March 2017 - Financial Services Institutions Briefing
As we sit here in the UK at the beginning of 2017 a year of very significant political change looms. BREXIT presents many challenges and potential opportunities for the UK financial services sector. It also presents challenges for those overseas institutions who have significant business in the UK and need continuing access to the UK markets post BREXIT.
This edition of our Financial Services Institutions Briefing covers a number of topical issues of interest to our domestic and overseas financial sector clients and contacts.
City slicker or City slacker? The UK financial sector faces Post-Brexit uncertainty
The immediate threat of UK firms losing access to the EU market, of the UK losing its influence over the direction of EU regulations (which the demands of securing “equivalence” status may require the UK to adopt in any event) and of the uncertainty created by such a dramatic change in status (especially if failure to re-join the EEA means passporting rights are lost indefinitely) means that the UK’s pre-eminent status on the global financial services stage appears somewhat in jeopardy.
Key implications of MiFID 2
MiFID 2 has been on our radar since 2011, but since implementation was delayed, many firms have placed their preparations on hold. With the deadline for adoption now steadily approaching, many clients are restarting preparations to ensure compliance by 3 January 2018. This summary sets out the key aspects of MiFID 2 and how firms can ensure their compliance.
Family Investment Companies
With the rate of corporation tax now at 20% and decreasing, holding income producing investments via a company (rather than personally) can be attractive. In addition, an investment company structure also offers a way of making an outright gift, whilst still retaining a degree of control – something which may appeal to clients looking to transfer part of their wealth to their children or grandchildren. Such companies are called “family investment companies” (or FICs).
Personal Guarantees - Key considerations
When additional financial support is needed on a transaction, a personal guarantee can often be the solution. This note looks at the questions that arise when taking a personal guarantee and the issues that lenders should be aware of.
Although Article 50 has yet to be triggered it now looks likely to take place by March 2017. There has been a lot of uncertainty for European Economic Area (EEA) nationals and their employers as to what their position is in the UK and what will happen when the UK exits the EU.
Charity Training: Digital Transformation in the Charity Sector
We would be delighted if you could join us for the second session in our new series of bite-size webinars for charities.
Charity Training: Brand Protection
We would be delighted if you could join us for the first in our new series of bite-size webinars for charities.
EWS1 Forms - the latest episode
RICS have now published their highly anticipated guidance on when EWS1 forms will be required.
Q&A: Am I insured for COVID-19?
Laura Bushaway writes for Estates Gazette on a recent claim under the “disease clause” of business interruption policy.
Guidance where Domestic Abuse alleged
High Court finds former unmarried couple hold weekend home as beneficial joint tenants (despite just one funding the whole £1,550,000 purchase price)
Looking beyond the benefitted land: confirmation that an objector’s wider property may be considered in applications to discharge/modify restrictive covenants
Read our recent case study on applicants who were prevented from developing a new house due to a restrictive covenant covering their land.
Further extension of coronavirus restrictions affecting residential properties: Where are we now?
The extension will be implemented from and including 31 March 2021 by the Coronavirus Act 2020.
Knight Frank Wealth Report: The Global Perspective on Prime Property & Investment
Knight Frank partners joined Charles Russell Speechlys for a virtual panel-led discussion on the Knight Frank Wealth Report
Case Study: One Blackfriars Limited
An informative and positive judgment for administrators selling high-value property in distressed and complex scenarios.
Temporary restrictions on winding-up petitions extended until 30 June 2021
As the restrictions are extended, read what it means for you here.
InvestAfrica: Checking in or Checking out? Financing Africa’s Hotels in 2021
The discussion examined the strategies investors and financial institutions can implement to mitigate the effects of the pandemic.
The rise of cost sanctions in family law proceedings (even against successful parties!)
To Promote or not to Promote, that is the Option: Top 10 Tips with Promotion Agreements
Providing you with the top ten tips with promotion agreements - what should you know?
Q&A: Do the Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 apply to agricultural tenancies?
Reviewing whether the Electrical Safety Regulations apply to agricultural tenancies in the private rented sector.
Q&A: Parking privileges
James Souter and David Nicholls address a resident’s parking dilemma.
Sustainable Finance and the end of greenwashing?
Covid throws stark light on need for Lasting Powers of Attorney, as the case of Derek Draper shows
Diversification of landed estates – a trade mark lawyer’s advice...
Mary looks at the diversification of landed estates and offers her expert advice from a trade mark perspective
eprivateclient and Wealth Briefing cover the news of the hire of tax specialist Annika Fünfschilling in Zurich
Annika joined as a Senior Associate in the firm's Zurich office on 15 March 2021.