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FCA consultation paper tracker—2017 [Archived]

FCA consultation paper tracker—2017 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Payment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out their policy decision on the way they will collect PSR regulatory fees in 2018/19 and in subsequent years, and consulting further on the proposed fees allocation method. 15 December 2017 26 January 2018 Handbook Notice 53 (23 March 2018)CP18/8 (23 March 2018) Consumer credit, mortgage and home finance CP17/43: Credit card market study: Persistent debt...

ISDA documentation in a finance transaction—checklist

ISDA documentation in a finance transaction—checklist This checklist sets out the key ISDA documentary requirements which need to be considered during the course of a financing transaction. Term sheet stage • if acting for a borrower and specialist hedging advisors are instructed, get their input on the term sheet • if acting for a borrower, ensure that the overall pricing of the transaction is understood (across both the loan and the hedging). A borrower may choose a particular lender based on a low margin offered on the loan, but then find that the credit spread on the swap offered by the same lender means that the overall economics of the transaction are less attractive than those offered by a different lender • is the loan and hedging on an IBOR basis (eg EURIBOR) or on a risk free rate (eg SONIA or SOFR)? • does the lender require a zero floor in its loan? If acting for a borrower, ensure that the borrower understands the implications of a mismatch between...

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Regulated mortgage contracts—flowchart

Regulated mortgage contracts—flowchart Background to and scope of this flowchart A person that carries on a regulated activity in the UK by way of business, where there is no applicable exclusion or exemption, must be authorised under the Financial Services and Markets Act 2000 (FSMA 2000). For more information on the implications of a person carrying on a regulated activity, see Practice Note: The general prohibition and implications of its breach. For more information about what it means to carry on business in the UK, see Practice Notes: What does 'by way of business' mean? and Territorial scope of the general prohibition. For more information about exemptions and exclusions that may be applicable, see Practice Notes: Regulated activities—exempt persons and Exclusions and exemptions relating to the general prohibition—an introduction. On 31 October 2004 (a date known as ‘M Day’), lenders and intermediaries of regulated mortgage contracts (RMCs) became regulated. The purpose of this flowchart is to set out the main questions to ask a person to determine whether or not...

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Types of borrowers

This Practice Note gives a brief outline of the types of borrowers that might wish to borrow money and the relevant legislation. It looks at:•companies•limited liability partnerships•general partnerships•limited partnerships•unincorporated associations, and•local authoritiesFor specific information on each type of entity, see Practice Notes:•Dealing with companies in a finance transaction—capacity and authority•Dealing with limited liability partnerships in a finance transaction—investigating capacity and authority•Dealing with a partnership in a finance transaction—investigating capacity and authority•Dealing with a limited partnership in a finance transaction—investigating capacity and authority•Dealing with unincorporated associations in a finance transaction—investigating capacity and authority, and•Key issues for lenders when dealing with a local authority in a commercial finance transactionSee also Practice Note: Forms of business vehicle.This Practice Note does not cover the situation where the borrower is an individual. For information on consumer related issues, see: Consumer credit regime—overview and Practice Note: When are consumer-related rules, regulations and legislation relevant to a commercial financing transaction?CompaniesCompanies have separate legal personality and frequently borrow money in their own right to assist with temporary cashflow shortfalls...

Granting security—key issues for borrowers

Why do lenders require security?It is common for a lender to require security over borrower assets as a condition to providing any loan facilities. Taking security means that the lender will have certain rights over the secured assets in the event that the borrower fails to repay the loan, for example the right to sell the assets to repay the outstanding indebtedness.What types of security might a borrower be asked to provide?The nature of the rights conferred by a security interest will depend on the type of security taken.Security may take the form of:•mortgage—under a mortgage, the legal or beneficial title to an asset is transferred to the lender by way of security on condition that it will be re-transferred to the borrower upon repayment of the debt/satisfaction of the outstanding obligations; note that an assignment by way of security is a form of mortgage (see Practice Note: Mortgages)•charge—a charge, which may be fixed or floating, is an encumbrance on the asset that gives the lender the power to sell...

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Conflicts guidelines—property transactions

Conflicts guidelines—property transactions Our Conflicts, confidentiality and disclosure policy sets out our general position on when we can act in conflict situations. We also issue guidelines for certain [departments OR types of work]. These guidelines illustrate how our policy could apply in different situations, but they are not intended to be exhaustive or rigid. In each situation covered by these guidelines we must consider whether a conflict arises and, if so, whether we can act. 1 Substantially common interest 1.1 We will not act for clients under the substantially common interest exception where: 1.1.1 we may need to negotiate on matters of substance between the clients, eg negotiating on price between a buyer and seller of a property 1.1.2 there is unequal bargaining power between the clients, eg where a builder is selling to a non-commercial client 1.1.3 one or both clients will be prejudiced by lack of separate representation 1.1.4 we cannot represent the client even-handedly, or 1.1.5 the clients’ interests in the end...

Accounts procedures for fee earners and support staff 2011 [Archived]

Accounts procedures for fee earners and support staff 2011 [Archived] 1 This document sets out our [accounting OR finance] systems and controls for fee earners and support staff. 2 Basic principles 2.1 We have an overriding duty to protect client money and assets. 2.2 To ensure compliance with this duty and with the SRA Accounts Rules 2011 (the rules), all fee earners and support staff must comply with the systems and procedures set out in this document. 3 Accounts department 3.1 The [Accounts OR Finance] department is located at [insert location, eg office if you have more than one office or location within your office] and is led by [insert name and/or title], [who is also the firm’s Compliance Officer for Finance and Administration (COFA)]. 3.2 [insert any other information regarding the structure of your accounts departments, eg if you have different teams for different functions]. 4 Accounts system 4.1 We have a central accounting [and time recording] system called [insert name...

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What are unitranche facilities?

What are unitranche facilities? What is a unitranche facility? Leveraged finance transactions are traditionally funded by a mixture of equity, senior debt, mezzanine debt and/or bonds. A unitranche facility is effectively a blend of the senior and mezzanine portion of the financing although it can sometimes covers part of the equity too. Therefore, instead of two facilities agreements, covenant packages, sets of security documents etc, only one is required. Unitranche facilities are more common on mid-market deals. What are the typical terms of a unitranche facility? Unitranche facilities differ from deal to deal but some typical features are: • the facility will be in the form of a term loan; if a revolving credit facility (RCF) is also required it will normally be documented in the same agreement and share the same security package • bullet repayment or possibly with a back ended amortisation schedule • higher margin than senior debt but lower margin than mezzanine debt; margin may be a mixture of cash and PIK...

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

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

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Tax weekly highlights—13 February 2025

This week's edition of Tax weekly highlights includes: (1) the Supreme Court decision in Royal Bank of Canada that the UK-Canada DTT did not give the UK taxing rights over the assigned oil-related payments, (2) HMRC updating the Employment Status Manual for the Supreme Court decision in PGMOL, and (3) News Analysis on the FTT decision in Lloyds Asset Leasing.

State aid—weekly round-up 12 February 2025

A round-up of key developments on State aid, first reported by the Lexis+ Competition team. This update covers the period 5–11 February 2025.