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(1) Any item of value; (2) The holdings of a fund, which may include stocks, shares, fixed-interest securities or cash; (3) The main types of investment available: bonds, equities, real estate, commodities etc.
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EU Securitisation Regulation—timeline This timeline shows key developments relating to Regulation (EU) 2017/2402 (the EU Securitisation Regulation) from January 2024 onwards. For earlier developments, see EU and UK Securitisation Regulations—timeline [Archived]. 2025 Date Source Document Description 1 April 2025 AFME The Joint Associations’ response to the ESMA consultation of February 2025 on the revision of the disclosure framework for private securitisation AFME, Commercial Real Estate Finance Council (CREFC) Europe and International Capital Market Association (ICMA) submitted a joint response to the European Securities and Markets Authority's (ESMA) consultation on revising private securitisation disclosure requirements. The joint response argues against: introducing a simplified reporting regime for EU-originated securitisations before wider reforms, citing concerns about potential changes to private securitisation definitions, continued template-based reporting requirements, and unresolved third-country reporting issues. They propose an alternative approach focusing on supervisory reporting needs while allowing more flexible investor disclosures.See: LNB News 01/04/2025 71. 31 March 2025 EBA Joint Committee Report on the implementation and functioning of the Securitisation Regulation (Article 44) The Joint Committee...
UK MiFID II regime—timeline This timeline shows key developments relating to the UK provisions which implemented the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and Assimilated Regulation (EU) 600/2014 (UK MiFIR) (together, the UK's MiFID II framework). For earlier developments, see: Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline (2007–2023) [Archived]. For key developments relating to the EU’s MiFID II framework, see: EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline. 2025 Date Source Document Description 3 April 2025 FCA PS25/2: Derivatives trading obligation and post-trade risk reduction services The Financial Conduct Authority (FCA) has published policy statement PS25/2 on the derivatives trading obligation (DTO) and post-trade risk reduction services. It sets out feedback to CP24/24 and the FCA’s final rules on the classes of SOFR OIS (secured overnight financing rate overnight index swaps) subject to the derivatives trading obligation (DTO) and the framework for post-trade risk reduction services which aims to ensure investment firms...
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The funding of defined benefit pension schemes and the volatility and risk associated with these schemes has been a key issue for many employers over many years. Asset-backed contribution (ABC) arrangements can be used to reduce pension scheme deficits as an alternative to cash payments under a standard schedule of contributions.However, ABC arrangements are not without complexity, and tax is a key consideration both to ensure the desired tax outcome is achieved and to mitigate the risk of any undesirable tax consequences arising.This Practice Note provides a brief overview of ABCs and then looks at the key tax considerations relevant to an ABC structure, including their restructuring and unwinding, which is principally addressed in sections 196–196L of the Finance Act 2004 (FA 2004).For further information on what ABCs are, how they can be used to reduce pension scheme deficits and the main considerations when setting up such an arrangement, see Practice Note: Asset-backed contributions for pension schemes.ABCs—an overviewABC structures were initially developed to enable companies to address pension scheme deficits...
THIS PRACTICE NOTE APPLIES ONLY TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMESAsset-backed contribution arrangements are a tool, which can be used to help reduce pension scheme deficits. There are risks involved, although these can be mitigated through seeking appropriate professional advice and structuring the arrangement correctly. However, the ultimate question, which will need to be carefully considered by the scheme trustee and its advisers, is whether investing in an asset-backed contribution arrangement puts the trustee and the scheme in a better position than simply signing up to a long recovery plan.Since Marks & Spencer led the way in 2008 with a property-backed contribution arrangement designed to reduce the deficit carried by its pension scheme by £500m, a number of other major names have followed suit, including John Lewis, Sainsbury’s and Whitbread. Today, employers use asset-backed contributions as an efficient way to fund growing deficits in defined benefit occupational pension schemes.What is an asset-backed contribution arrangement?An asset-backed contribution (ABC) arrangement is a contractual funding arrangement by which a special purpose vehicle is...
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EHS warranties—asset purchase agreement—seller’s version Definitions Environment • all or any of the following media: (a) air (including air within buildings or other structures and whether below or above ground) (b) land (including soil and sub-surface land); and (c) water (including surface water and groundwater) and any ecological systems or living organisms (including humans) supported by such media. EHS Laws • all applicable laws (whether civil, criminal or administrative), statutes, statutory instruments, directives, regulations, common law and decisions of any court relating to EHS Matters. EHS Matters • any matters relating to the Environment or health and safety. Environmental Permit • any permits, licences, authorisations or consents required at Completion by the Business in relation to the use of
Explanatory note for a client's Will—to spouse on flexible life interest trust with remainder on discretionary trust STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime. Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. [Your] Will—[name of testator]—explanatory note This explanatory note explains the main provisions of your Will. Please read this explanatory note and your Will carefully....
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If the life tenant and remainder beneficiaries of a trust jointly resettle the trust fund, who would be treated as the ‘settlor’ for the purposes of the income tax settlements legislation? Could the original remainder beneficiaries be potential beneficiaries under the new trusts without the settlements legislation applying? For the purposes of the income tax settlements legislation in England and Wales, a ‘settlor’ is defined broadly. According to section 620 of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005), a settlor is any person by whom the settlement was made. This includes individuals who have provided funds directly or indirectly for the purpose of the settlement, undertaken to provide such funds, or entered into reciprocal arrangements with another person to make or enter into the settlement. Furthermore, HMRC guidance indicates that the settlements legislation can apply even if the settlor or their spouse or civil partner does not receive any benefit from the settlement income, as long as there is a possibility that they may benefit. The...
Where an individual makes a lifetime chargeable transfer (CLT) that is also a gift with reservation with benefit (GWR), then makes a deemed potentially exempt transfer (PET) by terminating the GWR, then dies within seven years of having made both the CLT and PET, to what extent do the Inheritance Tax (Double Charges Relief) Regulations 1987 apply to relieve a double charge to IHT? It is assumed that the deceased individual was not, at the time of death, beneficially entitled to the property which was the subject of the CLT. The Inheritance Tax (Double Charges Relief) Regulations 1987, SI 1987/1130, reg 5 relieves from double charges to IHT in circumstances such as the following: • (a) A makes a gift with reservation. The gift is a chargeable transfer, either as a result of A's death within seven years of it or because it is a chargeable transfer from the outset (for example, it is the making of a discretionary settlement). A dies with the property still subject to the reservation...
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Law360, London: A Vietnamese budget airline must pay the subsidiary of an international private investment company more than US$180m for failing to return its planes, as a judge ruled 17 April 2025 that a termination clause in the lease agreement was not a penalty provision.
This Q&A contains links to further guidance on the validity of Wills under Wills Act 1963 and on the possible application of English private international law where the estate's foreign element is the Scottish domicile of the testator or the situs of assets in Scotland at their death.
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