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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CIBC Mortgages Plc v Pitt and Another
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The difficulty is to establish the relationship between the law as laid down in Morgan and the long standing principle laid down in the abuse of confidence cases viz. the law requires those in a fiduciary position who enter into transactions with those to whom they owe fiduciary duties to establish affirmatively that the transaction was a fair one: see for example Demarara Bauxite Co. Ltd. v. Hubbard [1923] A.C. 673; Moodie v. Cox and Hatt [1917] 2 Ch. 71 and the discussion in the Aboody case, at pp. 962G–964C.
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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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VTB Capital Plc v Nutritek International Corporation
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Secondly, the claimant must satisfy the court that there is a good arguable case that the claim against the foreign defendant falls within one or more of the classes of case for which leave to serve out of the jurisdiction may be given.
- The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018
- The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017
- The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007
- The Hybrid and Other Mismatches (Financial Instruments: Excluded Instruments) (Amendment) Regulations 2022
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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
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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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IAS 39: Subhash Abhayawansa and Dr Indra Abeysekera explain the complexities and challenges of the international accounting standard on financial instruments.
...IAS 39 Financial Instruments: Recognition and Measurement revolutionised the way in which public listed companies present their financial instruments, such as derivatives and other contracts. Prior to IAS 39 and FAS 133, the literature covering finan......
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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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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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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...