Long-term definition

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EU Securitisation Regulation—timeline

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 Solvency II—timeline

UK Solvency II—timeline This timeline shows key developments relating to the UK's Solvency II regime. For earlier developments see Solvency II—timeline (2007–2023) [Archived]. 2025 Date Source Document Description 10 April 2025 PRA Prudential Regulation Authority Business Plan 2025/26 The Prudential Regulation Authority (PRA) has announced its business plan for 2025/2026, outlining its strategic priorities and objectives. The strategy focuses on maintaining the safety and soundness of the banking and insurance sectors, identifying new and emerging risks, supporting competitive and innovative markets, and running an inclusive and efficient regulator. The PRA also mentions work it has already completed, ongoing and future initiatives. Key regulatory initiatives include stress testing in the banking and insurance sector, preparation for the implementation of the Basel 3.1 standards by January 2027 and enhancing operational and cyber resilience. 8 April 2025 PRA PRA launches consultation to help insurers accelerate investment in the UKCP7/25 – Matching Adjustment Investment Accelerator The PRA has published a consultation paper, CP7/25, proposing the introduction of a new framework called the...

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Formalising the family business—checklist

Formalising the family business—checklist Many family businesses start out with quite an informal governing structure in place; the family members have an understanding of their roles and relationships with each other, and decisions are made quickly at the kitchen table. The nature of many family businesses is that they are informal and flexible, and their objectives are often driven by doing the best for the family according to the family's values, rather than purely for the profit of the owners. However, as the business grows and more members of the family and other employees start working with them, it becomes more and more difficult to manage the business in this way. The pros and cons of formalising the family business are considered in Practice Note: Family businesses. This checklist sets out a list of questions that an adviser can put to the family (or that the family can consider themselves) to assist with setting up a structure for the family business. These questions will also help determine the matters to...

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Bridge to bond facilities

Bridge to bond facilities What are they? A bridge to bond facility is a type of acquisition financing where the buyer requires the certainty of a fully committed financing package, but which is intended to be replaced in the future with a mid- to long-term financing in the form of high yield bonds. In markets where acquisitions typically do not have a financing condition, a bridge financing package (which is available to be drawn if necessary) is often a key component to a successful bid. This Practice Note focuses on bridge to high yield bond financing. However, investment-grade borrowers also commonly use bridge facilities for acquisitions. Bridge commitments for investment-grade borrowers differ in many ways, including: lower pricing, much less restrictive covenants (the terms often follow the borrower’s existing credit facilities) and the securities demand mechanic may not be included (or if included, it may only be triggered by ratings downgrade). Bridge commitments for investment grade borrowers may also have longer maturities (or extension rights exercisable by...

Sentencing individuals for food safety and food hygiene offences

Sentencing individuals for food safety and food hygiene offences This Practice Note reviews the parts of the Sentencing Council’s offence-specific guidelines which are used by the magistrates’ courts and Crown Courts in England and Wales when sentencing individuals for food safety and food hygiene offences. In accordance with section 59 of the Sentencing Act 2020 (SA 2020) (known as the Sentencing Code), the courts must follow Sentencing Council guidelines in sentencing an offender unless ‘satisfied that it would be contrary to the interests of justice to do so’. The Sentencing Council has published offence-specific guidelines for food safety and hygiene offences. Separate guidelines apply for the sentencing of organisations for these offences, see Practice Note: Sentencing organisations for food safety and food hygiene offences. The Sentencing Council also publishes a number of overarching guidelines, which should be considered in respect of all sentencing exercises, see Practice Note: Sentences imposed following conviction. Among these, the General guideline—overarching principles (the General guideline) is specifically designed to be used in conjunction with offence-specific...

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Pensions warranties—defined contribution scheme—share purchase agreement

Pensions warranties—defined contribution scheme—share purchase agreement Replace Schedule 4, paragraph 19 of Precedent: Share purchase agreement—pro-buyer—corporate seller—conditional—long form with the following: 1 Pensions 1.1 Except as provided for by the Pension Scheme, the Company is not and has never participated in an arrangement or agreement to provide pensions, annuities, lump sums, gratuities or similar benefits on retirement, long-term ill-health or death, or pursuant to a pension sharing order, in relation to the service or historic service of a present or former employee of the Company or any other person, or for the benefit of that individual’s dependents. 1.2 All benefits under the Pension Scheme are provided on a money purchase basis. No assurance, guarantee or promise has been made to any employee of the Company as to the amount of benefits to be provided under the Pension Scheme. 1.3 Copies of the following documents have been Fairly Disclosed to the Buyer: 1.3.1 the governing documentation of the Pension Scheme including the trust deed and rules and all ancillary and...

