As of 3 January 2012, this document is no longer maintained.
A practice note listing key forthcoming dates for UK finance lawyers.
The table sets out key dates of interest to finance lawyers in 2011. For key dates of interest to finance lawyers in 2012, see Practice note, Key dates for finance lawyers in 2012 (www.practicallaw.com/0-507-4774).
For details of key forthcoming dates of interest to restructuring and insolvency specialists, see Practice note, Key dates for restructuring and insolvency specialists (www.practicallaw.com/8-503-2407).
Date | Event | PLC resources |
Early 2011 | Security: registration of charges. BIS is due to publish draft regulations to implement changes to the regime for the registration of charges. | Legal updates, Government response to BIS consultation on security registration regime (www.practicallaw.com/8-504-1794) and Security registration regulations to be published in summer 2011: BIS request for further comments (www.practicallaw.com/4-505-7744). |
First half of 2011 | Tax: draft legislation expected on loan relationships and derivatives rules. Legislation which looks to expand the scope of the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Losses) Regulations 2004 (SI 2004/3256) (Disregard Regulations) is expected to be published for comment during the "first half of 2011". The underlying proposals were outlined in the 2011 Budget. | |
Spring 2011 | Regulation: draft legislation on reform of UK financial regulatory system, Listing Authority, BoE, FSA and companies regulator. HM Treasury is expected to publish more detailed proposals and draft legislation in response to its consultation on reform of the UK financial regulatory system, including details relating to the UK Listing Authority, Bank of England and FSA and high-level proposals for a new companies regulator. (A consultation on the proposals closed on 14 April 2011. The government published its white paper and draft legislation setting out the proposed reforms on 16 June 2011.) | Legal updates, HM Treasury consultation on new UK financial services regulatory structure: listing and related activities (www.practicallaw.com/5-502-8992), HM Treasury's second consultation on the new regulatory structure: finance aspects (www.practicallaw.com/5-504-8914) and UK financial regulation: white paper, draft Financial Services Bill and further consultation (finance aspects) (www.practicallaw.com/5-506-5828). |
Spring 2011 | Miscellaneous: new guidance on UK implementation of EU legislation. The government is due to publish new guidance on how it intends to implement European legislation. Guiding principles were published in December 2010. | |
Summer 2011 | Debt capital markets and regulation: early implementation of Prospectus Directive. The government is expected to implement two aspects of the directive to amend the Prospectus Directive (2003/71/EC) ahead of the EU deadline of 1 July 2012. The proposals will be subject to a consultation period which closes on 9 June 2011. | |
Summer 2011 | Swaps and derivatives and regulation: legislative proposals expected on counterparty credit risk. Legislative proposals are expected from the European Commission on a package of reforms to the Capital Requirements Directive (2006/48/EC and 2006/49/EC) known as CRD IV (or CRD 4). The proposals are expected to follow on from a consultation on counterparty credit risk, focusing on the capitalisation of bank exposures to central counterparties and the treatment of incurred credit valuation adjustments. (The consultation closed on 9 March 2011. It was subsequently announced that the proposals are expected to be adopted on 20 July 2011.) | Legal updates, European Commission consults on counterparty credit risk (www.practicallaw.com/7-504-7555) and European Commission initiatives for 2011: update on expected adoption dates of financial services measures (www.practicallaw.com/5-506-8134). |
Summer 2011 | Security: new regulations on registration of security to be published. The Department for Business Innovation and Skills has previously stated that it intended to publish draft regulations relating to security registration in "summer 2011", after it consulted on a number of issues, before the regulations are drafted. The consultation closed on 13 May 2011. A further consultation on revised proposals, including draft changes to the Companies Act 2006 (published on 10 August 2011), closes on 30 September 2011. Draft regulations are now not expected before early 2012. | Legal updates, Security registration regulations to be published in summer 2011: BIS request for further comments (www.practicallaw.com/4-505-7744) and Government's latest proposals on revising security registration regime (www.practicallaw.com/4-507-1472). |
Autumn 2011 | Tax: draft legislation on measures to combat tax avoidance. Measures to target both UK and overseas residents who use tax avoidance schemes are to be set out in draft legislation expected in the autumn of 2011. The proposals were outlined in the 2011 Budget. | |
Autumn 2011 | Tax: draft legislation on changes to the debt cap rules. The government is expected to publish draft legislation making changes to the debt cap rules (that is, what finance expenses may be deducted by corporate taxpayers when calculating their tax liability). The underlying proposals were outlined in the 2011 Budget and a consultation on the proposals is expected in June 2011. (A technical note launching an informal consultation was published by HMRC on 14 June 2011.) | Legal updates, 2011 Budget: issues for finance lawyers: Debt cap further amendments (www.practicallaw.com/5-505-3726) and Consultation on potential debt cap changes (www.practicallaw.com/7-506-4875). |
Third quarter of 2011 | Structured finance and regulation: FSA to publish final rules on CRD III including trading book and securitisations. The FSA is expected to publish a policy statement with final rules on the implementation of provisions in CRD III (2010/76/EU), including rules relating to the trading book and securitisations. The rule changes are expected to come into force on 31 December 2011. The final rules are expected to follow a consultation on the implementation of provisions in CRD III which closed on 11 July 2011. | Legal updates, FSA consults on remaining CRD 3 amendments (www.practicallaw.com/2-506-0610) and FSA consults on remaining CRD 3 amendments: finance aspects (www.practicallaw.com/8-506-0891) and Practice note, UK implementation of CRD III (www.practicallaw.com/0-505-0867). |
Late 2011 | Regulation, debt capital markets and structured finance: further European legislative proposals expected on regulation of credit rating agencies (CRAs). The European Commission is currently working on an impact assessment on further regulation for CRAs (in addition to the European Parliament's own-initiative resolution) and intends to issue a legislative proposal later in 2011. The regulation amending the CRA Regulation (1060/2009/EC) is expected to be adopted in the "fourth quarter of 2011" (rather than September 2011 as previously anticipated). The proposals were published on 15 November 2011. | Legal updates, European Parliament adopts resolution on further regulation for CRAs (www.practicallaw.com/1-506-4034) and European Commission initiatives for 2011: update on expected adoption dates of financial services measures (www.practicallaw.com/5-506-8134). For the published proposals, see Legal update, European Commission publishes CRA III legislative proposals (www.practicallaw.com/5-513-0268). |
Latter half of 2011 | Project finance and lending: draft version of revised Equator Principles to be published. During the latter half of 2011, the Equator Principles Association is expected to publish a revised set of Equator Principles for consultation. This follows the completion of a strategic review process in June 2011. The Equator Principles are a set of voluntary social and environmental guidelines by which approximately 72 banks and other financial institutions have voluntarily agreed to be bound in making financial decisions. | |
By the end of 2011 | Regulation: Financial Services Bill to be introduced to Parliament. By the end of 2011, the government is expected to introduce the Financial Services Bill. The Bill aims to reform the current UK financial services regulatory regime including, among other things, the introduction of new regulatory and supervisory bodies for the financial services industry. An early draft of the Bill was published for pre-legislative scrutiny and consultation on 16 June 2011. The final draft Bill is expected to follow the conclusion of that process. | |
By the end of 2011 | Regulation: government to respond to ICB report on reforms to banking sector. By the end of 2011, the government is expected to publish its response to the Independent Commission on Banking's report and recommendations on reforms to improve stability and competition in the UK banking sector. (The government ultimately published its response on 19 December 2011.) | For the government's response, see Government responds to ICB's final report and recommendations (www.practicallaw.com/8-516-9688). |
During 2011 | Asset finance: IASB and US FASB new standard on lease accounting. The International Accounting Standards Board's and the US Financial Accounting Standards Board are expected to issue a new standard on how leases should be accounted for in a company's financial statements prepared in accordance with IFRS or US GAAP. | Legal update, IASB and US FASB proposals on lease accounting (www.practicallaw.com/6-503-0800). |
During 2011 | Debt capital markets and regulation: Securities Law Directive proposed. The European Commission is expected to outline proposed legislation regarding legal certainty on the holding and disposition of securities held in dematerialised form. (An earlier consultation on the proposals closed on 21 January 2010.) | |
During 2011 | Structured finance and regulation: mortgage book sale legislation to maintain consumer protections. The government is expected to publish a statutory instrument implementing its proposals to ensure consumer protections are maintained when a mortgage book is sold by a lender to an unregulated entity. | |
During 2011 | Tax and Islamic finance: direct tax rules for Sharia-compliant variable loan arrangements expected. Legislation is expected during the course of 2011 introducing direct tax rules for Sharia-compliant variable loan arrangements and derivatives, following formal consultation with industry. The proposals were briefly outlined in the 2011 Budget. |
Date | Event | PLC resources |
