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european central bank is the central bank for Europe's single currency, the euro. Its main task is to maintain the euro's purchasing power and price stability in the euro area.
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EU operational resilience—timeline This timeline shows key developments relating to EU operational resilience requirements for financial services firms from January 2024 onwards. For earlier developments, see Operational resilience—timeline [Archived] 2025 Date Source Document Description 15 April 2025 FSB FSB finalises the common Format for Incident Reporting Exchange (FIRE) The Financial Stability Board (FSB) has published its finalised format for incident reporting exchange (FIRE), which aims to standardise and streamline cyber and operational incident reporting. Developed with private sector collaboration, FIRE addresses fragmentation in reporting requirements across multiple jurisdictions and supports phased implementation. It is interoperable with existing systems and applicable to a wide range of incidents, including those involving third-party service providers. The initiative promotes convergence in cyber incident reporting, reduces the reporting burden for firms, and improves communication among authorities.See: LNB News 15/04/2025 37. 24 March 2025 European Commission COMMISSION DELEGATED REGULATION (EU) …/... supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying the elements that a financial...
EU Prospectus Regulation—debt capital markets checklist The Prospectus Regulation (EU) 2017/1129 (the EU Prospectus Regulation) was published in the Official Journal of the EU on 30 June 2017 and replaced the EU prospectus regime established by the Prospectus Directive 2003/71/EC (OJ L 345, 31.12.2003, p. 64) (the Prospectus Directive) with effect from 21 July 2019. For general information on the EU Prospectus Regulation, see Practice Notes: • The EU Prospectus Regulation—essentials • The EU Prospectus Regulation—is a prospectus required? • The EU Prospectus Regulation—prospectus format and contents • The EU Prospectus Regulation—approval and publication of prospectuses and single passport • The EU Prospectus Regulation—level 2 and level 3 measures, and • EU Prospectus Regulation tracker EU Listing Act proposals On 7 December 2022, the Commission put forward measures to further develop the CMU, including proposals on listing known as the Listing Act. In general terms the Listing Act proposals aim to: • alleviate and render more proportionate the requirements that apply both at the moment of listing and when listed...
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Multinational top-up tax and domestic top-up tax—qualifying multinational groups and qualifying entities Multinational top-up tax (MTT) implements in UK domestic law the global anti-base erosion rules (GloBE Rules) which form a key part of the Pillar Two international tax reforms developed by the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) (the Inclusive Framework). The GloBE Rules ensure that the largest multinational groups are subject to an effective tax rate (ETR) of at least 15% in every territory in which they operate. This is achieved through a system of ‘top-up taxes’ that brings the total amount of tax paid by a multinational group on its excess profit to 15%. There are two charging mechanisms for imposing top-up tax. The Income Inclusion Rule (IIR) is the primary charging mechanism and the Undertaxed Profits Rule (UTPR) is the secondary or backstop charging mechanism. For more information about the GloBE Rules, see Practice Note: The OECD ‘two pillar’ solution—Pillar Two—GloBE Rules. MTT encompasses both the...
Ireland—Section 110 companies—use and associated tax considerations Ireland’s Section 110 Regime Ireland has established itself as one of the most attractive jurisdictions for structured finance transactions due, in large part, to the framework established by s 110 (Section 110) of the Taxes Consolidation Act 1997 (Ireland) (TCA 1997 (IRL)). The Section 110 regime facilitates a broad range of financing transactions in which qualifying Irish-incorporated special purpose vehicles (Section 110 SPVs) can participate in the securitisation of assets such as loans, mortgages, and other financial assets in a tax neutral manner. The Irish Section 110 framework is compatible with EU legislation applying to structured finance transactions such as the Regulation (EU) 2017/2402 (Securitisation Regulation) and Regulation (EU) 2017/1129 (Prospectus Regulation), and is the bedrock of Ireland's regulatory landscape for securitisation. Using Ireland as a jurisdiction for structured finance transactions Ireland’s stable political and economic environment, as well as its membership of the EU and the Organisation for Economic Cooperation and Development (OECD), make it an attractive jurisdiction for structured finance transactions....