Specimen Dealing Code

Specimen Dealing Code This Precedent is a memorandum that sets out the details of the ‘specimen’ dealing code. The specimen dealing code is the product of an industry-led development of codes, guidance and best practice prepared by The Chartered Governance Institute (formerly known as ICSA: The Governance Institute), GC100, the Quoted Companies Alliance and other market participants who agreed that it would be of great benefit for listed and quoted companies to be able to turn to an equivalent version of the Financial Conduct Authority’s (FCA) Model Code. The Model Code was deleted by the FCA as a consequence of the implementation of the Market Abuse Regulation (EU) No 596/2014 on 3 July 2016. Companies with a former premium listing of equity shares were required to comply with the Model Code, which restricted persons discharging managerial responsibilities (PDMRs) dealing in the companies’ securities. The assumption is that listed companies will apply the dealing code to PDMRs and those other individuals whom they wish to be covered...

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If a UK resident non-domiciled individual receives a distribution of offshore income outside the UK, will this income be taxable in the UK?

If a UK resident non-domiciled individual receives a distribution of offshore income outside the UK, will this income be taxable in the UK? The income will not be taxable if: • it is not remitted to the UK • the individual who is entitled to the income is not deemed UK domiciled, and • the individual is a remittance basis user for the tax year in which the income arose See Practice Note: The remittance basis—summary. Note that the income will be deemed to have been remitted to the UK in certain circumstances (a ‘constructive remittance’). For example, suppose an individual borrows money outside the UK which they remit to the UK. If they use offshore income to repay the loan (outside the UK) then this will likely be a constructive remittance—see Practice Note: The remittance basis—meaning of relevant debt. Note also that there are complicated rules that apply if the income is mixed (eg in a bank account) with other funds; it may be impossible to remit...

What test applies for determining whether someone is 'incapable of administering their property or managing their affairs' for the purposes of establishing whether a beneficiary suffering from a mental disorder would qualify as disabled for tax purposes?

What test applies for determining whether someone is 'incapable of administering their property or managing their affairs' for the purposes of establishing whether a beneficiary suffering from a mental disorder would qualify as disabled for tax purposes? This answer is limited to the definition of a disabled beneficiary for inheritance tax (IHT) and does not consider the definition or implications for taxation in relation to income tax or capital gains tax. It is also assumed that the question relates to the settlement into trust of funds for the disabled person. Following the changes brought about by the Finance Act 2006, most settlements created by a settlor during their lifetime are relevant property trusts for the purposes of IHT and certain trusts created by Will also fall into the relevant property regime. Therefore, for the most part, lifetime gifts into settlements are immediately chargeable transfers on which the settlor will be charged to IHT at the lifetime rate of 20% where the amount settled exceeds the settlor's...

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Construction weekly highlights—1 May 2025

This week's edition of Construction weekly highlights includes a case in which the Technology and Construction Court (TCC) found that parties had concluded a construction contract through WhatsApp messages (Jaevee v Fincham), a case in which the Court of Session considered competing interpretations of a settlement agreement arising from a construction dispute (Dragados v Port of Aberdeen), a case in which the TCC rejected jurisdictional and natural justice challenges to an adjudicator’s decision (LAPP Industries v 1st Formations), Homes England’s updated Cladding Safety Scheme (CSS) guidance on pre-tender support, the Public Procurement (Revocation) Regulations 2025 coming into force, the Department for Energy Security and Net Zero (DESNZ)’s consultation on the revised National Policy Statements, and a statement from the Construction Leadership Council (CLC) highlighting the impact of US tariffs on the UK construction sector.

Pensions weekly highlights—1 May 2025

This week's edition of Pensions weekly highlights includes a review of key news stories, as well as dates for your diary and trackers.