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Bank Recovery and Resolution Directive (BRRD)鈥攖imeline [Archived]

Bank Recovery and Resolution Directive (BRRD)鈥攖imeline [Archived] Archived:This timeline has been archived. For developments from January 2024 onwards, see EU Bank Recovery and Resolution Directive鈥攖imeline if they relate to the EU BRRD, or UK bank recovery and resolution regime鈥攖imeline if they relate to the UK bank recovery and resolution regime, For further guidance on the EU BRRD, see Practice Note: Bank Recovery and Resolution Directive (BRRD)鈥攅ssentials. For further guidance on the UK bank recovery and resolution regime, see Practice Note: The UK bank recovery and resolution regime. Date Source Document Description 20 December 2023 European Banking Authority The EBA publishes amendments to disclosures and reporting on MREL and TLAC The European Banking Authority (EBA) has published its final draft implementing technical standards (ITS) on amendments to disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC). The amendments reflect the new requirement to deduct investments in eligible liabilities instruments of entities belonging to the same resolution group, the...

EU and UK Wire Transfer Regulations鈥攖imeline to 31 December 2023 [Archived]

EU and UK Wire Transfer Regulations鈥攖imeline to 31 December 2023 [Archived] ARCHIVED:聽This Practice Note is archived and is no longer maintained. For UK developments see: AML/CTF/CPF鈥攖imeline of UK legal and regulatory developments for financial services. For EU developments see: AML/CTF/CPF鈥攖imeline of EU legal and regulatory developments for financial services. This timeline outlines the developments in relation to the Wire Transfer Regulation (Regulation (EU) 2015/847) (also known as the Funds Transfer Regulation (FTR)), its predecessor the Wire Transfer Regulation (Regulation (EU) 1781/2006) and the Recast EU WTR2 (also referred to as the Recast EU Transfer of Funds Regulation (EU FTR2)) which entered into force in June 2023 and applies from 30 December 2024 and forms part of the wider European Commission 2021 legislative package overhauling the European Union鈥檚 AML/CTF legal framework and regulatory requirements. It further includes the onshoring of EU WTR2 through the Retained Regulation (EU) 2015/847 (UK WTR2) and relevant updates brought in through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017,...

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Completing a stock transfer form鈥攆lowcharts and annotated form

Completing a stock transfer form鈥攆lowcharts and annotated form These Flowcharts provide guidance on the correct approach to be taken to those sections of a stock transfer form that

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Virtual execution of documents

This Practice Note provides practical guidance on how to execute documents properly when one or more parties to a contract are not physically present. This is sometimes known as virtual signing or virtual closing.The Law Society has also brought together a variety of established guidance on execution of documents by virtual means, execution of documents using electronic signatures, its 鈥楾ips on how to operate in practice鈥� in relation to virtual execution and the use of e-signatures, and Q&A on how to use electronic signatures and complete virtual executions: Our position on the use of virtual execution and e-signature during the coronavirus (COVID-19) pandemic.We have produced a toolkit that is a comprehensive, interactive resource to help users identify and work through the concepts and common issues when executing documents, including when executing documents by virtual means. Each section or phase includes practical聽guidance, precedent clauses and Q&As relevant to that section. For more information, see: Execution toolkit.Mercury Tax CaseThis guidance is consistent with the Law Society's guidance, made on 16 February 2010...

Electronic signatures

This Practice Note describes the law of electronic signatures (also known as digital signatures, e-signatures, E-Signatures, eSignatures, paperless signing or electronic document signing). It provides definitions of different types of electronic signature including simple, advanced and qualified electronic signatures and details the technology processes used in the creation of digital signatures (including public key infrastructure (PKI) technology). It considers relevant UK legislation such as the Electronic Communications Act 2000, and the UK eIDAS Regulation, and best practice in executing documents using electronic signatures.An electronic signature is the electronic equivalent of a handwritten signature and links a person to the contents of an electronic document.This Practice Note focuses on the general position under the law of England and Wales regarding commercial contracts in a business to business context. Readers should note that specific issues may arise in particular transactions, for example as a result of laws applicable to consumers.For practical guidance on how to execute documents when one or more of the parties to a contract are not physically present, see...

