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UK MiFID II regime—timeline

UK MiFID II regime—timeline This timeline shows key developments relating to the UK provisions which implemented the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and Assimilated Regulation (EU) 600/2014 (UK MiFIR) (together, the UK's MiFID II framework). For earlier developments, see: Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline (2007–2023) [Archived]. For key developments relating to the EU’s MiFID II framework, see: EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline. 2025 Date Source Document Description 3 April 2025 FCA PS25/2: Derivatives trading obligation and post-trade risk reduction services The Financial Conduct Authority (FCA) has published policy statement PS25/2 on the derivatives trading obligation (DTO) and post-trade risk reduction services. It sets out feedback to CP24/24 and the FCA’s final rules on the classes of SOFR OIS (secured overnight financing rate overnight index swaps) subject to the derivatives trading obligation (DTO) and the framework for post-trade risk reduction services which aims to ensure investment firms...

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Virtual execution of documents

This Practice Note provides practical guidance on how to execute documents properly when one or more parties to a contract are not physically present. This is sometimes known as virtual signing or virtual closing.The Law Society has also brought together a variety of established guidance on execution of documents by virtual means, execution of documents using electronic signatures, its ‘Tips on how to operate in practice’ in relation to virtual execution and the use of e-signatures, and Q&A on how to use electronic signatures and complete virtual executions: Our position on the use of virtual execution and e-signature during the coronavirus (COVID-19) pandemic.We have produced a toolkit that is a comprehensive, interactive resource to help users identify and work through the concepts and common issues when executing documents, including when executing documents by virtual means. Each section or phase includes practical guidance, precedent clauses and Q&As relevant to that section. For more information, see: Execution toolkit.Mercury Tax CaseThis guidance is consistent with the Law Society's guidance, made on 16 February 2010...

Electronic signatures

This Practice Note describes the law of electronic signatures (also known as digital signatures, e-signatures, E-Signatures, eSignatures, paperless signing or electronic document signing). It provides definitions of different types of electronic signature including simple, advanced and qualified electronic signatures and details the technology processes used in the creation of digital signatures (including public key infrastructure (PKI) technology). It considers relevant UK legislation such as the Electronic Communications Act 2000, and the UK eIDAS Regulation, and best practice in executing documents using electronic signatures.An electronic signature is the electronic equivalent of a handwritten signature and links a person to the contents of an electronic document.This Practice Note focuses on the general position under the law of England and Wales regarding commercial contracts in a business to business context. Readers should note that specific issues may arise in particular transactions, for example as a result of laws applicable to consumers.For practical guidance on how to execute documents when one or more of the parties to a contract are not physically present, see...

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Irrevocable undertaking—director—scheme of arrangement

Irrevocable undertaking—director—scheme of arrangement The Directors [Insert offeror's name] ([Offeror]) [Insert address] [and] [The Directors] [[Insert name of offeror’s financial adviser] (the Adviser) [Insert address]] [Insert date] Dear Directors Proposed acquisition of [name of offeree] ([Offeree]) [I OR We] understand that [Offeror] proposes to acquire (the Acquisition) [all] the issued [and to be issued ordinary] shares of [insert nominal value] each in [Offeree] (the Shares) for the consideration, and otherwise substantially on the terms and subject to the conditions, set out in the draft press announcement attached to this letter (the Announcement), subject to such amendments or additions to such terms and conditions as may be required by the City Code on Takeovers and Mergers (the Code), the Panel on Takeovers and Mergers (the Panel), the High Court of Justice in England and Wales (the Court) or any applicable law or regulation. [I OR We] also understand that the Acquisition is expected to be implemented by way of...

Reaffirmation agreement (two-stage settlement)

Reaffirmation agreement (two-stage settlement) This reaffirmation Agreement is made on [insert date] Parties 1 [Insert Employer’s name] whose registered office is at [insert Employer’s address], company registration number [insert Employer’s company number] (‘Employer’); and 2 [Insert Employee’s name] of [insert Employee’s address] (‘you’) the parties agree: 1 Settlement agreement 1.1 This Reaffirmation Agreement is being entered into in accordance with Clause [insert number] of the settlement agreement between the parties dated [insert date] (‘Agreement’). 1.2 In this Reaffirmation Agreement, words and expressions shall have the same meanings as defined in the Agreement[ except that in this Reaffirmation Agreement ‘Adviser’ means [insert name of Adviser] of [insert name of Adviser’s firm/organisation] of [insert address]]. 1.3 This Reaffirmation Agreement is being entered into in consideration of the Employer agreeing to pay you the Compensation Payment under the Agreement. 2 Full and final settlement 2.1 You acknowledge and agree that the Agreement is made[ without any admission of liability on the part of the Employer] in full and final settlement...