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Bank Recovery and Resolution Directive (BRRD)—timeline [Archived]

Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived. For developments from January 2024 onwards, see EU Bank Recovery and Resolution Directive—timeline if they relate to the EU BRRD, or UK bank recovery and resolution regime—timeline 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)—essentials. 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...

GAAR guidance: examples of non-abusive transactions—checklist

GAAR guidance: examples of non-abusive transactions—checklist The GAAR guidance aims to help interpret and apply the general anti-abuse rule (GAAR). This is why the GAAR guidance includes in Part D various examples to illustrate the types of arrangements HMRC considers should escape the GAAR and those which it considers should be caught by the GAAR. The current version of the GAAR guidance, as well as previous versions of the guidance, are available online (see: GAAR guidance). Part D of the GAAR guidance (which is dated 11 September 2020) contains the majority of the illustrative examples, but some are found in other parts of the guidance too. For ease of reference, the table in this Checklist: • pulls together • in one place • a list of the arrangements: ◦ referred to in any part of the GAAR guidance ◦ in respect of which HMRC has indicated it would not pursue counteraction under the GAAR (although note that much of the legislation underlying the examples has changed since the examples were...

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When is a break fee permissible on a takeover transaction?—flowchart

When is a break fee permissible on a takeover

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Modern slavery—key performance indicators

Modern slavery—key performance indicators Section 54(5) of the Modern Slavery Act (MSA 2015) identifies six categories of information that may be included in an organisation’s slavery and human trafficking statement. One of these categories is information on the organisation’s effectiveness in ensuring slavery and human trafficking is not taking place in its business or supply chains, measured against such performance indicators as it considers appropriate. UK Home Office guidance on the transparency in supply chains provisions in MSA 2015, s 54 (Home Office guidance) goes further and states that organisations can report on key performance indicators (KPIs) in two broad ways by providing information on: • existing KPIs and whether they make their business or supply chains more vulnerable to modern slavery, eg by incentivising poor behaviours, and • KPIs introduced to measure progress and performance of anti-slavery measures undertaken Existing KPIs that may incentivise poor labour conditions include: • requiring unrealistically quick turnaround from suppliers • last-minute orders that stretch supplier capacity • unreasonable pressure on pricing KPIs that...

Introduction to residence for tax purposes—training materials

Introduction to residence for tax purposes—training materials Click the link below to download the training presentation. Contents • Key points • UK residence test • Statutory residence test from 6 April 2013 • Automatic overseas tests • First automatic overseas test  (16-day test) • Second automatic overseas test (46-day test) • Third automatic overseas test (full-time work overseas test) • Automatic UK tests • The SRT and deceased persons • Sufficient UK ties test • The SRT concept of ‘home’ • Days spent in the UK • Accommodation tie • Work tie • Family tie • Split-year treatment • Working full-time or sufficient

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Property due diligence report—share or asset purchase

Property due diligence report—share or asset purchase A. Executive summary 1 Scope of review For the purposes of this report we have reviewed the following properties [insert details of the properties], (the ‘Properties’). 2 Basis of the review 2.1 Information relating to the Properties for the purposes of conducting our due diligence exercise and preparing our report has been sourced from the following: 2.1.1 documents provided in the due diligence [data room OR files] as set out in the index in Schedule...

Re-measurement clause

Remeasurement 1 [Gross Internal Area means the gross internal area of the Premises expressed in square [feet OR metres] and measured in accordance with the Royal Institution of Chartered Surveyors’ Property Measurement (2nd Edition). OR Net Internal Area means the net internal area of the Premises expressed in square [feet OR metres] and measured in accordance with the Royal Institution of Chartered Surveyors’ Property Measurement (2nd Edition).] 2 When the [frame OR shell OR [other relevant point of construction]] of each of the relevant parts of the Works i

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What is the logic, under the Loan Market Association leveraged facility agreement, for the split in conditions precedent (CP) between 'CPs to signing the agreement' and 'CPs to initial utilisation'? Further, in circumstances where a share sale and purchase agreement will be signed and the acquisition will complete on the same day, is such a split in CPs under the facility agreement necessary?

What is the logic, under the Loan Market Association leveraged facility agreement, for the split in conditions precedent (CP) between 'CPs to signing the agreement' and 'CPs to initial utilisation'? Further, in circumstances where a share sale and purchase agreement will be signed and the acquisition will complete on the same day, is such a split in CPs under the facility agreement necessary? The convention of splitting conditions precedent (CPs), into ‘CPs to signing the agreement’ and ‘CPs to initial utilisation’, reflects the fact that company acquisitions typically involve a split ‘exchange’, where the key documents are executed and the parties commit to the transaction (subject to certain conditions), and completion, where the money moves and the company or group legally changes hands. Certain CPs, such as corporate authorities, can be given prior to signing, while CPs such as security by the target group can’t be given until completion (the documents can be

Could a clause requiring consultants to pay back any shortfall in their billing target be treated as a penalty clause?

Could a clause requiring consultants to pay back any shortfall in their billing target be treated as a penalty clause? This Q&A examines liquidated damages and penalty clauses in the context of the following example scenario: The NHS pays a dental practice a set amount per year for the treatments it provides. If the practice doesn't meet its target, it must pay the shortfall to the NHS. Under the relevant dental consultancy agreement, dentists have an annual treatment target and get paid for each treatment performed. If the contract is terminated early, there is a clause which provides that the practice may require the consultant to pay back any shortfall in their pro-rated treatment target, to the extent that the shortfall has not been performed by any other consultant as at the date of termination. The question is, could a clause requiring consultants to pay back any shortfall in their billing target be treated as a penalty clause? Contractual liquidated damages clauses (a clause where the...

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Energy weekly highlights—12 December 2024

This week's edition of Energy weekly highlights includes: two news analyses on (i) key UK and international climate litigation developments in 2024, with a focus on the energy sector and potential trends for 2025 and beyond and (ii) the outcomes of the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29). The Prime Minister, Sir Keir Starmer, also announced a comprehensive Plan for Change, outlining key milestones to deliver national missions by the end of the current parliament, including securing home-grown energy and aiming for at least 95% of clean power generation by 2030. In addition, this week, the Department for Energy Security and Net Zero (DESNZ) announced the signing of contracts for the UK's first carbon capture, usage and storage (CCUS) projects in Teesside, accompanied by the North Sea Transition Authority (NSTA) awarding the UK’s first carbon storage licence to the Northern Endurance Partnership for its Endurance site located off the Teesside coast. DESNZ also published the response to its December 2023 consultation on...

New labour regulator more than sum of parts, creators say

Law360: The UK's proposed Fair Work Agency will be 'more than the sum of its parts', the heads of the labour enforcement bodies being absorbed to form the new super-regulator say.