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EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline

EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline This timeline shows key developments relating to the EU’s Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (MiFIR) (together, the EU's MiFID II framework). For earlier developments, see Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline (2007–2023) [Archived]. For key developments relating to the UK’s MiFID II framework, see: UK MiFID II regime—timeline. 2025 Date Source Document Description 3 April 2025 ESMA ESMA consults on transparency requirements for derivatives under MiFIR ReviewMiFIR Review Consultation Package 4: Consultation Paper on transparency for derivatives, package orders and input/output data for the derivatives consolidated tape The European Securities and Markets Authority (ESMA) has launched a consultation on three sets of proposed Regulatory Technical Standards (RTS) under the MiFIR Review. The consultation covers transparency requirements for exchange traded derivatives (ETD) and over-the-counter (OTC) derivatives, amendments to package orders requirements, and input/output data specifications...

Commercial contract review and execution (business personnel)—checklist

Commercial contract review and execution (business personnel)—checklist This is a Checklist for in-house lawyers to provide to those of its employees (eg procurement or sales professionals) who are engaged in negotiating commercial contracts. It sets out the primary issues to consider when negotiating or reviewing a business-to-business commercial contract, and includes practical guidance. This Checklist may be suitable for use in low risk contracts where employees who are not legally qualified are authorised to conduct negotiations and contract review. It may be customised as required to work with a company playbook on contract negotiation and review, to include suggested fall-back drafting positions and escalation points for recourse to a legal team as appropriate. As it is intended to be used by non-legal professionals, it does not include links to further detailed legal commentary in each case. For a Checklist intended for use by legal professionals with links to further information, see: Commercial contract drafting and review—checklist. In-house lawyers should check that business personnel engaged in negotiating and concluding commercial contracts...

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Excluded property from 6 April 2017—flowcharts

Excluded property from 6 April 2017—flowcharts These flowcharts are designed to help determine if an asset is excluded property for the purposes of UK inheritance tax (IHT) on or after 6 April 2017. The flowcharts consider whether an asset is excluded property or not, depending on the situs of the property and the domicile of the beneficial owner or settlor as appropriate. However, the detailed provisions relating to excluded property should be referred to and practitioners should also consider whether a double tax treaty may apply to override the excluded property regime depending on the particular circumstances of a matter. See Practice Note: Double taxation relief—summary. Conversely, unilateral relief from IHT may apply where a tax of a similar nature has already been levied in respect of the same asset by a foreign tax authority. For further information, see Practice Notes: Excluded property trusts—key events affecting IHT status and Situs of assets for succession and IHT. Situs of property The situs of an asset is important for determining the...

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Managing conflicts of interest in pensions

Managing conflicts of interest in pensions THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMES Legal requirements in relation to conflicts of interest Pension scheme trustees have a duty to act in the best interests of the scheme's beneficiaries. However, trustees may owe duties to other parties or have personal interests which conflict with that duty. It is a general principle of trust law that trustees should not put themselves in a position where their duty to act in the best interests of beneficiaries conflicts with duties that they owe to other parties or with their personal interests. If trustees make decisions while subject to a conflict of interest that has not been appropriately managed, there is a risk that those decisions may be challenged by scheme members or overturned by the courts. It is important that the members of a scheme should perceive a conflict or potential conflict as having been properly managed. The directors of a company that acts as a trustee of a...

Relief from sanctions—making or opposing an application

Relief from sanctions—making or opposing an application This Practice Note gives practical guidance on how to make or oppose (or defend) an application for relief from sanctions (RFS) under CPR 3.9. In particular, it covers the evidence in support of an application for relief, the evidence in response to a relief from sanctions application, costs issues in relief applications and how to appeal a decision granting or refusing relief. Throughout it offers general practical tips on applying for relief from sanctions. This Practice Note should be read in conjunction with Practice Notes: • How to make an application for a court order (CPR 23) • Relief from sanctions—when is an application for relief required? • Case management—compliance • Relief from sanctions—the courts’ approach • Relief from sanctions—illustrative decisions (from 1 January 2024); and • Interim applications—costs recovery See also Precedents: • Letter requesting consent to application for relief from sanctions • Letter responding to request for consent to relief from sanctions • Draft order for relief from sanctions...

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Distribution agreement—non-exclusive—short form

Distribution agreement—non-exclusive—short form This Agreement is made on [date] Parties 1 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Manufacturer); and 2 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Distributor); each of the Manufacturer and the Distributor being a party and together they are the parties. Background (A) The Manufacturer manufactures [and supplies] the Products. (B) The Distributor has agreed to distribute the Products on a non-exclusive basis in the Territory in accordance with the provisions of this Agreement. The parties agree: 1 Definitions 1.1 In this Agreement: Active Sales • has the meaning given in Article 8(7) of VABEO; Affiliate • means any entity that directly or indirectly controls, is controlled by, or is in under common control with, another entity where “control” means the beneficial ownership of...