By January 2011 | Regulation: reform of the EU financial supervisory framework. The date by which the European Parliament, European Commission and Council of the European Union expect the reformed financial supervisory framework in the EU to be operational. (EU legislation reforming the supervisory framework was published in the Official Journal on 15 December 2010.) | Legal updates, European Parliament approves reform of the EU financial supervisory framework. (www.practicallaw.com/1-503-3957) and Legislation on EU supervisory framework published in Official Journal (www.practicallaw.com/5-504-2506). |
From January 2011 | Lending and structured finance: BoE to start taking applications for loan portfolios as eligible collateral in the DWF. From this date, the Bank of England expects to process applications from interested participants to accept loan portfolios as eligible collateral in the Discount Window Facility (effective from April 2011). | |
From 1 January 2011 | Regulation: restructuring plan required for beneficiaries of state aid measures to support access to finance. From this date, a restructuring plan will be required from every beneficiary of a new recapitalisation or an impaired asset measure under the European Commission's state aid framework for crisis-related assistance to banks. | |
From 1 January 2011 | Regulation: CEBS guidelines to Article 122a of the CRD. The date from which the CEBS expects its members to adopt and apply the guidelines to Article 122a of the Capital Requirements Directive (2006/48/EC and 2006/49/EC) as revised by CRD 2 (2009/111/EC). Article 122a relates to credit risk exposure in securitisations. CEBS published the guidelines on 31 December 2010. (On 29 September 2011, the European Banking Authority published questions and answers on issues arising from the December 2010 guidelines.) | Legal updates, CEBS guidelines to Article 122a of the CRD (www.practicallaw.com/1-504-3857) and EBA Q&A on Article 122a of the CRD (www.practicallaw.com/3-508-6148). |
1 January 2011 | Tax: bank levy. The date on which the bank levy is to take effect. At the time, HM Treasury published draft legislation implementing the levy. Further draft legislation was included in the Finance Bill 2011 following further consultation (which ended on 9 February 2011). The Finance Act 2011 received Royal Assent on 19 July 2011. (HM Revenue and Customs published its final bank levy manual on 18 November 2011.) | Legal updates, Bank levy: draft legislation published (www.practicallaw.com/2-503-6804), Draft bank levy legislation: the detail (www.practicallaw.com/5-503-7741) and Bank levy: draft Finance Bill clauses (www.practicallaw.com/4-504-1866). For the bank levy manual published by HMRC, see Legal update, Final bank levy manual published (www.practicallaw.com/4-513-4224). |
1 January 2011 | Tax: double tax treaty with Libya. The date on which the UK's double tax treaty with Libya will take effect in Libya. It took effect in the UK from 6 April 2010 (for income tax and capital gains tax purposes) and 1 April 2010 (for corporation tax purposes). | Legal update, Double tax treaty with Libya enters into force (www.practicallaw.com/8-502-1282). |
1 January 2011 | Tax: double tax treaties with Qatar, the Netherlands and Germany. The date from which certain treaty provisions will apply relating to tax withheld at source on amounts credited or paid in the UK and Qatar, the Netherlands and Germany. | Legal updates, UK/Qatar treaty enters into force: finance aspects (www.practicallaw.com/5-503-6497), UK/Netherlands tax treaty comes into force (www.practicallaw.com/6-504-4454) and UK/Germany double tax treaty comes into force (www.practicallaw.com/4-504-4600). |
1 January 2011 | Regulation and structured finance: Directive amending CRD (CRD 2). The date by which Directive 2009/111/EC (CRD 2) which amends the Capital Requirements Directive must apply under member states' national law. In the UK, the Capital Requirements (Amendment) Regulations 2010 (SI 2010/2628), which implement the majority of the final CRD 2 rules, will take effect from 31 December 2010, to comply strictly with the Directive's wording, rather than from 1 January 2011. | Legal updates, Directive amending Capital Requirements Directive published in OJ: impact on securitisations (www.practicallaw.com/4-500-7886) and Capital Requirements (Amendment) Regulations 2010 published (www.practicallaw.com/9-503-7763) and PLC Financial Services, Practice note, CRD reform: overview: CRD 2 (Directive 2009/111/EC) (www.practicallaw.com/5-501-9596). |
1 January 2011 | Debt capital markets and regulation: amendments to Prudential Sourcebook in respect of covered bonds. The date by which changes to the Prudential Sourcebook for Banks, Building Societies and Investment Firms in respect of covered bonds must be in place. Proposed changes include changes to the eligibility criteria for certain assets collateralising covered bonds, a new risk-retention requirement and more favourable risk-weighting for certain covered bonds. The Financial Services Authority (FSA) has published Handbook Notice 105 setting out the changes made to the FSA Handbook. | Legal updates, Covered bonds: FSA quarterly consultation No 26 (www.practicallaw.com/9-503-5467) and FSA Handbook Notice 105: covered bonds (www.practicallaw.com/2-504-3055). |
1 January 2011 | Miscellaneous: new Lugano Convention applies in Switzerland. The date on which the 2007 Lugano Convention (www.practicallaw.com/6-501-0897) is expected to come into force in Switzerland (at the earliest). | Legal update, The Civil Jurisdiction and Judgments Regulations 2009 coming into force on 1 January 2010 (www.practicallaw.com/9-500-9680) and Drafting note, Governing law and jurisdiction: Why include a jurisdiction clause? (www.practicallaw.com/4-107-3852). |
3 January 2011 | Miscellaneous: courts closed for New Year. The Royal Courts of Justice, Crown Courts and county courts are closed for the New Year public holiday. Certain magistrates' courts may be open. | Legal update, Court closure dates: Christmas 2010 (www.practicallaw.com/6-504-0012). |
4 January 2011 | Tax: VAT increase. The date from which the standard rate of VAT increases from 17.5% to 20%. | |
13 January 2011 | Regulation: SRA consultation closes on new regulatory handbook for solicitors. Last day for comments on the Solicitors Regulation Authority consultation. The revised handbook includes updated versions of the rules relating to conflicts of interest and acting in mortgage-related transactions. | |
19 and 20 January 2011 | Miscellaneous: hearing date for Supreme Court to rule on meaning of "subsidiary". The dates on which the Supreme Court is scheduled to hear the appeal of Enviroco Ltd v Farstad Supply A/S [2009] EWCA Civ 1399. The case is important in determining how to define "subsidiary" and "holding company" in an agreement. (The Supreme Court dismissed the appeal in a judgment given on 6 April 2011.) | Legal update, Enviroco v Farstad appeal hearing date delayed (www.practicallaw.com/4-502-9708). For a report on the result of the appeal, see Legal update, Interpretation of contract: definition of subsidiary (Supreme Court) (www.practicallaw.com/5-505-6169). |
20 January 2011 | Debt capital markets and regulation: EU consultation closes on legal certainty of securities holding and dispositions. Last day for comments on the EU consultation on the possible legislative approach to issues regarding legal certainty on the holding and disposition of securities held in dematerialised form. (The original closing date for comments was 1 January 2011. However, on 21 December 2010, the Commission extended the consultation period, announcing that it will accept responses received before 21 January 2011.) | Legal update, Dematerialised securities: EU consultation on legal certainty of securities holding and dispositions (www.practicallaw.com/7-503-8400) and PLC Financial Services, Legal update, European Commission extends time for responding to second consultation on legal certainty of securities holding and dispositions (www.practicallaw.com/5-504-3214). |
24 January 2011 | Debt capital markets and structured finance: expiry of no-action position for US-registered offerings of ABS. The day on which the US Securities and Exchange Commission's (SEC) "no-action" position expires for US-registered offerings of asset-backed securities (ABS). As part of the reform of the treatment of rating agencies, the SEC previously indicated it would not recommend enforcement action against ABS issuers that fail to disclose ratings in a prospectus that is part of a registration statement related to an ABS offering. | Legal update, US Dodd-Frank Act: issues for UK finance lawyers (www.practicallaw.com/6-502-9043). |
31 January 2011 | Miscellaneous: EC Green Paper on European contract law. Last day for comments on the European Commission's Green Paper on a proposed European contract law for consumers and businesses. In the UK, the Ministry of Justice has published a Call for Evidence about the potential impact of the proposals on individuals and organisations, which closed on 26 November 2010. | Legal updates, European Commission publishes Green Paper on developing a European contract law (www.practicallaw.com/0-502-7240) and Call for Evidence on European Commission Green Paper about European contract law (www.practicallaw.com/1-503-0807). |
31 January 2011 | Swaps and derivatives: adherence period for "small bang protocol". Last day of the adherence period for ISDA's "small bang protocol". The small bang protocol allows market participants to incorporate auction settlement terms following a restructuring credit event into standard credit default swap documentation. |
Date | Event | PLC resources |
1 February 2011 | Regulation and lending: Consumer Credit Directive UK implementing legislation. The date on which most of the UK regulations implementing Directive 2008/48/EC of the European Parliament and of the Council on credit agreements for consumers and repealing Council Directive 87/102/EEC (Consumer Credit Directive) come into force. The Consumer Credit Directive, as implemented in the UK, applies to a limited category of business lending. | Legal updates, Consumer Credit Directive UK implementing legislation: application to business lending (www.practicallaw.com/7-501-9425) and New regulations amending the CCD implementing regulations published (www.practicallaw.com/2-503-0048). |
