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. A fiduciary must act in good faith; he must not make a profit out of his trust; he must not place himself in a position where his duty and his interest may conflict; he may not act for his own benefit or the benefit of a third person without the informed consent of his principal.
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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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National Westminster Bank Plc v Morgan
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In my judgment, therefore, the Court of Appeal erred in law in holding that the presumption of undue influence can arise from the evidence of the relationship of the parties without also evidence that the transaction itself was wrongful in that it constituted an advantage taken of the person subjected to the influence which, failing proof to the contrary, was explicable only on the basis that undue influence had been exercised to procure 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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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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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 Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) Regulations 2019
- The Markets in Financial Instruments (Switzerland Equivalence) Regulations 2021
- The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018
- The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017
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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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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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Publication of financial instruments reference data after the end of the Brexit transition period
On 6 January 2021, the European Securities and Markets Authority (ESMA) published its first set of Financial Instruments Reference Data System (FIRDS) files following the end of the Brexit transiti...