). Korea, both during the arbitration and in the challenge proceedings, alleged that the tribunal lacked 'substantive jurisdiction' because: (i) there was no relevant 'measure'; (ii) there was no measure 'adopted or maintained' by Korea; and (iii) the measure did not 'relate to' the claimant in the arbitration or its investment. The court held that these matters, albeit commonly summarised as 'jurisdictional' in investment treaty arbitration, were not a matter of 'substantive jurisdiction' and therefore rejected the challenge by Korea. The judgment illustrates the principles that English Courts apply to determine what issues are matters of 'substantive jurisdiction' and therefore are capable of being challenged under section 67 of the Act. Written by Harald Sippel, independent arbitrator at sippel.arbitration.