1 February 2011 | Asset finance and trade finance: OECD Aircraft sector understanding 2011 effective. The date from which the Organisation for Economic Co-operation and Development's (OECD) 2011 version of its sector understanding on export credits for civil aircraft (aircraft sector understanding or ASU) is effective. The ASU contains rules on the use of state financing to support commercial aircraft exports and sets out the most favourable terms and conditions on which officially supported export credits may be provided. | Legal update, OECD Aircraft sector understanding 2011 version (www.practicallaw.com/9-504-9638). |
2 February 2011 | Regulation, debt capital markets and swaps and derivatives: European Commission consultation closes on MiFID review. Last day for comments on the European Commission's consultation on the review of the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). MiFID is one of the principal EU directives that affect the debt securities market (including the content of the Listing and Prospectus Rules). MiFID is also relevant to the regulatory oversight of swaps and derivatives. | |
9 February 2011 | Tax and lending: consultation closes on draft clauses for Finance Bill 2011. Last day for comments on draft legislative clauses published by HM Revenue and Customs and HM Treasury to form part of the Finance Bill 2011. Draft clauses include provisions relating to the bank levy, anti-avoidance measures when nominating functional currencies and the tax treatment of leases. (The Finance Act 2011 received Royal Assent on 19 July 2011.) | Legal updates, Finance Bill 2011: issues for finance lawyers (www.practicallaw.com/2-504-2678) and Finance Act 2011: issues for finance lawyers (www.practicallaw.com/4-506-9493). |
11 February 2011 | Lending: consultation closes on EC proposals for revised Brussels Regulation. Last day for comments on the Ministry of Justice's consultation on how the UK should approach negotiations on the EC proposals to review and reform the Brussels I Regulation. The reforms may impact on governing law and jurisdiction clauses in finance documents and qualifications in legal opinions. | Legal update, MoJ consults on EC proposals for revised Brussels I (www.practicallaw.com/5-504-3737). |
16 February 2011 | Islamic finance, debt capital markets and regulation: Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2011 in force. The date on which the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2011 (SI 2011/133) comes into force. The Order amends drafting errors concerning the tax and regulatory treatment of alternative finance investment bonds made in the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (SI 2010/86). | |
18 February 2011 | Regulation and debt capital markets: SEC request for comments on extraterritorial reach of US securities anti-fraud provisions. Last day for comments to be submitted to the US Securities and Exchange Commission on whether, and to what extent, the extraterritorial reach of private rights of action under the anti-fraud provisions of the US Securities Exchange Act of 1934 should be extended. | |
25 February 2011 | Regulation and debt capital markets: ESMA call for evidence closes on possible delegated acts in connection with amended Prospectus Directive. Last day for responses to ESMA's call for evidence on possible delegated acts concerning the Prospectus Directive as amended by Directive 2010/73/EU and on disclosure requirements in the Prospectus Regulation (SI 2011/1668). | |
28 February 2011 | Property finance and security: consultation closes on changes to land registration legislation. Last day for comments on the Land Registry consultation on amendments to the land registration legislation to provide for the introduction of alternative business structures and persons entitled to make electronic applications to the Land Registry. |
Date | Event | PLC resources |
During March 2011 | Regulation and lending: revised Lending Code due. The Lending Standards Board is expected to re-issue the Lending Code in full, following a review by the Lending Standards Board. The Lending Code is a voluntary code of practice which sets out the standards for financial institutions to follow when dealing with customers (including lending to small business customers). (A revised version of the Lending Code was published on 10 January 2011 and an updated version was subsequently published 31 March 2011). | Legal updates, Lending code updated (www.practicallaw.com/6-504-7909) and Lending Code 2011: finance aspects (www.practicallaw.com/4-505-5269). |
During March 2011 | Regulation: draft legislation for Basel III and CRD IV expected. The European Commission is expected to publish draft legislation (referred to as CRD IV) implementing further amendments to the Capital Requirements Directive. CRD IV is also expected to implement Basel III in the EU. BCBS has previously published the text of the main Basel III reforms. | Legal updates, G20 endorse Basel III and draft legislation expected March 2011 (www.practicallaw.com/4-500-9116) and BCBS publishes text of Basel III rules (www.practicallaw.com/5-504-2790). See also, Practice note, Basel III: an overview (www.practicallaw.com/7-504-1959). |
From 1 March 2011 | Structured finance and swaps and derivatives: hearing date for Supreme Court to rule on flip clauses subordinating swap payments. The Supreme Court is expected to hear the appeal of the High Court's decision in Perpetual Trustee Co Ltd v BNY Corporate Trustee Services Ltd and another [2009] EWHC 1912 (Ch), that a conditional priority clause in a structured finance transaction was valid. (The Supreme Court expects to hand down its judgment on 27 July 2011.) | Legal updates, Structured finance conditional priority clause upheld by High Court (www.practicallaw.com/2-386-8822), US decision in Perpetual case creates a cross-border conflict (www.practicallaw.com/1-501-3756) and Supreme Court's Perpetual Trustee judgment expected on 27 July 2011 (www.practicallaw.com/3-506-9894). |
1 March 2011 | Regulation and debt capital markets: consultation closes on central securities depositories and securities settlement. Last day for comments on the European Commission's consultation on central securities depositories and the harmonisation of certain aspects of securities settlement in the EU. (A legislative proposal on the issues is expected in June 2011.) | |
3 March 2011 | Regulation and debt capital markets: consultation closes on EU proposals to deal with failing banks, including bond write-downs. Last day for comments on the European Commission's consultation on a possible EU framework to give national regulators powers to deal with failing banks, including powers to write down debt, such as bonds. | |
6 March 2011 | Debt capital markets: consultation closes on proposed changes to the Listing Rules. Last day for comments on the FSA consultation on proposed changes to the Listing Rules. Of interest to finance lawyers are proposed changes to rules on depositary receipts and related party transactions. | |
9 March 2011 | Swaps and derivatives and regulation: consultation closes on counterparty credit risk. Last day for comments on the European Commission's consultation on counterparty credit risk, focusing on the capitalisation of bank exposures to central counterparties and the treatment of incurred credit valuation adjustments. | |
14 March 2011 | Security: changes to Companies House security forms. The date on which Companies House was expected to amend certain of its security registration forms. (Originally, Companies House had indicated that it would make amended versions of the forms available on its website on 4 October 2010 and, subsequently, "during January 2011".) Revised versions of the forms were published on 14 March 2011 as anticipated. | Legal updates, Changes to Companies House security discharge forms (www.practicallaw.com/3-502-9855) and Companies House amended security forms (www.practicallaw.com/9-505-1706). |
23 March 2011 | Tax and Miscellaneous: 2011 Budget. The date on which the Chancellor of the Exchequer is expected to announce the 2011 Budget. (PLC provided full coverage of the 2011 Budget announced, as expected, on 23 March 2011). | Legal updates, 2011 Budget date announced (www.practicallaw.com/1-503-8224) and 2011 Budget: issues for finance lawyers (www.practicallaw.com/5-505-3726). |
24 March 2011 | Lending: revised LMA loan trading documents go live. The date on which the amended versions of the Loan Market Association's (LMA) loan trading documents go live. Amended versions of the documents were published on the members' area of the LMA website on 25 February 2011. | Legal update, LMA loan trading documents amended (www.practicallaw.com/1-504-9595). |
28 March 2011 | Structured finance and regulation: SEC rules regulating ABS disclosure and asset reviews effective. The date on which the US Securities and Exchange Commission's rules under the US Dodd-Frank Act relating to issuer and third-party review of assets backing asset-backed securities (ABS) transactions and related disclosure requirements, become effective. The rules may apply in some cases to either non-US issuers of ABS or non-US investors. | |
31 March 2011 | Trade finance: Fixed Rate Export Finance scheme expires. The date on which the Export Credits Guarantee Department's (ECGD) Fixed Rate Export Finance scheme is due to expire. The scheme allows export finance loans from banks to overseas persons to be backed by an officially supported fixed rate of interest. | |
31 March 2011 | Trade finance: letter of credit guarantee scheme expires. The date on which the ECGD's letter of credit guarantee scheme is due to expire. Under the scheme, the ECGD will share up to 90% of the risk on letters of credit which are confirmed by a bank participating in the scheme. | Legal update, ECGD launches letter of credit guarantee scheme (www.practicallaw.com/2-500-5242). |
31 March 2011 | Lending: Enterprise Finance Guarantee scheme expires. The date on which the Enterprise Finance Guarantee scheme is due to expire. The scheme provides participating lenders with a 75% government guarantee on individual loans made by the lenders to certain small to medium-sized business. | Legal updates, 2009 Pre-Budget Report: issues for finance lawyers: Enterprise Finance Guarantee facility (www.practicallaw.com/0-500-9533) and Finance for business: government response: Enterprise Finance Guarantee (www.practicallaw.com/9-503-7876). |
31 March 2011 | Tax and Miscellaneous: draft Finance Bill 2011 due. The date by which HM Treasury and HM Revenue and Customs are expected to publish the draft Finance Bill 2011, including any measures announced in the 2011 Budget. A number of draft clauses were published in December 2010 with the remainder expected in the early part of 2011. (The Finance Act 2011 received Royal Assent on 19 July 2011.) | Legal updates, Finance Bill 2011: issues for finance lawyers (www.practicallaw.com/2-504-2678), Tax policy updates and draft Finance Bill legislation (www.practicallaw.com/7-504-1803) and Finance Act 2011: issues for finance lawyers (www.practicallaw.com/4-506-9493). |
