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Marine Strategy Framework Directive 2008/56/EC—snapshot

Marine Strategy Framework Directive 2008/56/EC—snapshot Title Directive 2008/56/EC Entry into force 15 July 2008 Transposition deadline 15 July 2010 Amendments See EUR-Lex linked documents Subject Marine ecosystems—marine strategies Purpose The Marine Strategy Framework Directive 2008/56/EC (the Directive) establishes a framework for Member States to achieve or maintain good environmental status (GES) in the marine environment by 2020. Its main aim is to protect and preserve the marine environment, prevent its deterioration or, if possible, restore marine ecosystems in areas adversely affected. It also contributes to coherence between different policies, agreements and legislative measures which impact on the marine environment while ensuring cooperation within the marine regions (North-East Atlantic, Baltic, Mediterranean and Black Sea). Member States must develop and implement marine strategies following an ecosystem-based approach applicable to the management of human activities, ensuring that such activities are kept within levels compatible with the achievement of GES and that the capacity of marine ecosystems to respond to human-induced changes is not compromised. This will enable the sustainable use of...

National Security and Investment Act—final orders tracker

National Security and Investment Act—final orders tracker This Practice Note tracks transactions in which the UK government has intervened on national security grounds under the National Security and Investment Act 2021 (NSIA 2021). Information on the NSIA 2021 can be found in the following Practice Notes: • The National Security and Investment Act 2021 • The National Security and Investment Act—implications for finance transactions • FAQs for insolvency professionals on the National Security and Investment Act 2021 Under NSIA 2021, s 26, where a transaction has been called-in for review (whether following a mandatory notification, voluntary notification, or pursuant to its call-in power), the government must, before the end of the assessment period, either: • make a final order, provided it considers that both a trigger event under the NSIA 2021 and a risk to national security has occurred or will occur (as applicable), or • issue a final notification that no further action will be taken NSIA 2021, s 26 specifies that a final order may include: • provision...

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Deed of covenant: for a ship mortgage

Deed of covenant: for a ship mortgage This Deed is made on [insert day and month] 20[insert year] Parties 1 [insert name of Owner], a company incorporated in [England and Wales] with registered number [insert company number] whose registered office is at [insert address] (the Owner); and 2 [insert name of Mortgagee] of [insert address] (the Mortgagee) RECITALS (A) The Mortgagee and the Owner have entered into a loan agreement dated [insert date] (the Loan Agreement) [a copy of which is attached to this Deed as Schedule 3] in which the Mortgagee has agreed to make a loan of [insert amount of loan] to the Owner to [re-] finance the [purchase OR construction] of the m.v. [insert name of ship] registered as a United Kingdom ship in the name of the Owner under official number [insert ship number] (the Ship). (B) To secure the performance by the Owner of its obligations under the Loan Agreement and this Deed including the payment to the Mortgagee...

Rule 15 letter—general offer

Rule 15 letter—general offer THIS LETTER IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the Offer or the action you should take, you are recommended to seek your own personal independent financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (as amended) if you are resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser in the relevant jurisdiction. The release, publication or distribution of this document and/or the accompanying documents in jurisdictions other than the United Kingdom may be restricted by the laws of those jurisdictions and therefore persons into whose possession this document comes should inform themselves about and observe such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This document does not constitute an offer to sell or issue, nor the solicitation of an offer to buy or subscribe for, shares in any jurisdiction in which...

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Are there any tax consequences (other than restarting the clock for exercise) of cancelling underwater CSOP options in consideration for another CSOP option?

Are there any tax consequences (other than restarting the clock for exercise) of cancelling underwater CSOP options in consideration for another CSOP option? Section 483 of the Income Tax (Earnings and Pensions) Act 2003 contains provisions which apply to the taxation of a new option where it is granted in exchange for the release or assignment of another option. In essence, these provisions mean that there will be no income tax liability on the surrender or release of the old option, as long as there is no additional consideration. Practice Note:

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Defra publishes JPC on UXO clearance in the marine environment

The Department for Environment, Food and Rural Affairs (Defra), along with devolved administrations, and associated bodies, has published a joint position statement (JPC) on unexploded ordnance (UXO) clearance in the marine environment, particularly for commercial marine developments.  The JPC establishes low noise methods as the default approach for UXO clearance, with high order methods, such as detonations, to be used only as a last resort. It also outlines additional information required for marine licence applications, including environmental assessments, mitigation plans, and monitoring protocols, among other aspects. Defra has also published guidance to assist marine users in minimising environmental impacts from UXO clearance. It has also published a policy paper, detailing the UK’s government’s ongoing and future efforts to reduce marine noise pollution, focusing on mitigating the impact of offshore wind development. From January 2025, all offshore wind pile driving activities in English waters must demonstrate best efforts to reduce noise using primary and/or secondary reduction methods. Defra also intends to consult on implementing an offshore wind piling noise limit, among...

Corporate weekly highlights—24 October 2024

This week's edition of Corporate weekly highlights includes publication of a transition plan outlining the government’s indicative timeline for commencing key provisions of the Economic Crime and Corporate Transparency Act 2023, a House of Lords Select Committee report on the Modern Slavery Act 2015 and HM Treasury’s best practice examples in government financial reporting for 2022-23.