Financial Services and Markets Act 2000: Primary legislation that regulates financial services and markets in the UK, establishing requirements for authorized banks and financial institutions issuing guarantees
Unfair Contract Terms Act 1977: Controls unreasonable exclusion clauses and ensures fairness in contractual relationships, applicable to terms in bank guarantees
Consumer Rights Act 2015: Governs consumer protection and fairness requirements in consumer contracts, relevant if the guarantee involves consumer relationships
Contract Law Fundamentals: Common law principles including offer, acceptance, consideration, intention to create legal relations, and capacity to contract
Doctrine of Autonomy: Common law principle establishing that bank guarantees are independent from the underlying contract, following the 'pay first, argue later' principle
PRA Requirements: Prudential Regulation Authority requirements governing banks and financial institutions issuing guarantees
FCA Regulations: Financial Conduct Authority regulations ensuring proper conduct in financial services including the issuance of bank guarantees
Basel III Requirements: International banking standards that affect how banks can issue guarantees and maintain capital adequacy
URDG 758: Uniform Rules for Demand Guarantees by ICC, commonly incorporated into international bank guarantees as standard practice
UN Convention on Independent Guarantees: International convention governing independent guarantees and stand-by letters of credit, providing international standardization
