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The ease with which a particular bond can be traded, related to the size of market for that bond.
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EU Solvency II鈥攖imeline This timeline shows key developments relating to the EU鈥檚 Solvency II framework (Directive 2009/138/EC). For earlier developments, see: Solvency II鈥攖imeline (2007鈥2023) [Archived]. 2025 Date Source Document Description 6 June 2025 European Commission Third-country insurers: renewal of the Brazil, Japan and Mexico provisional equivalence decision (Solvency II) The European Commission has launched a consultation on a draft delegated decision concerning the provisional equivalence for third-country insurers within groups headquartered in the EU, in accordance with Article 227 of Directive 2009/138/EC (Solvency II Directive). The Commission proposes that such groups may calculate their solvency requirements and eligible own funds using the capital requirements and available capital rules of their non-EU jurisdiction, rather than solely pursuant to Solvency II. Responses are sought by 3 July 2025, with the intention that the feedback will be considered in finalising the draft decision ahead of its planned adoption in Q3 2025.See: LNB News 06/06/2025 56. 7 May 2025 OJ Commission Implementing Regulation (EU) 2025/863 of 8 May 2025 laying down technical information...
UK MiFID II regime鈥攖imeline This timeline shows key developments relating to the UK provisions which implemented the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and Assimilated Regulation (EU) 600/2014 (UK MiFIR) (together, the UK's MiFID II framework). For earlier developments, see: Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)鈥攖imeline (2007鈥2023) [Archived]. For key developments relating to the EU鈥檚 MiFID II framework, see: EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)鈥攖imeline. 2025 Date Source Document Description 9 May 2025 FCA FCA enhances access to investment researchPS25/4: Investment research payment optionality for fund managers The Financial Conduct Authority (FCA) has published policy statement PS25/4, finalising new rules to refine the investment research market by allowing fund managers to combine research and execution costs under a joint payment option, subject to defined guardrails. These changes implement recommendations from the 2023 UK Investment Research Review and feedback from consultation paper CP24/21. As the adoption of the joint payment...
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Finance party default鈥攍enders It isn鈥檛 only borrowers that can get into financial difficulties. Failure by a lender to meet its lending commitments under a loan agreement could have severe implications for the borrower, who may not be able to meet its own financial commitments. It is also likely to have knock on effects for other lenders who may find the borrower鈥檚 ability to make repayments is impacted. The Loan Market Association鈥檚 (LMA) recommended form of senior multicurrency term and revolving facilities agreement (compounded rate/term rate) for leveraged acquisition finance transactions (LMA leveraged facilities agreement), and the other LMA leveraged finance facilities agreements, contain provisions to help counteract some of the potential problems that may arise on syndicated facilities in the event that a finance party is at risk of not meeting its obligations. While the LMA recommended forms of investment grade documentation do not include the provisions, parties may decide to include them in other syndicated facility agreements. The standard form documentation is available to LMA members on the...
Prudential Regulation Authority鈥攕upervisory approach鈥攄eposit-takers The PRA's strategy Up until 1 March 2017, the Prudential Regulation Authority (PRA), was a subsidiary company of the Bank of England (BoE). However, from 1 March 2017 the PRA continued its role acting through the Bank's Prudential Regulation Committee (PRC). HM Treasury made recommendations to the PRC about aspects of the government鈥檚 economic policy to which the PRC will have regard when carrying out its activities. HM Treasury can also direct the Bank to take actions to implement the UK鈥檚 obligations under the Capital Requirements Directive IV and the Bank Recovery and Resolution Directive, and to refrain from taking actions that are incompatible with those obligations. An end to PRA's subsidiary status was bought about by the Bank of England and Financial Services Act 2016 (Commencement No. 4 and Saving Provision) Regulations 2017, dated 20 January 2017. The Regulations brought certain provisions of the Bank of England and Financial Services Act 2016, including sections 12-15, into force ending the subsidiary status of the PRA....
