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EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

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UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained.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,...

Governing law and jurisdiction clauses in commercial contracts―checklist

Governing law and jurisdiction clauses in commercial contracts―checklist This Checklist of resources sets out some of the issues when considering governing law and jurisdiction in the context of commercial contracts. Governing law and jurisdiction clauses are categorised as boilerplate clauses in an agreement. For more information on boilerplate clauses, see: Boilerplate clauses—overview. For details about the role of boilerplate clauses and approaches to reviewing and drafting common boilerplate clauses, see Practice Note: The role of boilerplate. A governing law clause (also known as an applicable law clause) is used to allow the parties to specify the substantive law that will apply to the interpretation of an agreement and, in the event of a dispute, in relation to it. For an example of a governing law clause, see Precedent: Governing law clause. The applicable law clause in a contract will usually be set out alongside a jurisdiction clause. It is important to note that jurisdiction and governing law are separate issues.  A jurisdiction clause is necessary to allow the parties to...

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Enforcing judgments in cross-border disputes—flowchart

Enforcing judgments in cross-border disputes—flowchart This Flowchart considers how to enforce a judgment in a cross-border dispute within the EU. It only considers regulations applicable between EU Member States and therefore it does not consider any potential international conventions. In addition to the European procedures, the Flowchart also refers to the enforcement provisions of Regulation (EU) 1215/2012 (Brussels I (recast)). Article 39 of Regulation (EU) 1215/2012 provides that a judgment given in an EU Member State which is

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Direct marketing compliance—data protection—checklist

Direct marketing compliance—data protection—checklist This Checklist is intended for private sector commercial organisations in the UK. It is intended as a mini self-assessment of your direct marketing systems from a data protection perspective. It reflects the Information Commissioner’s Office (ICO’s) Direct marketing checklist. For each item on the Checklist, further ICO guidance is provided, together with links to relevant UU����ֱ��® tools and materials. This Checklist is not intended for organisations that make live direct marketing calls about claims management services or pension schemes. ICO expectation Additional ICO guidance and UU����ֱ��® materials ☐  Define and allocate responsibility for compliance with data protection legislation and Privacy and Electronic Communications (EC Directive) Regulations 2003 (PECR 2003), SI 2003/2426 when carrying out direct marketing activities or roles You should clearly allocate responsibility for the oversight of data protection when carrying out direct marketing activities.Where appropriate you should have steering groups to monitor performance in data protection and discuss relevant issues.You should have reporting lines and effective links between key roles to ensure a...

Electronic communications: Universal Service Directive [Archived]

Electronic communications: Universal Service Directive [Archived] ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note relates to Directive 2002/22/EC of the European Parliament and of the Council of 7 March 2002 on universal service and users' rights relating to electronic communications networks and services as amended by Directive 2009/136/EC (Universal Service Directive). It is part of a series of Practice Notes on core elements of the EU regulatory framework for electronic communications. In the EU, the provision of electronic communications networks and services in each Member State is governed by a common regulatory framework which originally comprised five directives (the Framework). The objective of the Framework was to establish a harmonised framework for the regulation of electronic communications networks and services throughout the EU. In December 2018, Directive (EU) 2018/1972 establishing the European Electronic Communications Code (Recast) (the European Electronic Communications Code) was published in the Official Journal of the EU and came into force three days after publication. The European Electronic Communications Code...

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Good Laboratory Practice (GLP) definition—life sciences

Joint venture shareholders’ agreement—deadlock (50:50)

Joint venture shareholders’ agreement—deadlock (50:50) This Agreement is made on [insert date] 20[insert year] Parties 1 [Insert name of first shareholder] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] ([A]), 2 [Insert name of second shareholder] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] ([B]), and 3 [Insert name of the company in which the shares are held] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] (the Company). BACKGROUND (A) The Company, at the date of this Agreement, has in issue ordinary shares of £[insert nominal value] each, of which one ordinary share has been issued fully paid and is registered in the name of [A] and one ordinary share has been issued fully paid and is registered in the name of [B]. (B) The Company shall carry on business in accordance with the terms and conditions of this Agreement....

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What is motor vehicle or road traffic accident insurance?

What is motor vehicle or road traffic accident insurance? In the UK, motor insurance is a mandatory insurance policy for any vehicle owner or driver unless the vehicle is declared as off the road. There are heavy penalties, both civil and criminal, for uninsured drivers (who are caught). The mandatory insurance regime is intended to protect the general public (including pedestrians and other non-vehicle users) against personal injury and damage caused in a road traffic accident. Types of motor insurance policies The motor insurance market is split into three main types of insurance: third-party only; third-party fire and theft; and comprehensive policies: • third-party only policies provide the minimum level of cover required by the law, namely the Road Traffic Act 1988 (RTA 1988). RTA 1988 mandates that motor insurance must at the very least cover the risk of death, personal injury or property damage to third parties caused by the insured vehicle • third-party fire and theft provides third-party cover as described above but in addition...

How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market?

How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market? Summary This Q&A refers to the European Commission’s proposal for a Regulation on the law applicable to the third-party effects of assignments (the Proposal) published on 12th March 2018, which could have an impact on the market for trading participations in syndicated and bilateral loans. Both of the Loan Market Association (LMA) and the City of London Law Society made representations asking for the Proposal to be shelved or at least amended to accommodate current market practice in the secondary loan market. Their representations are available on their respective websites. It is fair to say that in its original form the Proposal would have disrupted the secondary loan market by making due diligence on the part of a buyer much more complicated for the reasons given below. The UK indicated on 9 July 2018, shortly after publication of this Q&A, that it would not opt in...

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Public Law weekly highlights—12 December 2024

This week's edition of Public Law weekly highlights includes coverage of the Northern Ireland Assembly's historic vote to give democratic consent to the continued application of articles 5 to 10 of the Windsor Framework for the next four years, and the Cabinet Office’s new and updated guidance for the Procurement Act 2023. Additionally, these highlights cover the recruitment exercise for the UK judge on the European Court of Human Rights, a speech on judicial review by Mr Justice Fordham, and the DBT’s subsidy control assessment guides for public authorities. This edition further includes Brexit hightlights, Brexit SIs, Post-Brexit transition guidance, Constitutional and administrative law, Equality and human rights, Information law and Other Public law news.

The EU General Product Safety Regulation starts to apply

The EU General Product Safety Regulation, Regulation (EU) 2023/988 starts to apply on 13 December 2024. This regulation replaces Directive 2001/95/EC (General Product Safety Directive) and Council Directive 87/357/EEC (Misleading Products Directive) and aims to ensure the safety of all non-food consumer products sold in the EU, both online and offline. The new rules address challenges posed by online sales and third-country imports, improve enforcement and recall procedures, and grant consumers the right to remedy for unsafe products. The regulation is expected to yield significant societal and consumer savings by reducing preventable damages from unsafe products.