31 March 2011 | Miscellaneous: closure of FCO legalisation counter service. The date on which the Foreign and Commonwealth Office's (FCO) public and business counters at the legalisation office in Milton Keynes will close. From 1 April 2011, all applications for legalisation of documents for that office should instead be sent by post. (The London counter service for registered business customers is unaffected). | Legal update, Changes to FCO legalisation service (www.practicallaw.com/1-504-9821). |
Date | Event | PLC resources |
From April 2011 | Lending and structured finance: loan portfolios to be eligible as collateral in the DWF. From April, the Bank of England (BoE) will accept loan portfolios as eligible collateral in the Discount Window Facility. Applications will be received by the BoE from January 2011. (On 13 October 2011, the BoE published documentation and explanatory notes for loans to be accepted as eligible collateral.) | Legal updates, Bank of England eligibility requirements for loans, RMBS and covered bonds (www.practicallaw.com/3-504-1131) and Bank of England note on the discount window facility loan collateral documents (www.practicallaw.com/8-509-4155). |
From April 2011 | Tax: working group on taxation of new bank capital instruments. As announced in the 2011 Budget, "from April 2011" the UK government is to set up an industry working group to look at any tax issues associated with new bank capital instruments developed in the light of the Basel III proposals and, if necessary, will legislate in the Finance Bill 2012. | |
During April 2011 | Regulation: new regulatory handbook for solicitors. The Solicitors Regulation Authority is expected to publish its revised handbook including updated versions of the rules relating to conflicts of interest and acting in mortgage-related transactions. (The revised handbook was published on 6 April 2011.) | Legal updates, SRA publishes consultation on transforming regulation of legal services (www.practicallaw.com/3-502-2482) and New SRA Handbook: issues for finance lawyers in the Code of Conduct (www.practicallaw.com/7-505-6917). |
During April 2011 | Regulation: Bribery Act 2010 due to be in force. The month during which the Bribery Act 2010 was originally expected to come into force. (The original implementation date has been delayed and the revised implementation date is now anticipated to be 1 July 2011.) | Legal update, Bribery Act 2010: finance aspects (www.practicallaw.com/5-504-9107). |
1 April 2011 | Tax: corporation tax rate reduced. The date from which the corporation tax rate reduces to 26% for companies and groups whose annual profits exceed £1.5 million. (The previous 1% reduction was changed to 2% as part of the 2011 Budget announcements.) | Legal updates, June 2010 Budget: key business tax announcements: Corporation tax rates reduced from 2011-12 (www.practicallaw.com/5-502-5267) and 2011 Budget: issues for finance lawyers: Corporation tax rates reduced (www.practicallaw.com/5-505-3726). |
1 April 2011 | Tax: double tax treaty with Hong Kong: corporation tax. The date from which the UK's double tax treaty with Hong Kong will take effect for the purposes of corporation tax. It is due to take effect for the purposes of income tax and capital gains tax on 6 April 2011. | Legal update, UK-Hong Kong double tax treaty comes into force (www.practicallaw.com/8-504-3694). |
1 April 2011 | Tax: double tax treaties with Germany and the Netherlands: corporation tax. The date from which the UK's double tax treaties with Germany and the Netherlands will take effect in the UK for the purposes of corporation tax. They are due to take effect for the purposes of income tax and capital gains tax on 6 April 2011. | Legal updates, UK/Germany double tax treaty comes into force (www.practicallaw.com/4-504-4600) and UK/Netherlands tax treaty comes into force (www.practicallaw.com/6-504-4454). |
1 April 2011 | Tax: double tax treaty with the Cayman Islands: corporation tax. The date from which the UK's double tax treaty with the Cayman Islands will take effect for the purposes of corporation tax. It is due to take effect for the purposes of income tax and capital gains tax on 6 April 2011. | Legal update, UK/Cayman Islands double tax treaty comes into force (www.practicallaw.com/3-504-4498). |
1 April 2011 | Miscellaneous: amendments to the CRC Energy Efficiency Scheme come into force. The date on which the CRC Energy Efficiency Scheme (Amendment) Order 2011 (SI 2011/234) comes into force. The Order makes certain changes to the Carbon Reduction Commitment Energy Efficiency Scheme (CRC Scheme) including extending the introductory phase of the scheme to run until the end of March 2014 (rather than the end of March 2013) and postponing the start of each of the second and subsequent phases by two years. (Finance transactions may be affected where lenders and/or borrowers are required to participate in the CRC Scheme.) | Legal update, CRC: amendments to the CRC Energy Efficiency Scheme (www.practicallaw.com/4-504-8405) and Practice note, CRC Energy Efficiency Scheme: issues for finance transactions (www.practicallaw.com/4-502-0736). |
1 April 2011 | Property finance: Fifth edition of the Standard Conditions of Sale to apply. The date from which the Fifth edition of the Standard Conditions of Sale (SCS) should be used by certain parties who have adopted the Law Society Conveyancing Protocol. The SCS may be used for residential and some straightforward commercial property transactions. | |
1 April 2011 | Regulation and lending: revised Lending Code available for small business customers. The date from which the Lending Standards Board's revised Lending Code will be available on-line (and in branch) to banks' small business customers. (The updated Lending Code was published 31 March 2011.) | Legal update, Lending Code 2011: finance aspects (www.practicallaw.com/4-505-5269). |
5 April 2011 | Miscellaneous: shareholder pre-emption rights and Listing Rules. The date from which overseas companies with a premium listing on 6 April 2010 need to comply with the requirement, under amended LR 9.3.12R, to offer pre-emption rights to their shareholders. | |
6 April 2011 | Debt capital markets and security: changes to settlement finality and financial collateral arrangements. The date from which regulations implementing Directive 2009/44/EC amending the Settlement Finality Directive (98/26/EC) and the Financial Collateral Arrangements Directive (2002/47/EC) as regards linked systems and credit claims will come into force in the UK. (HM Treasury published legislation on 16 December 2010.) | |
6 April 2011 | Tax: double tax treaty with Hong Kong: income tax and capital gains tax. The date from which the UK's double tax treaty with Hong Kong will take effect for the purposes of income tax and capital gains tax. It is due to take effect for the purposes of corporation tax on 1 April 2011. | Legal update, UK-Hong Kong double tax treaty comes into force (www.practicallaw.com/8-504-3694). |
6 April 2011 | Tax: double tax treaties with Germany and the Netherlands: income tax and capital gains tax. The date from which the UK's double tax treaties with Germany and the Netherlands will take effect in the UK for the purposes of income tax and capital gains tax. They are due to take effect for the purposes of corporation tax on 1 April 2011. | Legal updates, UK/Germany double tax treaty comes into force (www.practicallaw.com/4-504-4600) and UK/Netherlands tax treaty comes into force (www.practicallaw.com/6-504-4454). |
6 April 2011 | Tax: double tax treaty with the Cayman Islands: income tax and capital gains tax. The date from which the UK's double tax treaty with the Cayman Islands will take effect for the purposes of income tax and capital gains tax. It is due to take effect for the purposes of corporation tax on 1 April 2011. | Legal update, UK/Cayman Islands double tax treaty comes into force (www.practicallaw.com/3-504-4498). |
6 April 2011 | Miscellaneous: amended fees structure for Companies House in force. The date on which certain provisions of the Registrar of Companies (Fees) (Companies, Overseas Companies and Limited Liability Partnerships) Regulations 2009 (SI 2009/2101) and the Registrar of Companies (Fees) (Amendment) Regulations 2009 (SI 2009/2439) take effect. The Regulations make provisions for certain fees to be paid to the Registrar of Companies and revoke previous fee arrangements. | |
6 April 2011 | Miscellaneous: FCO legalisation fees increase. The date on which the fees for the FCO's legalisation service will increase. From 6 April 2011, the fees per apostille will increase to £30 for standard applications submitted to the FCO's Milton Keynes office and to £75 for the Premium Business Service situated at Centre Point in central London. | Legal update, Changes to FCO legalisation fees (www.practicallaw.com/2-505-5623). |
14 April 2011 | Regulation: consultation closes on reform to the UK financial services regulatory structure. Last day for comments on HM Treasury's second consultation on the government's proposals for reform to the UK financial services structure. The consultation includes further detail on the new bodies that it is proposed will replace the current regulatory structure of the Bank of England, the FSA and HM Treasury and the role of the UK Listing Authority. (An earlier consultation took place in July 2010.) | |
19 April 2011 | Tax: consultation closes on taxation of the financial sector. Last day for comments on the European Commission's consultation on options for taxation of the financial sector. The Commission is seeking views on the options for a financial transactions tax and/or a financial activities tax. (Proposals following the consultation were published on 28 September 2011.) | Legal updates, Commission consults on taxation of financial sector (www.practicallaw.com/8-504-9035) and Commission presents proposal for financial transaction tax (detailed update) (www.practicallaw.com/7-508-6231). |
25 April 2011 | Swaps and derivatives: ISDA consultation on commodity derivatives trade repositories closes. Last day for comments on ISDA's consultation on the establishment of commodity derivatives trade repositories. Proposals are to be submitted no later than 5pm New York time on 25 April 2011. | |
