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EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. For UK developments see: AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services. For EU developments see: AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. This timeline outlines the developments in relation to the Wire Transfer Regulation (Regulation (EU) 2015/847) (also known as the Funds Transfer Regulation (FTR)), its predecessor the Wire Transfer Regulation (Regulation (EU) 1781/2006) and the Recast EU WTR2 (also referred to as the Recast EU Transfer of Funds Regulation (EU FTR2)) which entered into force in June 2023 and applies from 30 December 2024 and forms part of the wider European Commission 2021 legislative package overhauling the European Union’s AML/CTF legal framework and regulatory requirements. It further includes the onshoring of EU WTR2 through the Retained Regulation (EU) 2015/847 (UK WTR2) and relevant updates brought in through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017,...

Sentencing Guidelines for Corporate offenders—Money laundering checklist

Sentencing Guidelines for Corporate offenders—Money laundering checklist This Checklist summarises the Sentencing Council’s guidelines for money laundering offences committed by a corporate (Money Laundering Guidelines). The Money Laundering Guidelines can be accessed here: • Magistrates’ Court Sentencing Guideline—Corporate offenders: fraud, bribery and money laundering—for use in cases involving corporates being sentenced in the magistrates’ court • Crown Court Sentencing Guideline—Corporate offenders: fraud, bribery and money laundering—for use in cases involving corporates being sentenced in the Crown Court The Sentencing Council also publishes a number of overarching guidelines, which should be considered in respect of all sentencing exercises. These include: • Totality guideline (Crown Court) • Totality guideline (magistrates’ court) • General guideline—overarching principles (Crown Court) • General guideline—overarching principles (magistrates’ court) • Reduction in sentence for a guilty plea (Crown Court) • Reduction in sentence for a guilty plea (magistrates’ court) For more information, see Practice Note: Sentences imposed following conviction. Among these overarching guidelines, the General guideline: overarching principles (the General guideline) is specifically designed...

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Marketing authorisations: EU decentralised procedure—flowchart

Marketing authorisations: EU decentralised procedure—flowchart No medicinal product may be placed on the market unless it has been approved. This Flowchart outlines the procedure for obtaining an approval known as a marketing authorisation (MA) through the EU decentralised procedure. The decentralised procedure is used to obtain MAs for medicinal products in more than one EU Member State in parallel. A medicine may only be authorised in individual Member States in parallel if it is not mandated to be authorised via the centralised procedure (ie products containing new active substances; products which constitute a significant therapeutic, scientific or technical innovation or products for which the granting of an EU authorisation would be in the interest of patients or animal health at EU level) and medicines that have not received an MA in any Member State already at the time a decentralised application is

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Money Laundering Regulations 2017—scope and application

Money Laundering Regulations 2017—scope and application This Practice Note sets out the scope and application of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. Scope The MLR 2017 form part of the UK’s overall anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing regime. They set administrative requirements which run parallel to the criminal element of the regime contained in the Proceeds of Crime Act 2002 (POCA 2002), the Terrorism Act 2000 (TA 2000) and various pieces of sanctions legislation. There is some overlap. The MLR 2017 have been amended a number of times since coming into force in June 2017. See further Practice Note: Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017—key information for businesses. Application The MLR 2017 apply to: • relevant persons, ie: ◦ credit institutions ◦ financial institutions ◦ cryptoasset exchange providers ◦ custodian wallet providers ◦ auditors, insolvency practitioners, external accountants and tax advisers...

Local housing companies

Local housing companies Housing delivery Over a number of years the term local housing company (LHC) has had various meanings in the context of housing delivery vehicles. It was first used post Housing Act 1996 in the context of large scale voluntary transfer of urban estates to a company which had equal representation of the local housing authority (LHA), tenant and independent members and often attracted Government subsidy for example, from the then Estates Regeneration Challenge Fund (ERCF). See Practice Note: Housing stock transfer. The term LHC appeared again in the Housing Green Paper, 'Homes for the future: more affordable, more sustainable', in July 2007. The model on this occasion as envisaged by English Partnerships (subsequently the Homes and Communities Agency and now Homes England), involved a 50:50 long-term corporate joint venture between the LHA and a private sector partner established to develop local authority land. The term LHC today is used to describe independent arms-length commercial organisations wholly or partly owned by LHAs which develop, buy...

