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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UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained.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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General Optical Council—fitness to practise proceedings

General Optical Council—fitness to practise proceedings Who is the General Optical Council (GOC) The General Optical Council (GOC) is a body corporate created by the Opticians Act 1989 (OA 1989) to have the general function of promoting high standards of professional education, conduct and performance with an over-arching objective of the protection of the public. The GOC role is to protect, promote and maintain: • the health, safety and well-being of the public • public confidence in the professions they regulate • professional standards and conduct for Registrants and prospective Registrants, and • proper standards and conduct for business Registrants This Practice Note provides a guide to GOC fitness to practise proceedings, investigations, and applications to be restored to the Register. The GOC regulates registered Optometrists as well as Dispensing Opticians. In this Practice Note a ‘Registrant’ is: • a registered Optometrist • dispensing Optician • student Optometrists, or • a Registered Business This Practice Note should be read in conjunction with Practice Notes: Common principles in fitness to practise...

The Gambling Commission—compliance and enforcement powers

The Gambling Commission—compliance and enforcement powers Gambling Commission investigations The Gambling Commission (GC) regulates the commercial gambling industry in Great Britain. The GC published a policy statement on Licensing, compliance and enforcement under the Gambling Act 2005 which sets out the GC’s regulatory policies in relation to carrying out compliance activities. The policy is regularly updated and was updated on 21 January 2022. In carrying out its functions, the GC is under a duty to pursue and have regard to the licensing objectives set out in section 1 of the Gambling Act 2005 (GA 2005): • preventing gambling from being a source of crime or disorder, being associated with crime or disorder or being used to support crime • ensuring that gambling is conducted in a fair and open way, and • protecting children and other vulnerable persons from being harmed or exploited by gambling Where concerns have been raised about a licensee, the GC may commence an investigation. Where appropriate, in certain specific cases, the GC...

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Franchise business sale agreement

Franchise business sale agreement This Agreement is made on [insert date] Parties 1 [insert name] [of OR incorporated in [insert jurisdiction, eg England and Wales] under number [insert company number] whose registered office is at] [insert address] (the Seller); 2 [insert name] [of OR incorporated in [insert jurisdiction, eg England and Wales] under number [insert company number] whose registered office is at] [insert address] (the Buyer); and 3 [insert name] [of OR incorporated in [insert jurisdiction, eg England and Wales] under number [insert company number] whose registered office is at] [insert address] (the Franchisor), (each a party and together the parties). Background (A) The Franchisor has licensed the Seller to operate the Franchise Business. (B) The Seller has agreed to sell and the Buyer has agreed to purchase the Franchise Business as a going concern on the terms and conditions of this Agreement. The parties agree: 1 Definitions and interpretation 1.1 In this Agreement: Applicable Data Protection Law • means...

Joint venture shareholders’ agreement—deadlock (50:50)

Joint venture shareholders’ agreement—deadlock (50:50) This Agreement is made on [insert date] 20[insert year] Parties 1 [Insert name of first shareholder] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] ([A]), 2 [Insert name of second shareholder] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] ([B]), and 3 [Insert name of the company in which the shares are held] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] (the Company). BACKGROUND (A) The Company, at the date of this Agreement, has in issue ordinary shares of £[insert nominal value] each, of which one ordinary share has been issued fully paid and is registered in the name of [A] and one ordinary share has been issued fully paid and is registered in the name of [B]. (B) The Company shall carry on business in accordance with the terms and conditions of this Agreement....

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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...

What is the logic, under the Loan Market Association leveraged facility agreement, for the split in conditions precedent (CP) between 'CPs to signing the agreement' and 'CPs to initial utilisation'? Further, in circumstances where a share sale and purchase agreement will be signed and the acquisition will complete on the same day, is such a split in CPs under the facility agreement necessary?

What is the logic, under the Loan Market Association leveraged facility agreement, for the split in conditions precedent (CP) between 'CPs to signing the agreement' and 'CPs to initial utilisation'? Further, in circumstances where a share sale and purchase agreement will be signed and the acquisition will complete on the same day, is such a split in CPs under the facility agreement necessary? The convention of splitting conditions precedent (CPs), into ‘CPs to signing the agreement’ and ‘CPs to initial utilisation’, reflects the fact that company acquisitions typically involve a split ‘exchange’, where the key documents are executed and the parties commit to the transaction (subject to certain conditions), and completion, where the money moves and the company or group legally changes hands. Certain CPs, such as corporate authorities, can be given prior to signing, while CPs such as security by the target group can’t be given until completion (the documents can be

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Examples of upcoming EU AI Act bans provided by European Commission

MLex: The European Commission gave EU countries a taste of the examples it sees falling under the EU AI Act’s bans. The Commission is preparing guidelines to specify the use cases that will be forbidden as of 2 February 2025.

Instruction to postpone works was not a breach of contract (Grain Communications v Shepherd Groundworks)

Construction analysis: The Technology and Construction Court (TCC) found that an employer’s decision to postpone works was a valid exercise of its right to instruct variations, and not a breach of contract. Even if the postponement of work had been a breach of contract, the terms of the contract would have prevented the contractor from recovering damages for loss of profits and mobilisation and demobilisation costs.