28 April 2011 | Project finance: call for evidence on future of PFI closes. Last day for responses to HM Treasury's call for evidence on the future of the private finance initiative (PFI). The call for evidence seeks evidence on, among other things, the financing of PFI projects in the light of the recent financial crisis. The call for evidence closed at 12 pm. | |
30 April 2011 | Property finance and security: valuer registration scheme becomes mandatory. The date from which membership of RICS's Valuer Registration Scheme becomes mandatory for valuers carrying out valuations in the UK under the RICS Red Book. | Legal updates, RICS to launch valuer registration scheme (www.practicallaw.com/0-503-4603) and Reminder: RICS valuer registration scheme (www.practicallaw.com/8-505-8992). |
30 April 2011 | Miscellaneous: consultation closes on ASB's exposure draft on the future of financial reporting. Last day for comments on the Accounting Standards Board's consultation on its exposure draft on the future of financial reporting in the UK and the Republic of Ireland. The draft concerns the future basis of UK GAAP and its convergence with International Financial Reporting Standards. Changes in accounting practices may affect finance transactions. For example, such a change may affect compliance with financial covenants. |
Date | Event | PLC resources |
During May 2011 | Regulation, debt capital markets and swaps and derivatives: EU legislative proposals on MiFID scheduled for adoption. During May (and possibly June), the European Commission was due to adopt legislative proposals for amending the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). This has been delayed until October 2011. The Commission's consultation on revisions of MiFID, and its implementing legislation, closed in February 2011. MiFID is one of the principal EU directives that affect the debt securities market (including the content of the Listing and Prospectus Rules). MiFID is also relevant to the regulatory oversight of swaps and derivatives. | Legal update, European Commission consults on MiFID review: finance aspects (www.practicallaw.com/5-500-2968) and PLC Financial Services, Hot topics: European Commission's MiFID review: What next? (www.practicallaw.com/6-503-3276). |
During May 2011 | Tax: consultation expected on loan relationships and derivatives rules. The government is expected to publish a consultation on expanding the scope of the Disregard Regulations in respect of the derecognition of loan relationships and derivative contracts. Draft legislation will follow the consultation in the "first half of 2011". The underlying proposals were outlined in the 2011 Budget. | |
13 May 2011 | Security: BIS consultation closes on registration of security. Last day for comments on the Department for Business, Innovation and Skills note of issues to be resolved before it publishes draft regulations relating to security registration in summer 2011. (On 10 August 2011 BIS published further proposals including draft amendments to the Companies Act 2006. A further consultation closes on 30 September 2011.) | |
27 May 2011 | Acquisition finance: consultation closes on amendments to implement review of takeover regulation. Last day for comments on the Takeover Panel's consultation paper seeking views on proposed amendments to the Takeover Code to implement its review of certain aspects of the regulation of takeover bids, elements of which will be of interest to acquisition finance lawyers. (The amendments are substantially along the lines proposed in the Code Committee's response statement published in October 2010.) |
Date | Event | PLC resources |
During June 2011 | Regulation and debt capital markets: EU legislative proposal on central securities depositories and securities settlement. The European Commission was expected to adopt a legislative proposal on central securities depositories and the harmonisation of certain aspects of securities settlement in the EU. (A consultation on the issues closed on 1 March 2011 and it was subsequently announced that the regulations were expected to be adopted in October 2011. This was later revised to November 2011.) | Legal updates, European Commission consultation on central securities depositories and securities settlement (www.practicallaw.com/6-504-4760) and European Commission initiatives for 2011: update on expected adoption dates of financial services measures (www.practicallaw.com/5-506-8134). |
During June 2011 | Tax: consultation expected on debt cap rules. The government is expected to publish a consultation on possible changes to the debt cap rules (that is, what finance expenses may be deducted by corporate taxpayers when calculating their tax liability). The underlying proposals were outlined in the 2011 Budget. (A technical note launching an informal consultation was published by HMRC on 14 June 2011.) | Legal updates, 2011 Budget: issues for finance lawyers: Debt cap: further amendments (www.practicallaw.com/5-505-3726) and Consultation on potential debt cap changes (www.practicallaw.com/7-506-4875). |
During June 2011 | Regulation: EU legislative proposal on bank recovery and resolution. The European Commission was expected to adopt a legislative proposal on bank recovery and resolution in relation to the failures of banks and the banking system and crisis management in the financial sector. The proposals, which have included powers to write down debt, such as bonds, are expected to follow the responses to an earlier consultation on the possible legislative framework. (The consultation closed on 3 March 2011 and it was subsequently announced that the legislative proposal was expected to be adopted on 15 November 2011.) | Legal updates, Joint response of FSA, HM Treasury and BoE to European Commission's consultation on an EU bank recovery and resolution framework (www.practicallaw.com/0-506-0282) and UK response to European Commission consultation on EU bank recovery and resolution framework: finance aspects (www.practicallaw.com/9-506-0433). |
7 June 2011 | Regulation: conditions for a European credit rating agency endorsing a rating made in a third country. The date on which Articles 4(3)(f), (g) and (h) of the European Regulation on credit rating agencies (1060/2009/EC) apply. From this date, a third-country (that is, outside the EU) credit rating agency must be authorised and registered in that third country and there must be an objective reason for the credit rating to originate from outside the EU. | Legal update, New regulation on CRAs published in Official Journal (www.practicallaw.com/2-500-7632) and PLC Financial Services, Practice note, Hot topics: Regulation of credit rating agencies (www.practicallaw.com/0-383-6832). |
9 June 2011 | Debt capital markets and regulation: consultation closes on early implementation of Prospectus Directive. The last day for comments on the government's consultation on the early implementation of certain aspects of the directive to amend the Prospectus Directive. Broadly, the measures are intended to help smaller companies to access capital on public markets, as fewer offers will require the production of a prospectus. The proposals are expected to come into force in the summer of 2011, ahead of the EU deadline of 1 July 2011. | |
15 June 2011 | Miscellaneous: questionnaire on assignment in cross-border transactions. The last day for responses to the British Institute of International and Comparative Law's questionnaire on the role of assignment in cross-border transactions. The questionnaire is part of a study, which will feed into a European Commission report on the effectiveness of an assignment or subrogation of a claim against third parties and the priority of the assigned or subrogated claim over a right of another person. | |
30 June 2011 | Regulation and swaps and derivatives: management of operational risk in OTC derivatives. The date by which the Committee of European Banking Supervisors expects its members to implement its guidelines on the management of operational risk in market-related activities, including the confirmation and settlement of OTC derivatives. (The final draft guidelines were published on 12 October 2010.) | |
30 June 2011 | Debt capital markets and security: changes to settlement finality and financial collateral arrangements. The date from which Directive 2009/44/EC amending the Settlement Finality Directive (98/26/EC) and the Financial Collateral Arrangements Directive (2002/47/EC) as regards linked systems and credit claims is to apply. HM Treasury published revised draft legislation on 16 December 2010 which is expected to be in force from 6 April 2011. | |
30 June 2011 | Regulation: government guarantee schemes requiring state aid approval. The date on which government guarantee schemes requiring state aid approval will no longer be authorised by the European Commission. The Commission is due to reassess the conditions for the compatibility of state guarantees beyond 30 June 2011 in the first half of 2011. |
Date | Event | PLC resources |
From July 2011 | Lending and structured finance: publication of transaction documents required for eligibility in the DWF. From July, the Bank of England is expected to require the publication of transaction documents for RMBS and covered bonds to be eligible for the Discount Window Facility. | |
During July 2011 | Security: Supreme Court to consider the application of non-competition clauses in guarantees. The Supreme Court is expected to hear the leapfrog appeal of Mills and others v HSBC Trustee (C.I) Ltd and others [2009] EWHC 3377 (Ch). The case is important in determining, among other things, whether non-competition clauses in guarantees can exclude the equitable rule in Cherry v Boultbee (1839) 4 My & Cr 442. While the case was originally due to be heard in January 2011, the hearing eventually took place in July 2011. (Judgment was delivered on 19 October 2011.) | Legal updates, High Court considers the application of non-competition clauses in guarantees (www.practicallaw.com/0-501-1338) and Mills v HSBC Trustee: leapfrog appeal hearing in July (www.practicallaw.com/6-506-0279). For the Supreme Court's decision, see Legal update, Supreme Court publishes judgment on the rule against double proof in insolvency (www.practicallaw.com/5-509-4454). |