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Getting to know finance and accounting in your business鈥攅xercise for in-house lawyers This Getting to know finance and accounting in your business鈥攅xercise for in-house lawyers aims to give you insight into finance and accounting in your own organisation by equipping you with key financial questions. You should record all answers in the table. You may well need to ask your finance department to help plug any gaps. Question Answer Is your company growing year-on-year? 鈽 Yes鈽 No How does this compare with your company鈥檚 competitors? [Insert answer] Do you know your organisation鈥檚:鈥攔eturn on total assets;鈥攑rofit margin; and鈥攁sset turnover? 鈽 Yes鈽
Precedent signing and closing memorandum for a commercial mortgage-backed securities transaction A Signing and Closing Memorandum is required to assist the smooth execution of a complex transaction. This precedent signing and closing memorandum sets out steps to be taken in order to close a commercial mortgage-backed securities (CMBS) transaction. Additional documents or steps may be required depending on the specific transaction. [ISSUER] [CURRENCY][AGGREGATE AMOUNT] CLASS [A] NOTES DUE [鈥 AND [CURRENCY] [AGGREGATE AMOUNT] CLASS [B] NOTES DUE [鈥 (THE NOTES) SIGNING AND CLOSING MEMORANDUM 1 Parties involved in the transaction THE PARTIES Issuer [鈼廬 Holdings [鈼廬 Originator [鈼廬 Arranger [鈼廬 Manager [鈼廬 Trustee [鈼廬 Security Trustee [鈼廬 Paying Agent [鈼廬 Account Bank [鈼廬 Cash Manager [鈼廬 Servicer [鈼廬 Special Servicer [鈼廬 Swap Counterparty [鈼廬 Liquidity Facility Provider [鈼廬 Registrar [鈼廬 Corporate Services Provider [鈼廬 [Listing Agent] [鈼廬 Listing Authority [鈼廬 Stock Exchange [鈼廬 [Rating Agencies] [鈼廬 Euroclear Euroclear Bank SA Clearstream Clearstream Banking, societe anonyme Common Depositary [鈼廬 Auditor [鈼廬 Valuer [鈼廬 Issuer's Counsel...
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Will the UK remain a signatory to the Basle Capital Convergence Agreement of July 1988 post Brexit? The Basel Accords鈥擝asel I, II and III The Basle (or Basel) Capital Convergence Agreement of July 1988, is the original text of the first Basel Capital Accord (Basel I), which set down an agreement among the G-10 central banks (including the UK and non-EU countries such as the United States of America and Japan) to apply common minimum capital standards to their banking industries originally to be achieved by end of 1992. It focused mainly on credit risk by creating a bank asset classification system and the appropriate risk weighting of assets. The second Basel Accord, the Revised Capital Framework (Basel II) served as an update of Basel I and focused on three main areas, minimum capital requirements, supervisory review of an institution鈥檚 capital adequacy and internal assessment process and an effective use of disclosure to strengthen market discipline and encourage sound banking practices (ie the three pillars). Following...
What are the pre- and post-trade transparency requirements for UK trading venues in respect of shares and other equity-like instruments? What are the pre- and post-trade transparency requirements in respect of shares and other equity-like instruments under UK MiFIR? Pre-trade Market operators and investment firms operating a trading venue are required to make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for shares and other equity-like instruments traded on a trading venue. This requirement also applies to actionable indication of interests. Information must be available to the public on a continuous basis during normal trading hours. For detailed information, see Practice Note: MiFID II鈥擴K trading venues 鈥 Requirements for RMs, MTFs and OTFs 鈥 Pre- and post-trade transparency requirements for market operators. Post-trade Market operators and investment firms operating a trading venue are required to make public the price, volume and time of the transactions executed in respect of shares and other equity-like instruments traded on that...
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Law360, London: The government's demand that regulators should prioritise growth is 'largely incompatible' with their duty to deter misconduct, say lawyers who are warning clients not to interpret the political messaging as a green light to engage in risky behavior.
This week's edition of Corporate weekly highlights includes publication of the FCA鈥檚 final rules for the PISCES sandbox to allow trading in private company shares, and a speech by the FCA鈥檚 Sarah Pritchard on modernising public markets and regulatory innovation. In addition, it also includes a number of cases involving (i) an application to convene a creditor meetings under Part 26 schemes of arrangement, (ii) the construction of shareholders鈥 agreements and non-financial unfair prejudice, (iii) the conversion of members鈥 voluntary liquidation to creditors鈥 voluntary liquidation, and (iv) the validity of statutory filings made without proper authority under a company鈥檚 articles and Companies Act 2006 (CA 2006).
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