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Considerations and next steps for victims of fraud—checklist

Considerations and next steps for victims of fraud—checklist This Checklist is designed to assist individuals and companies who suspect they have been a victim of fraud. It considers the immediate steps they should take to gather and preserve evidence, obtain legal advice, mitigate and reduce risk and obtain emergency or urgent relief (such as freezing orders and insurance cover), including whether it is necessary to report a suspected fraud to the police and how to do so using the Action Fraud service. It also addresses the choice between issuing civil and criminal proceedings for fraud and explains the possibility of running a civil fraud claim in parallel with a criminal prosecution (private or public). This Checklist should be read in conjunction with the Practice Notes: • Starting a civil fraud claim—a practical guide • Civil fraud—heads of claim • Civil fraud—frequently asked questions (FAQ) • Commencing criminal proceedings—applying for the issue of a summons • Fraud—civil claim and private criminal prosecution compared For full guidance on fraud offence under criminal...

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Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived.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...

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EU GDPR—personal data breach notification—flowchart

EU GDPR—personal data breach notification—flowchart The EU’s General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR) is directly applicable and fully enforceable in EU and EEA states. This Flowchart focuses on personal data breach notification under the EU GDPR. It covers: • a summary of the overarching obligations • key guidance • types of personal data breaches • the flowchart of notification requirements • general examples of personal data breaches and who to notify • detailed examples of personal data breaches and who to notify The EU GDPR includes the following definition of a personal data breach: ‘…a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data transmitted, stored or otherwise processed.’ Overarching obligations In summary, among other things, the EU GDPR provides that: • data processors must notify the data controller without undue delay after becoming aware of a personal data breach • unless the personal data breach is unlikely to result in a risk to the rights...

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Nature and types of agency

This Practice Note is an introduction to agency. It describes the essentials of the agency relationship between the principal and the agent including the ways in which an agent is appointed to act on behalf of a principal, the different types of agency appointments and the authority that an agent has to act on behalf of a principal.Nature of agencyAgency is a relationship under which a principal appoints an agent to act under their direction and on their behalf for specified purposes. In business, such purposes are commonly the introduction or conclusion of contracts between the principal and customers or other third parties. The term ‘agent’ is sometimes used loosely in business and may refer to those, eg distributors, whose activities are similar to those of agents but who are not agents in law.In commercial matters, the parties will normally have a written agreement that sets out:•the scope of the agent's authority•the parties' rights and duties•under what circumstances and with what consequences the agency can be terminated•general commercial provisions, and•where...

Agency and distribution compared

This Practice Note compares agency with distribution and contains a table setting out the key legal differences between agents and distributors. This Practice Note sets out the difference between agents and distributors, including the relationship with their respective principal or manufacturer and compares the risk profile of each appointment. Consideration is also given to the circumstances under which an agency is preferred, and the conditions that favour distributorships.Initial considerationsAgency and distribution are examples of channels to market: means by which a manufacturer, producer or an intermediary, such as a wholesaler, gets its products to end-user customers. Other channels to market include direct sales (where sales staff are employed directly by the manufacturer or where the manufacturer sells at a distance (eg via the internet)), entering into a joint venture with a local business, and franchising (which has many features in common with distribution). For further details on franchising, see: Franchising—overview.This Practice Note compares sales agents, who procure (and sometimes conclude) contracts with customers for their principal, with distributors. Sales agents...

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Warranty limitations—pro-seller—share purchase agreement

Insert the following definitions as new definitions into clause 1 of Precedent: Share purchase agreement—pro-buyer—corporate seller—conditional—long 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 ...

No partnership or agency clause

1 No partnership or agency—short form Nothing in this agreement constitutes, or will be deemed to constitute, a partnership between the parties n

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What is the position of a security holder if the company that created the security is dissolved?

What is the position of a security holder if the company that created the security is dissolved? This Q&A focuses on the impact the dissolution of a security provider can have on the ability of a security holder to effectively enforce its security. It also considers the position of a receiver appointed by the security holder prior to the dissolution of the relevant company. Summary If a security provider is dissolved as a matter of English law it is normally still possible for the security holder to enforce the security it holds by exercising the mortgagee’s power of sale. There may be circumstances in any particular case that make an application to restore the dissolved company to the register desirable to protect the security holder’s position. Circumstances where this issue commonly arises The problems associated with a security provider being dissolved while security is in force occur most often in real estate finance and other asset finance transactions. Typically, these issues arise where a special purpose...

What key issues should be considered where customer (C) has a direct relationship with supplier (A) (who works with nominated supplier (B) on C's behalf), if C wishes to implement a direct rebate scheme with B?

What key issues should be considered where customer (C) has a direct relationship with supplier (A) (who works with nominated supplier (B) on C's behalf), if C wishes to implement a direct rebate scheme with B? The nature of the legal relationships Its important to be clear on the nature of the legal relationships between each of supplier A, supplier B and customer C. It is stated that customer C and supplier A have a direct contractual relationship between them. It will be necessary to review the terms of that contract, in order to identify if the proposed course of action will be in breach of the specific terms of the agreement, or otherwise cause a conflict or ambiguity leading to a commercial risk. It is stated that ‘A works with another nominated supplier B on our behalf’. ‘On our behalf’ indicates the possibility that supplier A may be acting in some capacity as an agent of C in its dealings with supplier B. Agency is a relationship under which...

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Arbitration weekly highlights—12 December 2024

This week's edition of Arbitration weekly highlights includes: a decision from the English Commercial Court concerning whether a clause constituted an arbitration agreement or not, coverage of arbitration-related decisions from Malaysia, Singapore and India and updates from UNCITRAL, LCIA, SIAC, HKIAC, JCAA, ICC, ITA, IEL. and BCLP publishing its 2024 International Arbitration Survey. All this, and more in our weekly highlights.

Construction weekly highlights—12 December 2024

This week's edition of Construction weekly highlights includes an announcement by the Construction Leadership Council (CLC) regarding the restructuring of the Industry Competence Steering Group, publication of regulations bringing the Housing (Cladding Remediation) (Scotland) Act 2024 into force, publication of a report by King’s College London (KCL) on the international use of disputes boards in the construction sector, a consultation by the Environment Agency (EA) on new rules for the use of unbound incinerator bottom ash aggregate in construction, and a joint consultation by the Ministry of Housing, Communities and Local Government (MHCLG) and the Department for Energy Security and Net Zero (DESNZ) on proposed reforms to the energy performance of buildings.