Funds Definition

GLOSSARY

Published by a ��Ӱ�� Pensions expert

What does Funds mean?

A collection of assets managed in accordance with an objective for the mutual benefit of all the investors. The investors' share in a unit-linked life or pensions fund is represented by the number of units within the fund that they have been allocated by the life company.

View the related checklists about Funds

Basic scheme information from 6 April 2014—checklist

Basic scheme information from 6 April 2014—checklist THIS CHECKLIST APPLIES TO OCCUPATIONAL PENSION SCHEMES ON AND FROM 6 APRIL 2014 For information on the requirement to provide basic scheme information before 6 April 2014, see Practice Note: Occupational pension schemes—disclosure requirements before 6 April 2014—Basic scheme information (ARCHIVED) and Checklist: Basic scheme information before 6 April 2014—checklist [Archived]. Basic scheme information requirement Under the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734 (the 2013 Disclosure Regulations), trustees of occupational pension schemes must provide basic scheme information to: • prospective members, and • members who have not already received such information within one month of the scheme receiving their jobholder information or, if no such information has been received, within two months of them joining the scheme. Basic scheme information must also be given at the request of any of the following persons: • a member or prospective member • their spouse or civil partner • a scheme beneficiary, or • a recognised trade union (ie a...

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UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained.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,...

Guide to the council budget decision

Guide to the council budget decision What is the budget? By 11 March each year, each Council must set an amount of council tax. Behind this, are a set of calculations laid down in legislation which boil down to the amount by which expenditure exceeds income in accordance with the required calculations and which then forms, in England, the authority’s ‘council tax requirement’ (whereas in Wales, it is still referred to as the ‘budget requirement’). For further information on council tax, see Practice Note: Council tax. Income will come from: • government grants (both general and ring-fenced) • business rates (national non-domestic rates (NNDR)), see Practice Note: National non-domestic rates—billing recovery, exemptions and reliefs • investments, and • fees or charges that the law may permit the Council to operate The Council may also make use of financial reserves it has for this purpose. Council tax itself is subject to certain strictures, not least of which is the capping regime, which then limits the amount of income that can be...

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...

Discover our 3718 Practice Notes on Funds

Accounts procedures for fee earners and support staff 2011 [Archived]

Accounts procedures for fee earners and support staff 2011 [Archived] 1 This document sets out our [accounting OR finance] systems and controls for fee earners and support staff. 2 Basic principles 2.1 We have an overriding duty to protect client money and assets. 2.2 To ensure compliance with this duty and with the SRA Accounts Rules 2011 (the rules), all fee earners and support staff must comply with the systems and procedures set out in this document. 3 Accounts department 3.1 The [Accounts OR Finance] department is located at [insert location, eg office if you have more than one office or location within your office] and is led by [insert name and/or title], [who is also the firm’s Compliance Officer for Finance and Administration (COFA)]. 3.2 [insert any other information regarding the structure of your accounts departments, eg if you have different teams for different functions]. 4 Accounts system 4.1 We have a central accounting [and time recording] system called [insert name...

Sanctions breach—panic sheet

Sanctions breach—panic sheet 1 Consider seeking external advice Given the complicated nature of most sanctions regimes, the potential for offences to have been committed across multiple jurisdictions, and the complex position in relation to privilege and in-house lawyers, it is often prudent to seek specialist advice from external lawyers as soon as a breach is detected. 2 Cease dealing with the sanctioned entity/person/funds/etc You should cease dealing with the sanctioned entity/person/funds etc immediately. Suspend the transaction but do not return funds to the sanctioned entity or person. If funds have arrived in the UK from a designated person outside the EU, government policy requires these funds to be frozen on arrival in the UK. 3 Begin a response audit trail In the immediate aftermath of the breach, you should document, through an audit trail, the steps you have taken in responding to a sanctions breach. Set up your response audit trail using our [Sanctions post-breach record of actions]. Retain all relevant documents (eg, emails, invoices) and ensure they are...

Dive into our 588 Precedents related to Funds

What are unitranche facilities?

What are unitranche facilities? What is a unitranche facility? Leveraged finance transactions are traditionally funded by a mixture of equity, senior debt, mezzanine debt and/or bonds. A unitranche facility is effectively a blend of the senior and mezzanine portion of the financing although it can sometimes covers part of the equity too. Therefore, instead of two facilities agreements, covenant packages, sets of security documents etc, only one is required. Unitranche facilities are more common on mid-market deals. What are the typical terms of a unitranche facility? Unitranche facilities differ from deal to deal but some typical features are: • the facility will be in the form of a term loan; if a revolving credit facility (RCF) is also required it will normally be documented in the same agreement and share the same security package • bullet repayment or possibly with a back ended amortisation schedule • higher margin than senior debt but lower margin than mezzanine debt; margin may be a mixture of cash and PIK...

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...

See the 769 Q&As about Funds

New Practice Compliance forecast as at 15 October 2024

Our new Practice Compliance forecast (as at 15 October 2024) is now live. This month we report on items including: (1) the publishing of the SRA’s updated 2024–25 business plan; (2) ICO announcements on expected new and updated guidance on data security and cybersecurity; (3) the publishing of the Employment Rights Bill 2024; (4) confirmation by the Department for Science, Innovation and Technology that the Cyber Security and Resilience Bill will be introduced to Parliament in 2025; and (5) confirmation that the new Office of Trade Sanctions Implementation is up and running.

Ireland-Stanchart wins UK test case over alternative to Libor rate

Law360, London: Standard Chartered Plc on 15 October 2024 was granted permission by a London court to use an alternative to the defunct London interbank offered rate to help set the interest it pays on US$750m in shares, without having to repay the investment now.

Read the latest 10256 News articles on Funds

Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.

Case studies

"We couldn't do as good a job as we do without it. ��Ӱ�� gives us the security and confidence that we are best serving our clients because the information we are working on is the most accurate we can get"

Avensure

Access all documents on Funds

GET ACCESS NOW

Top

Trial

��Ӱ��

GLOSSARY