The UK. Government Response to the Xxx Review Tot slot is in dit verband ook xx Xxx Review of UK Equity Marktes and Long- term Decision Making vermeldenswaard. In dit rapport staat onder meer het volgende te lezen: “All participants in the equity investment chain should observe fiduciary standards in their relationship with their clients and customers. Fiduciary standards require that the client’s interests are put first, that conflict of interest should be avoided, and that the direct and indirect costs of services provided should be reasonable and disclosed. These standards should not require, nor even permit, the agent to depart from generally prevailing standards of decent behaviour. Contractual terms should not claim to override these standards. It follows from these principles that: – Regulatory obligations in the equity investment chain should be raised to fiduciary standards – The application of the legal concept of fiduciary duty to investment matters should be clarified.”64 63 Zie HR 5 juni 2009, NJ 2012, 182 m.nt. Vranken; AA (2010) 188, m.nt. Xxx Xxxx en Lindenbergh; JOR 2009/199, m.nt. Xxxxxxxx; JA 2009/117, m.nt. Van Boom (Treek/ Dexia Bank Nederland), rov. 5.2.1. 64 The Xxx Review of UK Equity Markets and Long-Term Decision Making (Final Report July 2012), p. 65. De omschrijving ‘all participants in the investment chain’ suggereert dat ook partijen die louter als contractuele wederpartij handelen, maar wel xxxx uitmaken van de investment chain, volgens het Xxx Report onderwor- pen zouden moeten xxxxxx aan ‘fiduciary standards’. De Government Response to the Xxx Review is het eens met de benadering dat alle deelnemers aan een zorgplicht moeten xxxxxx onderworpen, maar ver- mijdt het beladen woord ‘fiduciary’: “Since the Xxx Report was published there has been a great deal of discussion of the meaning and scope of the word “fiduciary”. Many interpret it in the strict legal sense of a relationship in which the principal is reliant or dependent on the knowledge, expertise and discretion of an agent, and to which the strictest duties of loyalty and prudence are applicable. Others however use the word fiduciary to describe a more general duty of care. In order to provide clarity that these standards should apply universally, the Government has therefore elected to avoid using the word “fiduciary”. The Government believes that it would be appropriate to instead adopt the following principle for equity markets, which reflects Xxx’x Good Practice Statements ...
The UK. The SMILE deliverable D7.1 already presented the policy and law making institutions in the UK, with a focus on energy and energy storage in particular [196]. Since writing D7.1 in 2019, two important changes have taken place: Brexit and, for the energy sector, the publication of the December 2020 Energy White Paper (see further below).
The UK. Multicurrency Borrower shall conduct physical inventories no less frequently than annually and shall provide to the Collateral Agent (i) not less than 10 Business Days notice of the date and place any such physical inventory is to be conducted, and (ii) a report of such physical inventories promptly thereafter, together with such supporting information as the Collateral Agent shall reasonably request.
