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UK Benchmarks Regulation—timeline

UK Benchmarks Regulation—timeline This timeline shows key developments relating to Assimilated Regulation (EU) 2016/1011 (the UK Benchmarks Regulation) from January 2024 onwards. For earlier developments, see Benchmarks Regulation—timeline [Archived] 2024 Date Source Document Description 22 October 2024 UK Parliament SI 2024/1051: The Critical Benchmarks Regulations 2004 SI 2024/1051: These Regulations are made to specify the WMR Closing Spot Rates (also known as the WMR London 4pm Closing Spot Rate) and ICE Swap Rate® as critical benchmarks for the purposes of Article A20(5) of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds. They are made in exercise of legislative powers under Regulation (EU) 2016/1011 in connection with assimilated law. They are due to come into force on 13 November 2024.See: LNB News 22/10/2024 108 1 October 2024 FCA and BoE FCA press releaseThe end of LIBOR The BoE has issued a joint press release...

Drafting checklist for claim or response—unfair dismissal: redundancy

Drafting checklist for claim or response—unfair dismissal: redundancy Both parties • Was the Claimant an employee? See Practice Notes: Entitlement to claim unfair dismissal—Eligibility and Employee status • Did the Claimant have requisite qualifying service, or does an exception apply? See Practice Note: Qualifying period for unfair dismissal • Has the Claimant complied with the requirement for early conciliation or does one of the exemptions apply? See Practice Note: The early conciliation requirement • Is the claim brought within the three-month time limit, or the period as extended if the requirement for early conciliation applies? See Practice Notes: Unfair dismissal time limit and The early conciliation requirement—Extension to time limits (the 'stop the clock' provisions) • Is the contract of employment arguably void for illegality? See Practice Note: Entitlement to claim unfair dismissal—Illegality • Does the Claimant fall within a category of employee excluded from unfair dismissal protection, eg police constables. See Practice Note: Entitlement to claim unfair dismissal—Particular types of employment • Was the Claimant’s work based in Great...

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Evaluating a data subject access request—flowchart

Evaluating a data subject access request—flowchart The UK General Data Protection Regulation (UK GDPR) provides a number of rights for data subjects, including providing a right of access to their personal data. Data subjects can make a request to an organisation to exercise their right of access to their personal data (a data subject access request or DSAR) at any time and there are strict time limits for complying with requests made. See Practice Notes: • Data subject rights—access • How to handle data subject requests This Flowchart maps out a process for evaluating DSARs received under the UK GDPR. It reflects the requirements in the UK GDPR and the Data Protection Act 2018 (DPA 2018) together with guidance issued by the Information Commissioner’s Office (ICO). It should be read in conjunction with Practice Note: How to handle data subject requests and Flowchart: Handling data subject requests—flowchart, which covers requirements common to all data subject requests under the UK GDPR. Note 1—notifying the data subject you...

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Increasing pensions in payment

Increasing pensions in payment FORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes). The Finance Act 2022 will also give members of registered pension schemes a right to take their benefits before age 57, if on or before 4 November 2021 they either had an ‘unqualified right’ to take benefits or were in the process of a substantive transfer to a scheme offering an unqualified right to a protected pension age of less than 57 on or before 4 November 2021. To benefit from this new 2028 protection, the rules of the pension scheme must have included (on 11 February 2021) an unqualified right to take the entitlement to scheme benefits before age 57. For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact. THIS PRACTICE NOTE APPLIES TO ALL OCCUPATIONAL PENSION...

Bridge to bond facilities

Bridge to bond facilities What are they? A bridge to bond facility is a type of acquisition financing where the buyer requires the certainty of a fully committed financing package, but which is intended to be replaced in the future with a mid- to long-term financing in the form of high yield bonds. In markets where acquisitions typically do not have a financing condition, a bridge financing package (which is available to be drawn if necessary) is often a key component to a successful bid. This Practice Note focuses on bridge to high yield bond financing. However, investment-grade borrowers also commonly use bridge facilities for acquisitions. Bridge commitments for investment-grade borrowers differ in many ways, including: lower pricing, much less restrictive covenants (the terms often follow the borrower’s existing credit facilities) and the securities demand mechanic may not be included (or if included, it may only be triggered by ratings downgrade). Bridge commitments for investment grade borrowers may also have longer maturities (or extension rights exercisable by...