During July 2011 | Regulation and debt capital markets: consultation paper expected on possible delegated acts in connection with amended Prospectus Directive. The European Securities and Markets Authority (ESMA) was expected to publish a consultation paper on possible delegated acts concerning the Prospectus Directive as amended by Directive 2010/73/EU and on disclosure requirements in the Prospectus Regulation. (ESMA previously issued a call for evidence that closed on 25 February 2011.) ESMA subsequently published a draft of its first set of technical advice for consultation on 15 June 2011. (On 4 October 2011, ESMA published its finance technical advice to the European Commission.) | Legal updates, Prospectus Directive: ESMA call for evidence on request for technical advice (www.practicallaw.com/3-504-6124) and Prospectus Directive: ESMA consultation on draft advice on delegated acts (finance aspects) (www.practicallaw.com/3-506-5985). For the final technical advice published to the European Commission, see Legal update, Prospectus Directive: ESMA publishes final advice on delegated acts (finance aspects) (www.practicallaw.com/7-508-8536). |
1 July 2011 | Debt capital markets and structured finance: consultation closes on covered bond regulation. The last day for comments on the FSA and HM Treasury's joint consultation paper on a review of the UK's regulatory framework for covered bonds. (In November 2011, HM Treasury published a summary of responses to the consultation and subsequently published legislation in December 2011, which is due to come into force in 2013.) | Legal updates, FSA and HM Treasury consult on covered bond regulation: finance aspects (www.practicallaw.com/2-505-6359) and HM Treasury summary of responses to consultation on covered bond regulation (www.practicallaw.com/3-514-4068). For the legislation published in December 2011, see Legal update, The Regulated Covered Bonds (Amendment) Regulations 2011 published: finance aspects (www.practicallaw.com/4-514-5449). |
1 July 2011 | Regulation: Bribery Act 2010 in force. The date on which the Bribery Act 2010 is expected to come into force. (In March 2011, both the Ministry of Justice and the Serious Fraud Office published guidance in relation to the Bribery Act 2010.) | Legal updates, Bribery Act 2010: Guidance (www.practicallaw.com/0-505-5011) and Bribery Act 2010 amendments and commencement (www.practicallaw.com/1-506-4784). |
4 July 2011 | Regulation: consultation closes on potential reforms to the UK banking system. Last day for comments on the Independent Commission on Banking's (ICB) consultation on potential reforms to the UK banking system. The consultation seeks views on ICB proposal's to introduce greater loss-absorbing capacity for systemically important banks. (The final report was published on 12 September 2011.) | |
11 July 2011 | Structured finance and regulation: FSA consultation closes on CRD III amendments. Last day for comments on the FSA's consultation on the implementation of amending provisions in CRD III (2010/76/EU), including changes to rules relating to the trading book and securitisations. The final rules are expected to follow the consultation and will be published with a policy statement in the third quarter of 2011. The rule changes are expected to come into force on 31 December 2011. (The policy statement was published by the FSA on 3 November 2011.) | Legal updates, FSA consults on remaining CRD 3 amendments: finance aspects (www.practicallaw.com/8-506-0891) and FSA policy statement on remaining CRD III amendments (www.practicallaw.com/4-510-8852) and Practice note, UK implementation of CRD III (www.practicallaw.com/0-505-0867). |
15 July 2011 | Regulation and debt capital markets: consultation closes on ESMA's technical advice on possible delegated acts concerning the amended Prospectus Directive. The last day for comments on the European Securities and Markets Authority's (ESMA's) draft of its first set of technical advice to the European Commission on possible delegated acts concerning the Prospectus Directive (as amended by Directive 2010/73/EU). ESMA's advice includes proposals for the content of prospectus summaries and final terms. (On 4 October 2011, ESMA published its final technical advice to the European Commission. On 13 December 2011, ESMA published a second consultation on its technical advice to the Commission on possible delegated acts, including in relation to a possible format and form of consent to use a prospectus in a retail cascade.) | For the final technical advice published to the European Commission, see Legal updates, Prospectus Directive: ESMA publishes final advice on delegated acts (finance aspects) (www.practicallaw.com/7-508-8536) and Prospectus Directive: second ESMA consultation on technical advice on possible delegated acts (www.practicallaw.com/0-516-4289). |
20 July 2011 | Swaps and derivatives, lending and regulation: legislative proposals adopted on counterparty credit risk. Legislative proposals are expected to be adopted from the European Commission on a package of reforms to the Capital Requirements Directive (2006/48/EC and 2006/49/EC) known as CRD IV (or CRD 4). Among other things, the proposals follow on from a consultation on counterparty credit risk, focusing on the capitalisation of bank exposures to central counterparties and the treatment of incurred credit valuation adjustments. The legislative proposals are principally intended to implement the Basel III provisions. (The consultation closed on 9 March 2011. The proposals were adopted, as expected, on 20 July 2011.) | Legal updates, European Commission consults on counterparty credit risk (www.practicallaw.com/7-504-7555), European Commission initiatives for 2011: update on expected adoption dates of financial services measures (www.practicallaw.com/5-506-8134) and European Commission publishes CRD 4 legislative proposals: issues for finance lawyers (www.practicallaw.com/4-506-9799). |
27 July 2011 | Structured finance and swaps and derivatives: decision expected on anti-deprivation and ranking of payments in securitisation waterfalls. The date on which the Supreme Court was expected to hand down its judgment in Belmont Park Investments PTY Limited) v BNY Corporate Trustee Services Limited and Lehman Brothers Special Financing Inc. The decision, was expected to rule upon the scope and application of the anti-deprivation principle and the ranking of payments to swap counterparties within a securitisation waterfall. (The Supreme Court unanimously dismissed the appeal on 27 July 2011.) | Legal updates, Supreme Court's Perpetual Trustee judgment expected on 27 July 2011 (www.practicallaw.com/3-506-9894) and Scope and effect of anti-deprivation principle clarified (Supreme Court) (www.practicallaw.com/0-507-0605). |
31 July 2011 | Debt capital markets and regulation: Prospectus Regulations in force. The date on which the Prospectus Regulations 2011 (2011/1668) come into force. The regulations amend the Financial Services and Markets Act 2000 to relax certain requirements for prospectuses when offering securities. | Legal update, Prospectuses: Prospectus Regulations 2011 (www.practicallaw.com/4-506-8262). |
Date | Event | PLC resources |
From 10 August 2011 | Regulation: SRA handbook to be phased in. From August 2011, the Solicitors Regulation Authority expects to begin phasing in its revised regulatory Handbook, (including a new Code of Conduct), which will replace the Solicitors' Code of Conduct 2007. The Handbook is being introduced on a phased basis, beginning on 10 August 2011. The Code is expected to be in force for all practitioners from 6 October 2011. | Legal update, New SRA Handbook: issues for finance lawyers in the Code of Conduct (www.practicallaw.com/7-505-6917) and Practice note, SRA Handbook 2011 and Code of Conduct: Handbook implementation dates (www.practicallaw.com/5-506-3570). |
26 August 2011 | Debt capital markets and Tax: consultation closes on manufactured overseas dividends regulations on stock lending via CCPs. Last day for comments on draft regulations published by HMRC. The draft regulations facilitate stock lending via central counterparties (CCPs) on a named or anonymous basis. They ensure, among other things, that manufactured overseas dividends (MODs) paid or received by CCPs are treated in a similar way to MODs paid by a borrower to a lender in a direct relationship. (The Income Tax (Manufactured Overseas Dividends) (Amendment No. 2) Regulations 2011 (SI 2011/2503) were made on 19 October 2011 and come into force on 10 November 2011.) | |
30 August 2011 | Regulation: review of Money Laundering Regulations ends. The last day for comments on HM Treasury's consultation following its review of the Money Laundering Regulations 2007 (SI 2007/2157) and the accompanying impact assessment. Subject to final decisions, HM Treasury anticipates that any adopted legislative changes will come into effect in 2012. |
Date | Event | PLC resources |
During September 2011 | Regulation: new SRA Handbook published. During September 2011 the Solicitors Regulation Authority expects to publish its new regulatory Handbook. The Handbook is being introduced on a phased basis, beginning in August 2011 and is expected to be in force (including the new Code of Conduct) for all practitioners from 6 October 2011. | Legal update, New SRA Handbook: issues for finance lawyers in the Code of Conduct (www.practicallaw.com/7-505-6917) and Practice note, SRA Handbook 2011 and Code of Conduct: Handbook implementation dates (www.practicallaw.com/5-506-3570). |
During September 2011 | Project finance, property finance and lending: Equator Principles Phase II internal consultation period begins. In September 2011, the Equator Principles Association expects to begin its internal consultation on Phase II of the updating and review process for the Equator Principles. The consultation period ends in November 2011. | |
In September 2011 | Debt capital markets, structured finance and regulation: final version of CBIC covered bond transparency data list to be published. The Covered Bond Investor Council (CBIC) is expected to publish a final version of its transparency data list in September 2011. The data list is intended to reflect work undertaken to identify the key information needed by covered bond investors. The CBIC envisages the information required should be made available on a regular basis to meet covered bond investors' transparency and information needs. | |
In September 2011 | Regulation: ICB final report on potential reforms to the UK banking system. The Independent Commission on Banking (ICB) is due to publish its final report setting out its recommendations for potential reforms to the UK banking system, following its consultation period, which closed on 4 July 2011. (The final report was published on 12 September 2011. The government published its response on 19 December 2011.) | Legal updates, Independent Commission on Banking recommendations on improving competition and stability in banking sector (www.practicallaw.com/6-508-1494) and ICB final report and recommendations on UK banking sector: finance aspects (www.practicallaw.com/0-508-1543). For the government's response, see Legal update, Government responds to ICB's final report and recommendations: finance aspects (www.practicallaw.com/7-516-9919). |
