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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UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained.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,...
Third party rights in construction contracts—checklist When drafting or negotiating third party rights provisions in a construction contract (see Practice Note: The Contracts (Rights of Third Parties) Act 1999 in construction contracts), the following should be taken into account: • Is the Contracts (Rights of Third Parties) Act 1999 generally excluded? Does the contract expressly exclude the conferring of rights/benefits on third parties by virtue of the Contracts (Rights of Third Parties) Act 1999 (C(RTP)A 1999)? Contracts typically contain a general exclusion clause in relation to C(RTP)A 1999 but, in construction agreements, this is commonly made subject to any relevant clause of the agreement conferring third party rights on specific parties—see for example Precedent: Third Party Rights Act clause. If there is a general exclusion, make sure that the clause conferring rights on third parties is carved out. • Third party rights or collateral warranty? If the contract provides that third party beneficiaries will have certain benefits, or rights to enforce the contract, does it specify whether such rights/benefits will...
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Will interpretation—property passing on death Rules relating to the construction of Wills have developed over many years and those surrounding the interpretation of dispositions were quite unclear due to the differing rules relating to personalty and realty. This was changed by the statutory effect of the Administration of Justice Act 1982 (AJA 1982). The case of Marley v Rawlings confirmed that the modern approach is to ascertain the testator’s intention from their words. While no longer as definitive as they were previously, many of the previous rules remain a helpful starting point. On the basis of the caselaw in this area, practitioners are advised to use only precedents that are in common usage and not to depart from them without careful consideration. References to property in a Will speak from the date of death A reference to real and/or personal property (for a discussion of real and personal estate, see Practice Note: Devolution of assets and the need for a grant) in a Will speaks from the...
Money Laundering Regulations 2017—CDD quick reference guide—individuals Client due diligence (CDD) is a central pillar of the anti-money laundering (AML) and counter-terrorist financing (CTF) regime. CDD requirements underpin the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. Counter-proliferation financing is the most recent addition to the long-established AML and CTF regime. Requirements in relation to counter-proliferation financing were introduced through amendments to the MLR 2017 and include in relation to systems and controls, risk assessment, etc. No specific counter-proliferation financing requirements were added in relation to CDD, and existing CDD provisions in the MLR 2017 were not amended to include mention of proliferation financing. As things stand, therefore, counter-proliferation financing is not covered in this Practice Note. For more information, see Practice Note: Counter-proliferation financing—CPF—the basics. Where the MLR 2017 apply (see Practice Notes: Money Laundering Regulations 2017—scope and application—law firms), conducting CDD is an absolute requirement. It is not in itself subject to the risk-based approach....
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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...
Clause—for use where trustees are exercising powers of appointment in a settlement—appointing the trust fund in favour of a beneficiary absolutely The Trustees
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How does a company remove a charge from the charges register at Companies House that has already been released if the beneficiary of the charge is a dissolved company or has been taken over by another company? There is no statutory requirement for a chargor to notify Companies House that it has either fully or partially satisfied a debt or had its security released. However, such notification will be in the best interests of the chargor so that any potential investors and lenders are aware that the debt has been satisfied and/or its assets are unencumbered. Where a charge has been released in full, to notify Companies House, the chargor should submit form MR04 (Statement of satisfaction in
Is a guarantee effective where it has been executed and dated by the guarantor but not executed by the beneficiary of the guarantee? Can the beneficiary sign the document some time after the execution by the guarantor? Offer, acceptance and certainty of terms See Practice Note: Formalities for creating a guarantee which explains that the following features are required to create an effective guarantee: • offer and acceptance, with the intention to create legal relations, and • sufficient certainty of terms For more information in relation to each of these features, see Practice Notes: Forming enforceable contracts—offer, Forming enforceable contracts—acceptance, Forming enforceable contracts—intention to create legal relations and Forming enforceable contracts—certainty. And for further reading on this point, see commentaries: • Making the agreement: Halsbury's Laws of England [648] • The principle: Halsbury's Laws of England [652] Parties and signatures In order to satisfy the Statute of Frauds 1677, all of the parties to the guarantee must be named or sufficiently described in writing. The guarantee must...
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A round-up of key developments on State aid, first reported by the Lexis+ Competition team. This update covers the period 22–28 January 2025.
This week’s edition of Private Client highlights includes: (1) MacPherson v Sunderland City Council, in which the Court of Appeal clarified the proper method for assessing mental capacity in litigation; (2) XY withdrawal of treatment, a decision concerning the relevance of P’s religion and belief in prolonged disorder of consciousness cases; (3) the Hansard Society highlights concerns over delegated powers in the Terminally Ill Adults (End of Life) Bill; (4) Demetriou v Revenue and Customs Commissioners, which held that a fisheries business did not qualify for business property relief; (5) Bryan Robson Ltd v HMRC, in which the FTT decided that IR35 does not apply to consideration attributable to the exploitation of image rights; (6) further analysis of the Supreme Court decision in Hirachand; and (7) Private Client launches new Regulatory compliance for Private Client topic.
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