Regulatory regime

Regulatory regime

The Solicitors Regulation Authority (SRA) is the independent regulatory arm of the Law Society. It has primary responsibility for regulation of the solicitors’ profession. The SRA regulates solicitors, solicitor practices and some alternative business structures. It does not represent the solicitors’ profession, which is the function of the Law Society. Its purpose is to ensure that consumers receive a good service and that the rule of law is

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Latest Practice Compliance News

HM Treasury issues advisory on Oil Price Cap evasion tactics

HM Treasury (HMT)and the Office of Financial Sanctions Implementation (OFSI) have released an advisory concerning the Oil Price Cap (OPC) regime. The guidance specifically addresses evasion strategies involving the manipulation of product origin through the use of fabricated and falsified Certificates of Origin (CO). This advisory aims to alert relevant parties to the risks associated with such practices and to enhance compliance efforts within the oil trade sector.

Practice Compliance weekly highlights—21 November 2024

This week's edition of Practice Compliance weekly highlights includes: the latest financial sanctions updates, three new consultations from the Solicitors Regulation Authority (SRA) on client money management and consumer protection, initiation of a consultation for legal regulators to combat economic crime by the Legal Services Board (LSB), and new guidance from the SRA on internal investigations, together with a suite of guidance for in-house solicitors.

Failure to prevent fraud—Statutory guidance

Corporate Crime analysis: Following a wait of nearly 12 months since the failure to prevent fraud (FTPF) offence was enacted, the government has now issued the statutory guidance on the procedures which companies are expected to implement for the purpose of preventing the relevant underlying fraudulent conduct by persons associated with them and, where such conduct occurs, providing a potential defence to the offence . Written by John Binns and Alexander Gorst at BCL Solicitors LLP.

OFSI enhances sanctions cooperation with OFAC through Memorandum of Understanding

The Office of Financial Sanctions Implementation (OFSI) and the U.S. Office of Foreign Assets Control (OFAC) convened their annual technical exchange in October 2024, marking two years of enhanced partnership. Key developments include the signing of a Memorandum of Understanding (MOU) to bolster information sharing and collaboration, OFSI's introduction of FAQs to aid industry understanding of UK sanctions, and a joint review of the implementation of new Russian metals prohibitions. The exchange also focused on organisational modernisation, including the use of new technologies and the continuation of their reciprocal secondee programme. Both agencies reaffirmed their commitment to multilateral sanctions implementation, particularly in response to Russia's actions in Ukraine and ongoing conflicts in the Middle East.

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