From 1 September 2011 | Miscellaneous: Companies House: change to company names examination policy takes effect. From 1 September 2011, Companies House will no longer accept company names on documents submitted to the registrar of companies which contain minor variations or typographical errors. | |
From 1 September 2011 | Asset finance: OECD Arrangement on Officially Supported Export Credits and Aircraft Sector Understanding comes into effect. The date on which the revised version of the OECD's Arrangement on Officially Supported Export Credits comes into effect. The revised version replaces the version issued in March 2011 and includes a revised version of its understanding on export credits for civil aircraft (issued in February 2011). The Arrangement on Officially Supported Export Credits is a framework for the orderly use of officially supported export credits. | |
2 September 2011 | Miscellaneous: consultation closes on simplification of CRC rules. The last day for comments on the Department of Energy and Climate Change's consultation on proposed changes to the Carbon Reduction Commitment Energy Efficiency Scheme (CRC Scheme) in order to simplify it and reduce the administrative and regulatory burden on participants. (Finance transactions may be affected where lenders or borrowers are required to participate in the CRC Scheme.) | |
5 September 2011 | Tax: consultation closes on changes to debt cap rules. The last day for comments on HM Revenue and Customs' consultation on possible changes to the debt cap rules (that is, what finance expenses may be deducted by corporate taxpayers when calculating their tax liability). The underlying proposals were outlined in the 2011 Budget. A technical note launching an informal consultation was published by HMRC on 14 June 2011. | Legal update, Consultation on potential debt cap changes (www.practicallaw.com/7-506-4875). |
8 September 2011 | Regulation and debt capital markets: consultation closes on reform of UK financial services regulatory structure. The last day for comments on HM Treasury's consultation on the proposed reforms to the UK financial services regulatory structure. A white paper and draft Bill were published on 16 June 2011 for pre-legislative scrutiny. The proposals aim to reform the current UK financial services regulatory regime including, among other things, the introduction of new regulatory and supervisory bodies for the financial services industry. (A final draft Bill is expected to be introduced to Parliament following the conclusion of the consultation and pre-legislative processes.) | |
19 September 2011 | Acquisition finance: revised Takeover Code to take effect. The date on which the Takeover Panel expects the revised Takeover Code to come into effect. A new version of the Code is available on the Takeover Panel's website. The revisions follow a consultation earlier in the year and the Takeover Panel's response statement in July 2011. | Legal updates, Takeover Code: response statement on Code amendments following review of certain aspects of takeover regulation: finance aspects (www.practicallaw.com/4-507-0175), Tenth edition of the Takeover Code comes into effect on 19 September 2011: finance aspects (www.practicallaw.com/3-508-2169) and Takeover Code: amended Panel Executive Practice Statements: finance aspects (www.practicallaw.com/2-508-3013). |
30 September 2011 | Security: consultation closes on revised security registration regime. The last day for comments on the government's consultation on changes to the regime for the registration of security under the Companies Act 2006 (CA 2006). The Department for Business, Innovation and Skills has requested comments on a mock-up of Part 25 of the CA 2006 and on specific issues. Following the closure of the consultation, the government expects to publish draft amending regulations in early 2012, with the changes to the CA 2006 coming into force on 1 October 2012. |
Date | Event | PLC resources |
In October 2011 | Regulation and debt capital markets: EU legislative proposal on central securities depositories and securities settlement. The European Commission was expected to adopt a legislative proposal on central securities depositories and the harmonisation of certain aspects of securities settlement in the EU. (A consultation on the issues closed on 1 March 2011 and it was subsequently announced that the regulations are expected to be adopted in October 2011. However, it was later announced that the adoption date is expected to be November 2011). | Legal updates, European Commission consultation on central securities depositories and securities settlement (www.practicallaw.com/6-504-4760) and European Commission initiatives for 2011: update on expected adoption dates of financial services measures (www.practicallaw.com/5-506-8134) and European Commission initiatives for 2011: September 2011 update on expected adoption dates of financial services measures (www.practicallaw.com/9-508-5443). |
In October 2011 | Trade finance: pilot export enterprise finance guarantee scheme to be reviewed. The government is expected to undertake a review of the export enterprise finance guarantee scheme, a loan guarantee scheme aimed at small to medium enterprises seeking short term export finance facilities. The scheme was launched on a pilot basis in April 2011. | |
1 October 2011 | Security: overseas companies no longer required to register charges on UK property. From 1 October 2011, overseas companies with a registered UK establishment will no longer be required to register security over UK assets at Companies House. The changes are made pursuant to the Overseas Companies (Execution of Documents and Registration of Charges) (Amendment) Regulations 2011 (SI 2011/2194) which amend the Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009 (SI 2009/1917). The new regulations came into force on 1 October 2011 (subject to the negative resolution procedure for statutory instruments). | |
1 October 2011 | Property finance and security: Rule 111A of the Land Registration Rules 2003 no longer applies to charges created by overseas companies. The Land Registry has confirmed that Rule 111A of the Land Registration Rules 2003 (SI 2003/1417)(LRR 2003) will no longer apply to charges created by overseas companies on or after 1 October 2011 and should be ignored, in relation to charges created by overseas companies on or after that date. The LRR 2003 will be amended at a future date. | |
5 October 2011 | Tax: Directive on a common European system for a financial transaction tax. The European Commission was expected to adopt a legislative proposal on a tax on financial transactions. The initiative was previously described as "Commission Communication ... on the taxation of the financial sector". A consultation on the proposals closed on 19 April 2011. On 28 September 2011 the Commission presented its proposal for a Directive on a common system of financial transaction tax and amending Directive 2008/7/EC concerning indirect taxes on the raising of capital. | Legal updates, Commission consults on taxation of financial sector (www.practicallaw.com/8-504-9035), Commission presents proposal for financial transaction tax (detailed update) (www.practicallaw.com/7-508-6231) and Financial Transaction Tax Directive: legislation tracker: New practice note (www.practicallaw.com/1-509-2838). |
1 October 2011 and 6 October 2011 | Regulation: new SRA Code of Conduct in force. From 1 October 2011, the Code of Conduct forming part of the new Solicitors Regulation Authority regulatory Handbook comes into force for certain firms and practitioners. The Handbook is being introduced on a phased basis, beginning in August 2011. The Code of Conduct is expected to be in force for all practitioners from 6 October 2011. | Legal update, New SRA Handbook: issues for finance lawyers in the Code of Conduct (www.practicallaw.com/7-505-6917) and Practice note, SRA Handbook 2011 and Code of Conduct: Handbook implementation dates (www.practicallaw.com/5-506-3570) and SRA Code of Conduct 2011 toolkit (www.practicallaw.com/9-507-1337). |
17 October 2011 | Regulation: consultation closes on revised JMLSG anti-money laundering guidance. The last day for comments on the Joint Money Laundering Steering Group's (JMLSG) consultation on an amended version of its money laundering guidance. The guidance is of interest to finance lawyers because, generally, lenders need to comply with know your customer or similar identification procedures in relation to borrowers. | |
19 October 2011 | Regulation, debt capital markets and swaps and derivatives: EU legislative proposals on MiFID scheduled for adoption. The European Commission is due to adopt legislative proposals for amending the Markets in Financial Instruments Directive (2004/39/EC) (MiFID). The Commission's consultation on revisions of MiFID, and its implementing legislation, closed in February 2011. MiFID is one of the principal EU directives that affect the debt securities market (including the content of the Listing and Prospectus Rules). MiFID is also relevant to the regulatory oversight of swaps and derivatives. (The proposals were published on 20 October 2011.) | Legal updates, European Commission consults on MiFID review: finance aspects (www.practicallaw.com/5-500-2968) and European Commission publishes MiFID II legislative proposals (finance aspects) (www.practicallaw.com/1-509-5375). |
25 October 2011 | Regulation, debt capital markets and structured finance: European legislative proposals expected on regulation of credit rating agencies (CRAs). The European Commission is due to adopt legislative proposals to amend the EU Regulation on credit rating agencies (1060/2009/EC) (CRA Regulation). The proposals were published on 15 November 2011. This is in addition to the European Parliament's own-initiative resolution. | Legal updates, European Parliament adopts resolution on further regulation for CRAs (www.practicallaw.com/1-506-4034) and European Commission initiatives for 2011: September 2011 update on expected adoption dates of financial services measures (www.practicallaw.com/9-508-5443). For the published proposals, see Legal update, European Commission publishes CRA III legislative proposals (www.practicallaw.com/5-513-0268). |
