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UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained.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

Issues to consider when drafting a settlement agreement—checklist (employer)

Issues to consider when drafting a settlement agreement—checklist (employer) The employer (and its advisers) should consider the following issues: Preparatory steps • Obtain from the employer: ◦ a copy of the departing employee's latest contract of employment/other relevant documents containing contractual terms (NB these may be in a staff handbook) ◦ details of the contractual benefits enjoyed by the employee ◦ relevant information regarding the employee's pension benefits ◦ relevant information regarding any shares/share options, etc held by the employee? Consider the Articles of Association/any relevant shareholder agreement, share scheme documentation, etc. See also Shares and share options below Status of negotiations • Will negotiations take place between the parties directly, or between their respective legal advisers? • How strong is the employer's negotiating position? How strong are the employee's claims or potential claims? In the case of dismissal, is there a fair reason and has the employer carried out a fair procedure? Is the employer in repudiatory breach? What is the employer prepared to offer initially, and is that...

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Industrial action that has statutory immunity—flowchart

Industrial action that has statutory immunity—flowchart FORTHCOMING CHANGE: The legal framework for giving protected status to industrial action and picketing is to be amended under clauses 54 to 61 of the Employment Rights Bill, introduced on 10 October 2024 (see Practice Note: The right to take industrial action—Employment Rights Bill). Clause 118 of the Bill confirms that many of the proposed changes will come into force two months after the Employment Rights Act 2025 is passed. The Strikes (Minimum Service Levels) Act 2023 will be repealed on the day on which the Act is passed. For further information on the Employment Rights Bill, generally, see Employment News Analysis: The Employment Rights Bill, and Employment Rights Bill 2024-views from the sector, LNB News 10/10/2024 85. To track the progress of the Bill through Parliament, see Practice Note: Employment Rights Bill—tracker. The government also launched a public consultation on creating a modern framework for industrial relations. The consultation seeks views on several specific...

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Meetings—executive decision-making process

This Practice Note explains the three basic models of governance for local authorities. It covers the distinction between decisions which are executive and non-executive or council decisions. It covers the strict requirements about the convening of meetings and the notice that must be given, and discusses rules relating to the agenda, minutes and executive meetings.Executive and non-executive decision makingThere are three basic models of governance for local authorities:•the Committee System, whereby the Council comprising all councillors appoints select politically-balanced committees of councillors and delegates functions to those committees and to officers. These councils are not required to have an Overview and Scrutiny Committee, although some do. This is the only non-executive governance model•the Executive Leader and Cabinet Model, whereby the Council comprising all councillors elects an Executive Leader, who appoints a maximum of nine other councillors as members of the Executive (or 'Cabinet'). The Executive Leader is elected by full council for a term determined by the council, or on a four yearly basis. This model is the most common...

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...

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Property due diligence report—share or asset purchase

Property due diligence report—share or asset purchase A. Executive summary 1 Scope of review For the purposes of this report we have reviewed the following properties [insert details of the properties], (the ‘Properties’). 2 Basis of the review 2.1 Information relating to the Properties for the purposes of conducting our due diligence exercise and preparing our report has been sourced from the following: 2.1.1 documents provided in the due diligence [data room OR files] as set out in the index in Schedule...

Internal investigation—investigation report

Internal investigation—investigation report Privileged and confidential Not for onward transmission without reference to [Head of Legal/Name of law firm] Date of report: [insert date] Report provided by: [insert name of internal department or external law firm providing the report] Report provided to: Name Title [Insert name] [Insert job title] [Insert name] [Insert job title] [Insert name] [Insert job title] 1 Executive summary [Insert executive summary] 2 Complaints/issues The allegation(s) or concern(s) reported are set out in the table below: Allegation 1 [Insert description of allegation 1] Allegation 2 [Insert description of allegation 2] Allegation 3 [Insert description of allegation 3] Allegation 4 [Insert description of allegation 4] 3 Investigation process 3.1 Document review 3.1.1 Collection of electronic data (a) We have collected electronic evidence comprising forensic images of laptops, desktop hard drives, mobile devices, USB storage devices and archived data pertaining to [insert number] current and former employees of [insert organisation's name] (collectively referred to as Custodian data, details of which are included in Appendix...

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Can a part-time, fixed-term or term-time only employee be prevented from working elsewhere during the times they are not working for the employer?

Can a part-time, fixed-term or term-time only employee be prevented from working elsewhere during the times they are not working for the employer? An employee will be under certain implied duties during employment. These will vary depending on the seniority of the employee and whether they are subject to a duty of fidelity or a more onerous fiduciary duty. For further details, see Practice Note: The duty of fidelity and fiduciary duties. An employer may wish to confirm or supplement these implied duties by seeking to restrain an employee from undertaking any business activities other than those of the employer during employment, whether within or outside working hours. For further guidance on these provisions generally, see the section of Practice Note: Restrictions and other express terms during employment entitled ‘Restrictions on other business activities’. Consideration should be given to whether any ban on spare time business activity should be total or partial: • a total ban seeks to prevent any business activity—this would typically be more appropriate for a senior,...

What powers does an investigator have to compel the witness to provide a statement during a criminal investigation, where a witness is known to be in the possession of crucial evidence, but is unwilling to provide a section 9 witness statement? Can the witness be forced to give evidence at trial?

What powers does an investigator have to compel the witness to provide a statement during a criminal investigation, where a witness is known to be in the possession of crucial evidence, but is unwilling to provide a section 9 witness statement? Can the witness be forced to give evidence at trial? Certain regulators have specific powers to compel witnesses to give statements during investigations. These are statutory powers which can be used during an investigation into suspected offences and the witness is compelled to attend the interview to answer questions or to provide information. However, as these are powers to compel and the witness has no right of silence as they would do in an interview under caution, there are statutory safeguards restricting the use of any information obtained from the compulsory interview powers. The contents of the interviews cannot be used in evidence against the maker in their subsequent criminal trial unless: • the trial is a prosecution for an offence of providing false or...

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Energy weekly highlights—14 November 2024

This week's edition of Energy weekly highlights includes: news analyses on (i) Friends of the Earth Netherlands et al v Royal Dutch Shell, in which a Dutch appeals court overturned a ruling that ordered Shell to reduce its carbon emissions by a specified amount, (ii) the legal challenge to the UK government's third National Adaptation Programme (NAP3) in R (on the application of Friends of the Earth Ltd and others) v Secretary of State for Environment, Food and Rural Affairs, and (iii) the aims and expectations of the 29th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP29). There are also round-ups of the first and second days of COP29. In addition, this week, the Department for Energy Security and Net Zero (DESNZ) launched the Clean Industry Bonus (CIB) for the Contracts for Difference (CfD) Allocation Round 7 (AR7) and DESNZ and Ofgem launched a joint consultation on consumer protections within the heat networks regulatory framework. We also cover several announcements from Ofgem including a...

Financial Services—other developments (14/11/2024)

A round-up of other developments, which have not been covered in full by the ½Û×ÓÊÓƵ Financial Services practical guidance team but may nevertheless be of interest.