Performance appraisal and personal development plan—L&D manager

Performance appraisal and personal development plan—L&D manager Name [Insert appraisee’s name] Current manager [Insert appraiser’s name] Position/title department [Insert appraisee’s job title] Current personal development plan (PDP) year [Insert year] Department [Insert appraisee’s department] Date of appraisal [Insert date] Appraisal conducted in person? ☐ Yes☐ No Aim of the meeting • To understand your personal aspirations • To provide feedback about your level of performance • To plan your future with us, ensuring we are supporting your career development • To set and agree objectives aligned with the strategic aims of the firm What the meeting will cover • Part 1: Performance against personal objectives • Part 2: Performance against core skills • Part 3: Assessment of overall performance • Part 4: Future aspirations • Part 5: Future personal objectives • Part 6: Personal development plan Preparation for appraisal meeting Please review and complete sections 1 to 4 in advance of the meeting. This includes your assessment of your progress and performance rating. Provide a copy...

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In 2006, the deceased’s husband established a nil rate band trust (NRB) in his Will funded with a loan note from his wife in the amount of £285k. The only documentation for this arrangement was a loan note and the trust was not registered with the Trust Registration Service (TRS). The deceased's children wish to have the trustees appoint this to their own children. Do charges under the relevant property regime apply to the trust? Should the trustees retrospectively register the NRB trust with the TRS and report to HMRC?

In 2006, the deceased’s husband established a nil rate band trust (NRB) in his Will funded with a loan note from his wife in the amount of £285k. The only documentation for this arrangement was a loan note and the trust was not registered with the Trust Registration Service (TRS). The deceased's children wish to have the trustees appoint this to their own children. Do charges under the relevant property regime apply to the trust? Should the trustees retrospectively register the NRB trust with the TRS and report to HMRC? Relevant property trust charges In the case of the ten-year charge, the available nil rate band (NRB) is used as part of a formula to calculate the effective rate (ER), which in turn determines the actual rate of inheritance tax (IHT) to be applied to the particular trust. The actual rate is 30% of the ER. As the maximum ER is 20%, the maximum actual rate is 6%. See Practice Note: Relevant property trusts—the principal (ten-year) charge before 18 November...

Where there is an LPA in place for finance and property, the donor still has mental capacity and the LPA provides authority for the attorney to make decisions before the donor loses capacity, can the attorney bring legal proceedings on behalf of the donor in relation to cases such as public services or personal injury? Would such cases be within the scope of the attorney's authority under the LPA? If not, would the donor have to bring any such proceedings themselves with the attorney only able to apply to become litigation friend once the donor has lost capacity?

Where there is an LPA in place for finance and property, the donor still has mental capacity and the LPA provides authority for the attorney to make decisions before the donor loses capacity, can the attorney bring legal proceedings on behalf of the donor in relation to cases such as public services or personal injury? Would such cases be within the scope of the attorney's authority under the LPA? If not, would the donor have to bring any such proceedings themselves with the attorney only able to apply to become litigation friend once the donor has lost capacity? When granting a lasting power of attorney (LPA) for finances and property, the donor can choose to allow the attorney to act following registration even if the donor retains capacity. The general rule is that, if a donor does not restrict the decisions the attorney can make, the attorney will be able to make decisions regarding any or all of the person's property and financial affairs. The Mental Capacity Act 2005 (MCA...

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HRA announces new mandatory clinical trial transparency requirements for 2026

The Health Research Authority (HRA) has outlined new legal requirements for clinical trials coming into force in spring 2026. The regulations will make it mandatory for researchers to register trials in public registries, publish results within 12 months of completion, and share findings with participants in an accessible format. The HRA reports current voluntary registration compliance at 92%, with commercial trials showing higher rates than non-commercial studies. The authority is developing guidance with the Medicines and Healthcare products Regulatory Agency to support implementation, including provisions for exemptions in cases such as national security.

FCA's regulatory plans signal cause for cautious optimism

Law360, Expert analysis: The Financial Conduct Authority's (FCA) 2025-2030 strategy document, released on 25 March 2025, identifies the following priorities: (i) fighting financial crime, (ii) helping consumers, (iii) supporting growth, and (iv) being a smarter regulator. Regulated firms that delve a little deeper into the strategy can find some less predictable, but welcome messages including a commitment to taking a more flexible approach to supervising the largest firms, the removal of redundant requirements in areas such as commercial insurance and asset management, as well as forthcoming reviews. Written by Imogen Makin, counsel at WilmerHale