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Warranty limitations鈥攑ro-seller鈥攕hare purchase agreement

Insert the following definitions as new definitions into clause 1 of Precedent: Share purchase agreement鈥攑ro-buyer鈥攃orporate seller鈥攃onditional鈥攍ong form: 1 Definitions and interpretation Claim means a claim by the Buyer for any breach of the provisions of this Agreement (including a claim for breach of the Warranties); Data Room means the data room relating to the [Company OR Group] comprising all contracts, agreements, licences, documents and other information made available to the Buyer and its advisers, as listed in the Data Room index attached to the Disclosure Letter; The ScheduleLimitations on the Warranties ...

Execution clause鈥攍imited partnership鈥攄eed

Option 1鈥攄eed executed by an individual general partner in the presence of a witness Executed as a deed by [insert name of limited partnership] acting by [insert name of general partner] in the presence of: .................................................[signature of general partner]General Partner .................................................[signature of witness]

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What are the formalities for using a registered society seal?

What are the formalities for using a registered society seal? Where a company has a seal and it is being utilised, practitioners must ensure that it complies with the relevant section of the Companies Act 2006 (CA 2006). However, note that not all companies have a company seal and even companies that do have seals are not obliged to execute simple documents under seal. CA 2006, s 45(2) further states that company seals are required to have the company's name clearly and legibly inscribed on them. Failure to comply with this requirement results in a criminal offence being committed by the company and each of its officers (CA 2006, s 45(3)). Where execution using the company seal is adopted, the common seal will normally be affixed to the deed in the presence of the company secretary and one director, or two directors, who attest the sealing by countersigning the deed and describing themselves by their respective offices. Additionally, if a seal is to be used for...

Is a guarantee effective where it has been executed and dated by the guarantor but not executed by the beneficiary of the guarantee? Can the beneficiary sign the document some time after the execution by the guarantor?

Is a guarantee effective where it has been executed and dated by the guarantor but not executed by the beneficiary of the guarantee? Can the beneficiary sign the document some time after the execution by the guarantor? Offer, acceptance and certainty of terms See Practice Note: Formalities for creating a guarantee which explains that the following features are required to create an effective guarantee: 鈥� offer and acceptance, with the intention to create legal relations, and 鈥� sufficient certainty of terms For more information in relation to each of these features, see Practice Notes: Forming enforceable contracts鈥攐ffer, Forming enforceable contracts鈥攁cceptance, Forming enforceable contracts鈥攊ntention to create legal relations and Forming enforceable contracts鈥攃ertainty. And for further reading on this point, see commentaries: 鈥� Making the agreement: Halsbury's Laws of England [648] 鈥� The principle: Halsbury's Laws of England [652] Parties and signatures In order to satisfy the Statute of Frauds 1677, all of the parties to the guarantee must be named or sufficiently described in writing. The guarantee must...

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Financial Services weekly highlights鈥�13 March 2025

This week's edition of Financial Services weekly highlights includes: FCA publishes Quarterly Consultation Paper No. 47; FCA publishes Consumer Duty support outcome review findings; Commission adopts implementing regulation amending ITS with regard to updates to benchmark portfolios and reporting requirements under EU CRD IV; plus dates for your diary over the coming week.

EU Law weekly highlights鈥�13 March 2025

This week's edition of EU Law weekly highlights includes analysis of the liability regime for AI-related products, AI copyright measures further diluted in EU Code of Practice for general-purpose AI (GPAI) models, the Commission Implementing Act setting out the establishment of independent experts on GPAI models, the Court of Justice鈥檚 decision on cross-border patent infringement, and the Advocate General鈥檚 opinion on an infringement claim of Lego's registered designs. In addition this week, the Commission released the monthly infringement package, proposed the Critical Medicines Act, consulted on draft State aid Framework supporting the Clean Industrial Deal, found widespread consumer law breaches, evaluated the Marine Strategy and Bathing Water Directives for improvement, and the European Federation of Pharmaceutical Industries and Associations began legal proceedings to seek clarity on Urban Wastewater Treatment Directive.