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Consultancy agreement—company and individual—pro-client (short form)

Consultancy agreement—company and individual—pro-client (short form) [ON HEADED NOTEPAPER OF CLIENT COMPANY] [Insert consultant’s name] [Insert consultant’s address] [Insert date] Dear [insert consultant’s name] [ Consultancy agreement OR Insert name of project ] Further to our recent discussions, I am pleased to confirm the terms of our agreement regarding the provision of your consultancy services to [insert name of client company] (Company). 1 Term 1.1 [Subject to the terms set out in this letter, your engagement [will commence OR commenced] on [insert date] and will continue unless or until either party gives to the other not less than [insert number] [weeks’ OR months’] prior notice in writing. OR 1.2 Your engagement will be for a fixed period of [insert number] months from [insert date], subject to the terms of this letter and subject to the right of either the Company or you to give to the other not less than [number] [weeks’ OR months’] notice in writing during such fixed period terminating the...

Letter—persistent, intermittent, short-term sickness absence (3): to employee confirming dismissal on notice (following previous warnings)

Letter—persistent, intermittent, short-term sickness absence (3): to employee confirming dismissal on notice (following previous warnings) [ To be typed on headed notepaper of employer ] [Date] Dear [insert name of employee], Re: [insert name of employer] (the Company) I am writing to [inform you of OR confirm] the Company's decision made after the capability meeting held on [insert date][, at which you were accompanied by [insert name],]. Our letter dated [insert date of final written warning] informed you that you had been given a final written warning in accordance with the Company's [Performance and capability procedure]. In that letter you were warned that you were likely to face dismissal if you did not meet the required improvement in attendance, namely: [set out required improvement and timescale as set out in final written warning]. [As a result of information provided by you at the capability meeting, we have disregarded the absence[s] on [insert date(s)] which were due to [insert reasons for absence, eg holiday, parental leave, time...

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If a person is committed for contempt of court and is sentenced to prison, will this appear on their criminal record?

If a person is committed for contempt of court and is sentenced to prison, will this appear on their criminal record? As was noted in Phonographic Performance Ltd v Ellis (t/a Bla Bla Bar), the power to imprison for contempt of court arises out of the inherent jurisdiction of the Court, but is subject to the provisions of the Contempt of Court Act 1981 (CCA 1981). By virtue of CCA 1981, s 14 a sentence of imprisonment may be imposed for contempt of court, but for no more than two years (see also Palmer v Tsai). This is limited to a period of one month for committal ordered by the inferior courts. Further, specific statutory powers may limit the period further. The CCA 1981 does not expressly make contempt of court a criminal offence. Whether the contempt is a criminal offence is a question of whether the form of contempt is a civil or criminal contempt. As was noted in Re: Yaxley-Lennon: ‘It is...

Does the PSC regime affect me or my organisation?

Does the PSC regime affect me or my organisation? The people with significant control regime (PSC regime) applies to UK incorporated companies limited by shares or guarantee (including community interest companies), LLPs, unlimited companies, unregistered companies, SEs and eligible Scottish partnerships (Scottish limited partnerships and Scottish qualifying general partnerships). It also applies to dormant companies. These entities are required to identify and record the people who own or control their enterprise in a PSC register (except eligible Scottish partnerships which are not required to keep a PSC register but are required to deliver PSC information to Companies House for the central register). The requirement to maintain a PSC register does not currently apply to other 'non-corporate' entities, such as limited partnerships in England & Wales, co-operative or community benefit societies, Royal Charter organisations, charitable trusts, or charitable incorporated organisations (CIOs). All UK companies are covered by the regime other than those admitted to trading on a regulated market in the UK or an EEA state (other...

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Asset Management & Investment Funds: EU & International Developments—April 2025

Ireland—Banking & Financial Services analysis: LMTs, SIU, ESG, AIFMD Q&A, Stop the Clock, leverage, MiFID II research, MiFID II order execution, EMIR clearing thresholds, AI, insider lists. This article was written by the Insurance & Reinsurance team of A&L Goodbody LLP

Banking and Finance weekly highlights—1 May 2025

This week's edition of Banking and Finance weekly highlights includes: (1) our Sustainable finance and ESG monthly round-up; (2) FMSB publishes Statement of Good Practice on governance of sustainability-linked products; and (3) ISDA publishes April 2025 Benchmark Module for the Fallbacks Protocol.