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GLOSSARY

BIS definition

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What does BIS mean?

The (former) Department for Business, Innovation and Skills created in June 2009 following the merger of BERR and the Department for Innovation, Universities and Skills. On 14 July 2016 BIS was merged with DECC to form BEIS.

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Insolvency Practitioners’ duties under the PSC regime

Insolvency Practitioners’ duties under the PSC regime As part of the government’s ongoing drive to improve corporate transparency and tackle corruption, the UK became the first G20 country to establish a publicly accessible central registry aimed at showing who really pulls the strings behind UK companies. Effective from 6 April 2016, Part 21A of the Companies Act 2006 (CA 2006) requires most unlisted UK companies to maintain a register of its people having 'significant control' or 'PSCs'. The PSC regime applies to UK incorporated companies limited by shares or guarantee (including community interest companies), Limited Liability Partnerships (LLPs), unlimited companies, unregistered companies, companies listed on prescribed markets (such as AIM or the NEXExchange Growth Market), Societas Europaea (European public limited liability companies) and eligible Scottish partnerships (Scottish limited partnerships and Scottish qualifying general partnerships) (see Practice Note: PSC register for LLPs). CORONAVIRUS (COVID-19) IMPACT: This content is affected by the Companies etc (Filing Requirements) (Temporary Modifications) Regulations 2020, SI 2020/645, which came into force on 27 June 2020...

Jurisdictional issues in children proceedings

Jurisdictional issues in children proceedings This Practice Note provides guidance on jurisdiction in children proceedings, having regard to the implications of Brexit. It deals with jurisdiction on and after 1 January 2021 and jurisdiction prior to (implementation period) IP completion day (31 December 2020), where transitional provisions will apply, see: Jurisdiction on and after 1 January 2021 and Jurisdiction prior to IP completion day (31 December 2020) and where transitional provisions apply. It also details the procedure to be adopted as to issues of jurisdiction in children proceedings and guidance issued by the judiciary, including Guidance from the President of the Family Division: Transfer of proceedings, issued on 21 January 2025, replacing guidance issued in April 2016 on the transfer of proceedings under Article 15 of Council Regulation (EC) No 2201/2003 of 27 November 2003 concerning jurisdiction and the recognition and enforcement of judgments in matrimonial matters and the matters of parental responsibility (Brussels II bis or Brussels IIA) and Articles 8 and/or 9 of the Convention of...

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Financial Services weekly highlights—8 May 2025

This week's edition of Financial Services weekly highlights includes: CP25/11—FCA consultation paper on steps to simplify mortgage rules; Council of the EU approves mandate to shorten settlement cycle for transferable securities; BIS and SARB launch sixth edition of G20 TechSprint; plus dates for your diary over the coming week.

BIS and SARB launch sixth edition of G20 TechSprint

The Bank for International Settlements (BIS) and the South African Reserve Bank (SARB) have jointly launched the sixth edition of the G20 TechSprint. The initiative invites developers to deliver state-of-the-art technological solutions that enhance trust and integrity in global finance. The competition focuses on three areas: digital identity solutions that are verifiable and privacy-preserving; secure, consumer-consented systems for cross-border credit data portability; and robust measures to mitigate fraud and cyber risks that support fast payment systems. Developers are expected to register and submit their proposals by 20 June 2025, after which shortlisted teams will undergo an eight-week development period with guidance from national authorities and industry experts. An independent panel will select one winning solution per challenge in November 2025.

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