Financial Instruments in UK Law
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Bristol and West Building Society v Mothew
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A fiduciary is someone who has undertaken to act for or on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence. The distinguishing obligation of a fiduciary is the obligation of loyalty.
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Re Sigma Finance Corporation (in Administrative Receivership)
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Sigma financed its investments over a 13 year period by debt securities issued or guaranteed by it. It entered into liquidity facilities intended to hedge against market liquidity risks. It entered into financial instruments intended to hedge against currency and interest rate risk. Others provided liquidity facilities, or entered into financial hedging instruments.
Where a security document secures a number of creditors who have advanced funds over a long period it would be quite wrong to take account of circumstances which are not known to all of them. In this type of case it is the wording of the instrument which is paramount. The instrument must be interpreted as a whole in the light of the commercial intention which may be inferred from the face of the instrument and from the nature of the debtor's business.
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Stack v Dowden
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The law has indeed moved on in response to changing social and economic conditions. The search is to ascertain the parties' shared intentions, actual, inferred or imputed, with respect to the property in the light of their whole course of conduct in relation to it.
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Gissing v Gissing
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A resulting, implied or constructive trust—and it is unnecessary for present purposes to distinguish between these three classes of trust—is created by a transaction between the trustee and the cestui qui trust in connection with the acquisition by the trustee of a legal estate in land, whenever the trustee has so conducted himself that it would be inequitable to allow him to deny to the cestui qui trust a beneficial interest in the land acquired.
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CIBC Mortgages Plc v Pitt and Another
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The abuse of confidence principle is founded on considerations of general public policy viz. that in order to protect those to whom fiduciaries owe duties as a class from exploitation by fiduciaries as a class, the law imposes a heavy duty on fiduciaries to show the righteousness of the transactions they enter into with those to whom they owe such duties.
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Forster v Outred & Company
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Mr. Stuart-Smith says that it is any detriment, liability or loss capable of assessment in money terms and it includes liabilities which may arise on a contingency, particularly a contingency over which the plaintiff has no control; things like loss of earning capacity, loss of a chance or bargain, loss of profit, losses incurred from onerous provisions or covenants in leases. They are all illustrations of a kind of loss which is meant by "actual" damage.
- The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018
- The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007
- The Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019
- The Markets in Financial Instruments (Switzerland Equivalence) Regulations 2021
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The financial instruments of capital accounting in local authorities
The paper examines the development of the financial instruments (land audits, property reviews, information systems, registers and approaches to valuation) required to replace the expenditure‐drive...
- What is Equity? New Financial Instruments in the Interstices between the Law, Accounting and Economics
- Corrective Taxes and Financial Impositions as Regulatory Instruments
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The ASB has also issued an exposure draft proposing existing samendments to its tandard FRS26 (IAS39), "Financial instruments: measurement".
...The ASB has also issued an exposure draft proposing amendments to its existing standard FRS26 (IAS39), "Financial instruments: measurement". The proposed changes will: extend the scope of the standard to include all entities other than those applying......
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FCA Financial Instruments Transparency System Instructions
On 10 October 2019, the FCA published instructions for its Financial Instruments Transparency System (FITRS). The instructions provide details on the files containing UK only transparency calculati...
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The Markets in Financial Instruments (Capital Markets) (Amendment) Regulations 2021
On 30 June 2021, there was published on the legislation.gov.uk website The Markets in Financial Instruments (Capital Markets) (Amendment) Regulations 2021 (the Regulations). Together with planned F...
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Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018
On 5 October 2018, HM Treasury published a draft of the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 together with an explanatory note. The draft Regulations are made in ...
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PRA Dear CFO letter – Transition disclosures for IFRS 9 ‘Financial Instruments’
The PRA has published a Dear CFO letter setting out its expectations as to the minimum transition disclosures for International Financial Reporting Standard 9’s expected credit loss accounting (ECL...
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Chapter CFM23020
...... Apply the recognition and measurement provisions of IFRS 9 Financial Instruments (together with IAS 39 as amended for IFRS 9). Where this ......
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Chapter CFM21410
...... and choices available for the classification and measurement of financial instruments that are available to companies applying the different ......
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Chapter CFM23093
...... For those micro-entities that chose to apply FRS 105 there is no financial instruments accounting policy choice, they must follow the accounting ......
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Chapter CFM21505
......The relevant International Accounting Standards relating to financial instruments are:. IAS 32 (‘Financial Instruments: Presentation’);. ......