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Checklist for compromises of FCA-regulated entities: information requirements

Checklist for compromises of FCA-regulated entities: information requirements The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the United Kingdom. It has a duty under section 1B of the Financial Services and Markets Act 2000 (FSMA 2000) to pursue certain objectives, one of which is the consumer protection objective. The FCA lists its statutory objectives as to secure an appropriate degree of protection for consumers and to protect and enhance the integrity of UK financial markets, with a view to reducing the number of proposed compromises that they do not consider to be appropriate (see FG22/4, para 1.2). On 5 July 2022, the FCA published guidance on compromises of regulated firms (see FCA Guidance FG22/4 July 2022 and updated in January 2024) following their significant concerns about these tools being proposed and used by firms to avoid paying customers redress (see: LNB News 05/07/2022 72). Practitioners will need to take note of the guidance where the proposed compromise involves regulated companies, meaning...

Bank Recovery and Resolution Directive (BRRD)—timeline [Archived]

Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived. For developments from January 2024 onwards, see EU Bank Recovery and Resolution Directive—timeline if they relate to the EU BRRD, or UK bank recovery and resolution regime—timeline if they relate to the UK bank recovery and resolution regime, For further guidance on the EU BRRD, see Practice Note: Bank Recovery and Resolution Directive (BRRD)—essentials. For further guidance on the UK bank recovery and resolution regime, see Practice Note: The UK bank recovery and resolution regime. Date Source Document Description 20 December 2023 European Banking Authority The EBA publishes amendments to disclosures and reporting on MREL and TLAC The European Banking Authority (EBA) has published its final draft implementing technical standards (ITS) on amendments to disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC). The amendments reflect the new requirement to deduct investments in eligible liabilities instruments of entities belonging to the same resolution group, the...

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Company share option plan (CSOP)—flowchart to determine whether a company's shares qualify

Company share option plan (CSOP)—flowchart to determine whether a company's shares qualify A company share option plan (CSOP) allows tax-advantaged share options over shares worth up to £60,000 per individual (valued as at the date of grant) to be granted on a discretionary basis by companies which meet the CSOP eligibility requirements and are often used by companies that are too large to qualify to grant enterprise management incentive (EMI) options. The legislation relating to CSOPs sets out numerous requirements that must be met, including in relation to: • the individuals being granted the options • the shares being placed under option, and • the terms of the options This Practice Note focuses on the conditions that must be met in relation to the shares over which CSOP options are granted in order to gain the income tax relief provided for in Part 7, Chapter 8 of the Income Tax (Earnings and Pensions) Act 2003. This flowchart must be read in conjunction with the following detailed Practice Note: CSOP—qualifying companies...

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Maintenance provision for children under Schedule 1 to the Children Act 1989

This Practice Note sets out the jurisdiction of the court to make a periodical payments order for a child (maintenance provision) under Schedule 1 to the Children Act 1989 (ChA 1989) and details what orders may be made, who may apply and the circumstances in which an order may be made for a child over the age of 18. It also considers matters the court will have regard to, the position in relation to half siblings and relevant case law.Most child maintenance will be dealt with by the Child Maintenance Service (CMS), see Practice Notes: Statutory child support scheme and Child support—jurisdiction, however, by virtue of ChA 1989, s 15 and Sch 1, the court has jurisdiction to make a periodical payments order for a child in certain defined circumstances. The majority of such applications relate to parties who have not married or entered into a civil partnership. The issue of whether a periodical payments order under Sch 1 could include an element of ‘carer's allowance’ has been considered and...

Special guardianship orders

This Practice Note explains what a special guardianship order (SGO) is under the Children Act 1989 (ChA 1989) and the courts powers to make an SGO either as a result of an application or of its own initiative. It explains how an SGO confers parental responsibility for a child and also covers the criteria for making an SGO.What is a special guardianship order?A special guardianship order (SGO) is an order appointing one or more individuals to be a child's special guardian. It has been described as 'a half-way house' between residence orders (now child arrangements orders) and adoption orders. The concept of special guardianship relates to the exercise of parental responsibility and not to parenthood.Special guardianship is a private law order but it is available in both private and public law proceedings and will be considered as one of the options for a child in care proceedings. An SGO gives non-parents a more permanent legal status than they would have if they were named in a child arrangements order (CAO)...