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The Lender(s) should comprise the name(s) of all of the lending individual(s), listed separately as (1), (2) etc. The Borrowers should comprise the name(s) of all of the borrowing individual(s), listed separately as (1), (2), etc. A legal estate or interest in land may only be created or conveyed by a deed. It must be clear from the face of the document that it is intended to be a deed. For guidance on execution of a deed by an individual see, Practice Note: Ireland—Executing simple contracts and deeds. For an execution clause (testimonium) and signature blocks, suitable for use where execution as a deed by an individual is required, see Precedent: Ireland—Execution clause—individual—deed. Drafting assumptions This Precedent is drafted on the basis that the Lender and the Borrower are individuals, and the Consumer Credit Act 1995 (Ireland) is therefore not applicable. This Precedent is not suitable for use in a commercial setting for either a business to consumer (B2C) or business to business (B2B) loan. Ireland—Loan agreement and...
The Lender(s) should comprise the name(s) of all of the lending individual(s), listed separately as (1), (2), etc. The Borrowers should comprise the name(s) of all of the borrowing individual(s), listed separately as (1), (2), etc. For guidance on execution of a contract by an individual, see Practice Note: Ireland—Executing simple contracts and deeds. Drafting assumptions This Precedent is drafted on the basis that the Lender and the Borrower are individuals, and the Consumer Credit Act 1995 (Ireland) is therefore not applicable. This Precedent is not suitable for use in a commercial setting for either a business to consumer (B2C) or business to business (B2B) loan. Ireland—Loan agreement—individuals DATE: Parties 1 [[name] of [address] [and [name] of [address]] OR [name] and [name] both of [address]] (Lender[s]) 2 [[name] of [address] [and [name] of [address]] OR [name] and [name] both of [address]] (Borrower[s]) 1 Definitions In this Agreement, the following definitions apply: Default • is: (a) a breach by the Borrower[s] of any of their obligations under this Agreement;...
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When drafting a multicurrency facilities agreement, should I use the recommended conventions for Sterling loans for loans in other currencies? The Working Group for Sterling RFRs (£RFRWG) issued comprehensive recommendations as to how to calculate and use SONIA in loan agreements, known as conventions. The LMA RFR based facilities agreements include schedules setting out sample drafting for loans in USD, Sterling, CHF and Euro, reflecting these conventions. However, the Sterling conventions do diverge in some areas from the conventions recommended by working groups for other currencies. This Q&A looks at two key areas where the working groups’ recommendations diverge, reference rate floors, and whether to use the observation shift or lag methodology. Where can I find the conventions for USD, CHF and Euro? See ARRC Syndicated Loan Conventions EURIBOR fallbacks and Swiss National Bank—National Working Group for Risk-Free Rates. Are there any key points to note about the recommended conventions? The recommendations by the working groups have been developed within differing contexts. The conventions for...
With what entry clearance applications should a sponsorship undertaking (SU07) be submitted? Paragraph 35 of Part 1 of the Immigration Rules provides as follows: ‘35. A sponsor of a person seeking leave to enter or remain in the United Kingdom may be asked to give an undertaking in writing to be responsible for that person's maintenance, accommodation and (as appropriate) personal care for the period of any leave granted, including any further variation or for a period of 5 years from date of grant where indefinite leave to enter or remain is granted. Under the Social Security Administration Act 1992 and the Social Security Administration (Northern Ireland) Act 1992, the Department of Social Security or, as the case may be, the Department of Health and Social Services in Northern Ireland, may seek to recover from the person giving such an undertaking any income support paid to meet the needs of the person in respect of whom the undertaking has been given. Under the Immigration and Asylum Act...
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A round-up of other developments, which have not been covered in full by the ÀÏ˾»úÎçÒ¹¸£Àû Financial Services practical guidance team but may nevertheless be of interest.
The European Central Bank (ECB) has launched a two-track strategy to integrate Distributed Ledger Technology (DLT) into central bank money settlement systems. The short-term track (Pontes) aims to connect DLT platforms with ECB's TARGET Services by late 2026, while the long-term track (Appia) focuses on long-term ecosystem development. The initiative follows testing conducted in 2024 involving €1.6bn in transactions across nine jurisdictions, which identified legal and technical challenges requiring resolution.
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