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Setting up an MTN Programme—timeline of process

Setting up an MTN Programme—timeline of process For more information on the documents set out below, please see Practice Note: Issuing debt securities—key documentation. Appointment of the arranger • The issuer (Issuer) appoints an arranger (Arranger) to establish the programme. The Arranger may also act as a dealer or manager of future note issuances under the programme. Responsibility—Issuer and Arranger. Appointment of the dealers • The dealer(s) (Dealers) will enter into a dealer agreement with the Issuer and the Arranger. • In the case of a syndicated issue the Dealers and the Issuer may also execute a subscription agreement. • New dealers can join the programme after its launch through a dealer accession letter. Responsibility—Dealers, Arranger and the Issuer. Appointment of the agents • The Issuer will appoint agents to act for it on the programme. These may include a fiscal agent (Fiscal Agent) or trustee (appointed by the Issuer to represent the interests of the noteholders), principal paying agent and other paying agents, a registrar (if the notes are...

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The Deposit Guarantee Schemes Directive

The Deposit Guarantee Schemes Directive This Practice Note discusses the key provisions of the Deposit Guarantee Schemes Directive 2014/49/EU (DGSD), which requires Member States to establish a deposit guarantee scheme (DGS) to protect depositors and improve financial stability by controlling the risk of a run on the bank. The DGSD recast Directive (EC) 94/19/EC (the original DGSD), which was repealed and replaced by the DGSD in the interests of clarity as it had been substantially amended over the years. As the UK was an EU Member State when the DGSD began to apply, the recast EU DGSD was implemented in the UK, this Practice Note considers both the EU requirements and the UK’s implementation of the EU DGSD. Background and introduction to the DGSD TheDGSD is one of two existing EU guarantee scheme directives. The other, the Investor Compensation Schemes Directive 97/9/EC (ICSD) is discussed in Practice Note: Investor Compensation Schemes Directive. The original DGSD was introduced in 1994 and only required a minimum level of harmonisation between domestic DGSs...

Investor Compensation Schemes Directive

Investor Compensation Schemes Directive Background to the Investor Compensation Schemes Directive The Investor Compensation Schemes Directive (EC) 97/9 (ICSD) is one of two existing EU guarantee scheme directives. The other, the Deposit Guarantee Schemes Directive (DGSD) is discussed in Practice Note Deposit Guarantee Schemes Directive. Both directives require Member States to establish, respectively, depositor and investor protection schemes, offering minimum levels and scope of protection to customers of DGSD and ICSD covered firms. The ICSD requires Member States to set up one or more investor compensation schemes (ICSs) in its territory. Investment firms supplying investment services must belong to such a scheme. ICSs are intended to be a last resort safety net to protect investors against the risk of losses if an investment firm cannot repay money or return assets held on behalf of investors. They are not intended to cover investment risk: for example where an investor has bought stocks which subsequently fall in value. Until it withdrew from the EU, the UK met its obligations under the...

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Difficult issues may blur choice on investment protection

Law360: Contradictory stances toward investment protection within Latin America—including at least one country completely reversing its previous position on the issue, illustrate that while investment arbitration is facing very legitimate criticisms, a country's stance on the issue isn't always black and white.

Financial Services weekly highlights—6 January 2022

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 6 January 2022. This week’s edition of Financial Services highlights provides an aggregation of the news reported by the Lexis®PSL Financial Services team over the past week and includes: (1) news items reflecting on 2021 and looking at financial services developments expected in 2022, (2) news items relating to coronavirus (COVID-19), (3) updates from UK regulators, (4) updates from EU and international regulators, (5) updates from industry bodies and market participants, (6) new and updated content, and (7) dates for your diary from Financial Services.