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Assets put up as security to protect a tender in case the borrower defaults.
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Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived.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...
Preparing a building contract for signature—checklist This Checklist can be used when preparing a building contract for signature. It is designed to help avoid errors when preparing or checking construction documents before they are signed by the parties and completed. • Consistency with other documents From the outset, liaise with the member of the professional team responsible for preparing contract documents such as Preliminaries and Employer’s Requirements to ensure that these are consistent with the schedule of amendments and accurately reflect the intentions of the parties. For more on drafting a building contract, see: Drafting a building contract/schedule of amendments—checklist. • Details of the parties Include full details for all contracting parties—the full company name and address, plus the registered company number (if any) as company names may change in future. Confirm the details are correct at Companies House (if applicable). • Contract Particulars Review the Contract Particulars (where a JCT contract is being used), or Contract Data (where an NEC contract is used), or other relevant contract details section...
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Pension schemes and their sponsoring employers are faced with a number of risks in relation to their defined benefit pension schemes, a significant one of which is that of paying for increasing life expectancy.Traditional methods of hedging pension scheme risk, such as buy-outs or buy-ins, have been joined with de-risking solutions based on a ‘swap’ contract. A ‘swap’ is generically used to describe for a contract under which the parties exchange a series of cashflows linked to some underlying asset or other variable.For further information on buy-outs and buy-ins, see Practice Note: De-risking—pension buy-outs and buy-ins.What is a longevity swap?A longevity swap is one way for a pension scheme to hedge the risk that pensioners live longer than expected. This may be by way of derivative or insurance policy. Longevity swap contracts operate by requiring the pension scheme trustees to make pre-determined regular payments (typically monthly or quarterly) to the swap provider for a fixed period of time modelled on then life expectancy in respect of specified pensioners. In return,...
JIBFL articles Relevant articles The Journal of International Banking and Finance Law includes many useful articles on and related to MiFID which can be linked to from this page. These articles are only available to Lexis®Library subscribers. Date Article Brief description of article 1 May 2018 ‘The enforcement of basic norms of commerce and of fair and honest dealing’: holding banks to higher standards (Part Two) (2018) 5 JIBFL 294 In this article, Gerard McMeel continues the discussion of when a bank is a ‘fiduciary’, focusing on policy arguments favouring enhanced standards of behaviour for financial intermediaries. 1 April 2018 The English law rights of investors in Initial Coin Offerings (2018) 4 JIBFL 214 In this article, the authors consider, as a matter of English law, the rights and liabilities of parties to an Initial Coin Offering. 1 April 2018 Do the FCA's Principles for Business require a firm to give the best advice? (2018) 4 JIBFL 246 In this article, the author considers whether...
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Net contribution 1
It is noted that, by an assignment in writing collateral to a first preferred mortgage dated [insert date] (the Mortgage) [Name of Owner] of [Address of Owner] (the Owner), owner of the vessel '[Name of Vessel]' (the Vessel), assigned absolutely to [Name of Mortgagee] acting through its branch at [Address of Mortgagee] (the Mortgagee), the benefit of this policy of insurance and all benefits of this policy, including all claims of any nature (including return of premiums) hereunder. Claims payable under this policy in respect of a total or constructive total or an arranged or agreed or compr
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What is motor vehicle or road traffic accident insurance? In the UK, motor insurance is a mandatory insurance policy for any vehicle owner or driver unless the vehicle is declared as off the road. There are heavy penalties, both civil and criminal, for uninsured drivers (who are caught). The mandatory insurance regime is intended to protect the general public (including pedestrians and other non-vehicle users) against personal injury and damage caused in a road traffic accident. Types of motor insurance policies The motor insurance market is split into three main types of insurance: third-party only; third-party fire and theft; and comprehensive policies: • third-party only policies provide the minimum level of cover required by the law, namely the Road Traffic Act 1988 (RTA 1988). RTA 1988 mandates that motor insurance must at the very least cover the risk of death, personal injury or property damage to third parties caused by the insured vehicle • third-party fire and theft provides third-party cover as described above but in addition...
Pursuant to an agreement for lease, a landlord is constructing a building for the tenant and has provided collateral warranties to it from the professional team. The landlord is now intending to mortgage the freehold simultaneously with completion of the lease at practical completion. Does the landlord need to procure new collateral warranties in favour of the bank as presumably the tenant wouldn’t permit assignment of those in its favour? Also, there is a novation agreement attached to the consultant’s letter of appointment (allowing for novation to the contractor)—how will this sit with the lender? This Q&A considers the likely approach that a lender will take in respect of collateral warranties and novation, in the context of a landlord constructing a building to be leased to a tenant, where the landlord wishes to obtain a mortgage over the freehold. As a result of the doctrine of privity of contract, collateral warranties are often necessary in construction projects in order to protect third parties with an interest...
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This week's edition of Financial Services weekly highlights includes: PRA sends Dear CEO letters to UK deposit takers and international banks; EBA issues Opinion on interaction between output floor and Pillar 2 requirements; UNEP FI and WWF publish report mapping rise in nature-related banking regulations globally; plus dates for your diary over the coming week.
Restructuring & Insolvency analysis: The court directed the supervisor of a company voluntary arrangement (CVA) to issue a certificate of termination following findings of irremediable breach. Emphasising that a CVA is a contract between the company and its creditors, the court dismissed the company’s misconceived cross-application for a stay of the CVA pending the outcome of the creditor’s earlier challenge to the CVA. The court was further critical of the supervisor for not issuing a certificate of termination and issuing a winding-up petition in the circumstances, which he was obliged to do under the CVA. Written by Morwenna Macro, barrister at Five Paper.
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