31 October 2011 | Security, regulation and structured finance: Supreme Court to hear appeal in the Lehman Brothers client money judgment. The date on which the Supreme Court is expected to hear the appeal from the Court of Appeal's decision in CRC Credit Fund Limited and others v Administrators of Lehman Brothers International (Europe) and others [2010] EWCA Civ 917. The case considers the entitlements of certain creditors to receive distributions from ring-fenced and non-ring-fenced funds held by the administrators. In particular, the extent to which the definition of the "client money pool" from which certain creditors are entitled to distributions includes all traceable client money. Secondly, whether the class of creditors entitled to participate in such distributions is widened to include any creditor contractually entitled to client money. |
Date | Event | PLC resources |
In November 2011 | Project finance, property finance and lending: Equator Principles Phase II internal consultation period ends and first draft of Phase III expected. In November 2011, the Equator Principles Association expects to close its internal consultation on Phase II of the updating and review process for the Equator Principles and publish a first draft of its Phase III framework. (The consultation period began in September 2011.) | |
In November 2011 | Regulation: EU legislative proposal on bank recovery and resolution. The European Commission is expected to adopt a legislative proposal on bank recovery and resolution in relation to the failures of banks and the banking system and crisis management in the financial sector. The proposals, which have included powers to write down debt, such as bonds, are expected to follow the responses to an earlier consultation on the possible legislative framework. The consultation closed on 3 March 2011 and it was subsequently announced that the legislative proposal was expected to be adopted initially on 15 November 2011. This date was later changed to "November 2011". | Legal updates, Joint response of FSA, HM Treasury and BoE to European Commission's consultation on an EU bank recovery and resolution framework (www.practicallaw.com/0-506-0282) and UK response to European Commission consultation on EU bank recovery and resolution framework: finance aspects (www.practicallaw.com/9-506-0433) and PLC Financial Services, Legal update, European Commission initiatives for 2011: October 2011 update on expected adoption dates of financial services measures (www.practicallaw.com/1-510-2286). |
In November 2011 | Regulation and debt capital markets: EU legislative proposal on central securities depositories and securities settlement. The European Commission is expected to adopt a legislative proposal on central securities depositories and the harmonisation of certain aspects of securities settlement in the EU. (A consultation on the issues closed on 1 March 2011 and it was subsequently announced that the regulations were expected to be adopted in October 2011. This was later revised to November 2011.) | Legal update, European Commission consultation on central securities depositories and securities settlement (www.practicallaw.com/6-504-4760) and PLC Financial Services, Legal update, European Commission initiatives for 2011: October 2011 update on expected adoption dates of financial services measures (www.practicallaw.com/1-510-2286). |
During November 2011 | Debt capital markets and structured finance: ECB's latest covered bond purchase programme begins. During the course of November the ECB expects purchases to begin under its latest covered bond purchase programme known as "CBPP2". Purchases are to be fully implemented by October 2012. | |
9 November 2011 | Security: comments required on BIS proposals for brief particulars of charges registered under the Companies Act 2006. The last day for comments on the Department for Business, Innovation and Skills (BIS) e-mail setting out modifications to their proposals for the brief particulars of charges that must be delivered to the Registrar of Companies. (The e-mail was sent to respondents to the government's proposals, published in August 2011.) | |
10 November 2011 | Debt capital markets and Tax: manufactured overseas dividends regulations in force on stock lending via CCPs. The Income Tax (Manufactured Overseas Dividends) (Amendment No. 2) Regulations 2011 (SI 2011/2503) were made on 19 October 2011 and come into force on 10 November 2011. The regulations facilitate stock lending via central counterparties (CCPs) on a named or anonymous basis. They ensure, among other things, that manufactured overseas dividends (MODs) paid or received by CCPs are treated in a similar way to MODs paid by a borrower to a lender in a direct relationship. | |
28 November 2011 | Security: comments required on further BIS proposals for brief particulars of charges registered under the Companies Act 2006 and provisional draft legislation. The last day for comments on the BIS e-mail setting out further modifications to their proposals for the brief particulars of charges that must be delivered to the Registrar of Companies and a provisional draft replacement Part 25 of the Companies Act 2006. (The e-mail was sent to respondents to the BIS e-mail of 27 October 2011 setting out its initial modified proposals.) | |
29 November 2011 | Tax: Chancellor's autumn statement. The date on which HM Treasury has announced that the Chancellor's autumn statement will be delivered. This is also the date on which the Office for Budget Responsibility will publish its economic and fiscal outlook. | Legal update, Chancellor's autumn statement on 29 November 2011 (www.practicallaw.com/1-508-1024). |
Date | Event | PLC resources |
During December 2011 | Project finance, property finance and lending: Equator Principles Phase III consultation period begins. During December, the Equator Principles Association expects to begin a 60 day public consultation on Phase III of the updating and review process for the Equator Principles. | |
In December 2011 | Debt capital markets: non-legislative act relating to delegated acts in Prospectus Directive due for adoption. The European Commission has announced that a non-legislative act relating to delegated acts in the amended Prospectus Directive (2003/71/EC) is expected to be adopted in December 2011. The European Securities and Markets Authority (ESMA) published its technical advice on possible delegated acts in October 2011. On 13 December 2011, ESMA published a second consultation paper on its technical advice on possible delegated acts. On the same day the FSA and HM Treasury published a joint consultation paper (CP11/28) on UK implementation of the Directive amending the Prospectus Directive. | Legal update, Prospectus Directive: ESMA publishes final advice on delegated acts (finance aspects) (www.practicallaw.com/7-508-8536) and PLC Financial Services, Legal update, European Commission initiatives for 2011: October 2011 update on expected adoption dates of financial services measures (www.practicallaw.com/1-510-2286). For more on the consultations issued in December 2011, see Legal updates, Prospectus Directive: second ESMA consultation on technical advice on possible delegated acts (www.practicallaw.com/0-516-4289) and Prospectus Directive: consultation on implementation of amending directive (www.practicallaw.com/4-516-6248) |
19 December 2011 | Swaps and derivatives: ISDA consultation on use of arbitration under ISDA Master Agreement. The last day for comments on the Financial Law Reform Committee of ISDA's memorandum requesting members' feedback on steps ISDA could take to assist in the use of arbitration where members consider that arbitration would be the appropriate method of dispute resolution. | |
28 December 2011 | Tax: revised double tax treaty between UK and Hungary in force. The revised double tax treaty between the UK and Hungary (signed on 7 September 2011) will enter into force on 28 December 2011. It has effect in the UK, from 1 January 2012 (for withholding tax purposes), 1 April 2012 (for corporation tax purposes) and 6 April 2012 (for income tax and capital gains tax purposes). | |
31 December 2011 | Structured finance and regulation: deadline for implementation of CRD III amendments. The date by which certain aspects of the European directive known as CRD III (previously CRD 3) (2010/76/EU) (relating to the trading book, re-securitisations and disclosure of securitisation risks) must be implemented by member states. The capital adequacy requirements provisions were originally intended to take effect from 1 January 2011, but the deadline for implementing the amendments to the Basel II framework, on which the proposals are based, was extended to 31 December 2011 (see below). The FSA has previously consulted on its approach to implementing the changes in the UK and has published a policy statement on the implementation of CRD III. | Legal updates, FSA consults on remaining CRD 3 amendments: finance aspects (www.practicallaw.com/8-506-0891) and FSA policy statement on remaining CRD III amendments (www.practicallaw.com/4-510-8852) and Practice note, UK implementation of CRD III (www.practicallaw.com/0-505-0867). |
31 December 2011 | Regulation: implementation of revisions to Basel II strengthening the regulatory capital treatment for trading book exposures. The start date, set by the Basel Committee on Banking Supervision, for the revised Basel II market risk framework measures which are intended to strengthen the regulatory capital treatment for trading book exposures. | |
31 December 2011 | Regulation and lending: expiry of the European temporary framework for state aid measures to support access to finance. The date on which the European Commission's temporary framework allowing certain state aid measures to support access to finance during the financial crisis is due to expire. The state aid framework was extended by the European Commission in December 2010. However, on 1 December 2011, the European Commission announced that it had decided to update and prolong the state aid rules on support measures in favour of banks in the context of the ongoing financial crisis. The measures will stay in place during 2012. | Legal updates, Commission decides to prolong state aid crisis framework but with stricter conditions (www.practicallaw.com/8-504-0921) and Communication on revised Temporary Framework published in Official Journal (www.practicallaw.com/5-504-4505). For the European Commission's announcement on 1 December 2011, see Legal update, Commission extends state aid crisis framework for banks (www.practicallaw.com/9-514-6309) and Commission Communication on extended application of state aid rules to support measures in favour of banks published in Official Journal (www.practicallaw.com/6-515-2349). |