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Legal rights intimation letter

Legal rights intimation letter Our ref: [Client - Code/Matter - Matter Code/Matter - Fee Earner Initials] Your ref: [insert ref] [insert full address] [insert date] Dear [insert name] Estate of the late [name of deceased] We are instructed in the administration of the estate of your late [mother OR father OR grandmother OR grandfather]. We act on behalf of the executor(s) who are [insert name] and [insert name], appointed by a Will dated [insert date]. You are not named as a beneficiary in the Will. However, the law of Scotland allows certain family members to make a claim on the estate, whether or not the individual concerned is named as a beneficiary in the Will. This entitlement is known as legal rights. [Where the person who has died is survived by a [widow OR widower OR civil partner] the legal rights fund which can be claimed by the deceased’s children amounts to one-third of the net moveable estate (generally speaking, all assets other than any house or land...

Parental responsibility—client guide

Parental responsibility—client guide This document provides general guidance regarding parental responsibility for a child. Your family lawyer will be able to provide specific advice based on your circumstances. What is parental responsibility? Parental responsibility is defined in law by the Children Act 1989 as: ‘…all the rights, duties, powers, responsibilities and authority which by law a parent of a child has in relation to the child and his property.’ People with parental responsibility are entitled to have a say in major decisions about the child, such as: • where the child should live • where they should go to school • what (if any) religion the child should have • what name they should have • the giving or withholding of medical treatment, and • dealing with their money or property Parental responsibility does not entitle someone to interfere with day-to-day decisions such as what the child wears, their hobbies or choice of TV programmes etc. Generally parental responsibility lasts until the child reaches 18 but it may come to...

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Where spouses separated 15 years ago and subsequently the matrimonial home was transferred into the sole name of the spouse who was the primary carer of the children, with the other spouse retaining a charge registered against the property for 50% of the equity at the time of transfer, would the court still consider the former matrimonial home to be matrimonial property after the date of transfer or would it be a non-matrimonial asset so that any increase in its value would be treated as a post-separation accrual? The parties are now divorced but do not have a financial order.

Where spouses separated 15 years ago and subsequently the matrimonial home was transferred into the sole name of the spouse who was the primary carer of the children, with the other spouse retaining a charge registered against the property for 50% of the equity at the time of transfer, would the court still consider the former matrimonial home to be matrimonial property after the date of transfer or would it be a non-matrimonial asset so that any increase in its value would be treated as a post-separation accrual? The parties are now divorced but do not have a financial order. A matrimonial home (and its contents) will usually be treated as matrimonial property whether it is owned by one spouse or in joint names. The rationale for this is that the matrimonial home has a unique place within the parties’ relationship (Miller v Miller; McFarlane v McFarlane). It has been held that a matrimonial home is matrimonial property whatever its source (S v S (Non-Matrimonial Property: Conduct)), but this may...

Can a parent claim child maintenance from the other parent in circumstances where the potential paying party earns less than the potential receiving party and may be liable to pay them maintenance pending suit?

Can a parent claim child maintenance from the other parent in circumstances where the potential paying party earns less than the potential receiving party and may be liable to pay them maintenance pending suit? The powers of the court to order child periodical payments were severely curtailed by the Child Support Act 1991 (CSA 1991). In most cases, where the parents of children separate and an agreement for their maintenance cannot be reached between them, the provisions of CSA 1991 will oblige the non-resident parent (NRP) to pay child maintenance to the parent with care (PWC) via the Child Maintenance Service (CMS). The scheme does not extend to those who are habitually resident outside the UK. Child maintenance is payable for any child under 16 and for any young person (aged over 16 but not having attained the age of 20) who is in full-time education and for whom child benefit is payable (see CSA 1991, ss 1 and 55, and the Child Support Maintenance Calculation Regulations 2012 (CSMCR 2012),...

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Navigating the North Sea—NSTA releases new guidance to streamline M&A transactions

Energy analysis: On 8 October 2024, the North Sea Transition Authority (NSTA) released updated guidance for the assignment of offshore petroleum production licences in the UK Continental Shelf (UKCS) (the Guidance). Publication of the Guidance followed a consultation launched on 28 March 2023 inviting industry feedback from licensees, infrastructure owners and potential future investors. The aim of the Guidance is to streamline the period between signing and completion of M&A transactions in the UKCS, reducing potentially costly delays and improving deal certainty, while assisting in the development of a stable regulatory system which encourages investment in both oil and gas and energy transition projects in the UKCS. As background to the Guidance, the NSTA recognises the role M&A plays in the UKCS, which includes the need for ‘new capital, new ideas and new vigour’ to support the central obligation of the ‘OGA Strategy’, to maximise economic recovery of petroleum while assisting the Secretary of State in meeting the net zero target.

Immigration weekly highlights—16 January 2025

Welcome to the 16 January 2025 highlights from the Immigration team, which provides links to key news stories from the last week, as well as a round-up of new and updated content in Immigration.