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‘Click-wrap’ software end-user licence agreement (EULA)—business to consumer

‘Click-wrap’ software end-user licence agreement (EULA)—business to consumer PLEASE READ THE TERMS AND CONDITIONS BELOW CAREFULLY This is a legally binding agreement (‘Agreement’) between you (‘User’ or ‘you’) and [NAME OF SUPPLIER] whose registered address is [ADDRESS OF SUPPLIER] (‘Supplier’, ‘us’ or ‘we’). Under this Agreement, we are providing you with [NAME OF SOFTWARE AND VERSION] with all the content, material or services accessible within the Software and all updates and upgrades to the Software (unless we ask for a separate agreement to be entered into for such updates and upgrades) (‘Software’) and all associated documentation and support resources (‘Documentation’). This Agreement is not for the sale of the Software to you but to grant you a licence which allows you to use the Software and Documentation on the terms and conditions set out below. This means that you do not own the Software and are only allowed to use the Software in accordance with this Agreement. We remain the sole and beneficial owners of the Software and the...

Personal data processing schedule—short form—pro-controller

Personal data processing schedule—short form—pro-controller This Precedent is drafted in contemplation of arrangements where the parties wish to insert data processing provisions within a Schedule rather than as clauses in the main body of the agreement, for example due to the length of legally compliant provisions. It is based on Precedent: Personal data processing clause—short-form—pro-controller. It uses the additional defined terms ‘Agreement’, ‘Business Day’, ‘Customer’, ‘Services’, ‘Supplier’ and ‘Supplier Personnel’, which are not specific to data processing and which it is assumed are separately defined in the relevant agreement. The Schedule Part A: Operative provisions 1 Definitions 1.1 In this Schedule: applicable law • means applicable law of the United Kingdom (or of a part of the United Kingdom); Controller • has the meaning given in applicable Data Protection Laws from time to time; Data Protection Laws • means all applicable law relating to the processing, privacy and/or use of Personal Data, as applicable to either party or the Services, including: (a) the GDPR; (b) the Data Protection...

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How do you find out who owns a culvert located under a highway? Is a culvert under a road a highway drain? Does a highway authority own it/have power to grant rights to drain into it?

How do you find out who owns a culvert located under a highway? Is a culvert under a road a highway drain? Does a highway authority own it/have power to grant rights to drain into it? According to Environment Agency guidance on riparian ownership (EA guidance) p 31, a culvert is a covered channel or pipe designed to prevent the obstruction of a watercourse or drainage path by an artificial construction. Culvert is not defined in Water Industry (Schemes for Adoption of Private Sewers) Regulations 2011, SI 2011/1566 or the Water Industry Act 1991 (WIA 1991). Responsibility for the maintenance of any culverted watercourse usually lies with the ‘riparian owner’, see Practice Note: Riparian ownership—rights and responsibilities for further information. Where the ownership of a watercourse culvert cannot be established, then it is assumed to be the responsibility of the riparian owner. A culvert under a road is not considered a highway drain. From a practical perspective, different bodies may be responsible for culverts outside of private land...

What is the position of a security holder if the company that created the security is dissolved?

What is the position of a security holder if the company that created the security is dissolved? This Q&A focuses on the impact the dissolution of a security provider can have on the ability of a security holder to effectively enforce its security. It also considers the position of a receiver appointed by the security holder prior to the dissolution of the relevant company. Summary If a security provider is dissolved as a matter of English law it is normally still possible for the security holder to enforce the security it holds by exercising the mortgagee’s power of sale. There may be circumstances in any particular case that make an application to restore the dissolved company to the register desirable to protect the security holder’s position. Circumstances where this issue commonly arises The problems associated with a security provider being dissolved while security is in force occur most often in real estate finance and other asset finance transactions. Typically, these issues arise where a special purpose...

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ESMA, ECB and Commission set out next steps on moving to T+1settlement;  T+1 Industry Task Force publishes roadmap for adoption

The European Securities and Markets Authority (ESMA), the European Central Bank (ECB) and the European Commission (EC) have released a joint statement outlining the next steps for transition to T+1 governance. At the same time, the European T+1 Industry Task Force has published a high-level roadmap for the adoption of T+1 in EU Securities Markets.

Government publishes response to the seafarers' wages regulations consultation part 1 and 2

The government’s response to the consultations on the seafarers’ wages regulations and guidance details the feedback received to the consultations and changes that have been made to the Seafarers’ Wages Regulations 2024, SI 2024/1015 and the guidance on the regulations.