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The purchase, sale, subscription or underwiting of a particular investment
This term is widely used in the SRA Financial Services (Scope) Rules 2001 and the SRA Financial Services (Conduct of Business) Rules 2001.
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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...
Option agreements—acting for the buyer—checklist Call or put option? In a 'call' option the buyer will have control in that it may call for a transfer of the property. A 'put' option gives the seller control in that it can require the buyer to take a transfer of the property and therefore the buyer should be especially vigilant in ensuring that the terms for the transfer (particularly those relating to valuation and, if appropriate, insurance) are as favourable as possible. Seller's charges If the property is already mortgaged at the date of grant of the option agreement, there is a risk that the mortgagee may overreach the option by exercising its power of sale. Therefore ensure that the mortgagee either: • joins into the agreement (this is rare in practice), or • provides written consent to the granting of the option In either case, the mortgagee should confirm that if the buyer exercises the option it will acquire the property free from the charge or, if the mortgagee...
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Does the Procurement Act 2023 apply?—flowchart This content relates to the Procurement Act 2023 regime As of 24 February 2025, the main provisions of the Procurement Act 2023 (PA 2023) are in force. Procurements begun on or after this date must be carried out under PA 2023 (where applicable), whereas those begun under the previous legislation (the Public Contracts Regulations 2015, SI 2015/102, the Utilities Contracts Regulations 2016, SI 2016/274, the Concession Contracts Regulations 2016, SI 2016/273, and the Defence and Security Public Contracts Regulations 2011, SI 2011/1848) must continue to be procured and managed under that legislation. See Practice Note: Introduction to
What rate of SDLT applies to my transaction?—Flowchart This Flowchart assists with establishing which rate of stamp duty land tax (SDLT) applies to a transaction. There are various rates of SDLT that can apply to acquisitions of different types of property (residential, non-residential (commercial property) or mixed use property). This Flowchart should be read in conjunction with Practice Note: Rates of SDLT. This Flowchart assumes that: • the purchaser is acquiring one property and that the acquisition is not linked to any other transaction. For more on linked transactions see Practice Note: SDLT chargeable consideration—Linked transactions • no relief from SDLT applies to the transaction. For more on reliefs from SDLT, see Practice Note: SDLT—general reliefs and exemptions, and • to the extent that the property being acquired is residential: ◦ the acquisition is of a major interest in a dwelling that is not subject to a long lease and the consideration is £40,000 or more. For the meaning of major interest see Practice Note: Higher rates of...
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Scope of this Practice NoteThis Practice Note provides information on the regulated activity of arranging deals in investments as well as the regulated activities of operating a multilateral trading facilities (MTFs), operating organised trading facilities (OTFs) and operating electronic systems for public offers of relevant securities under articles 25, 25D, 25DA and 25DB of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO), including information on applicable exclusionsThe activities of arranging regulated mortgage contracts (RMCs), home reversion plans (HRPs), home purchase plans (HPPs), and arranging regulated sale and rent back agreements can be found in SI 2001/544, arts 25A–25C and 25E. For further information, see Practice Note: Arranging deals in home finance transactions.Arranging (bringing about) deals in investmentsArranging (bringing about) deals in investments falls under the RAO, SI 2001/544, art 25(1) and consists of making arrangements for another person (whether as principal or agent) to:•buy•sell•subscribe to, or•underwritean investment that is a:•security•relevant investment•Lloyd's syndicate capacity and syndicate membership (see article 86 of the RAO), or a...
An investment trust is a pooled investment vehicle in the form of a listed UK tax resident company (despite the name, therefore, it is not a trust). Investment trusts enjoy exemption from tax on chargeable gains if they are approved by HMRC.For more on what investment trusts are and the eligibility conditions and ongoing requirements they must satisfy, see Practice Note: Taxation of investment trusts—what are investment trusts? For more on the approval process for investment trusts, see Practice Note: Taxation of investment trusts—breaches of eligibility conditions and ongoing requirements.This Practice Note considers the special rules for the taxation of approved investment trusts relating to:•tax on chargeable gains•tax on income—in particular, the treatment of:◦distributions received◦trading vs investment transactions◦loan relationships and derivative contracts◦interests held in non-reporting offshore funds, and◦management expenses•the elective streaming regime pursuant to which an approved investment trust may designate a distribution it makes to investors as interest •VATReferences in this Practice Note to an investment trust are to a company that has been approved by HMRC as an...
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Application letter—deferral of SDLT on contingent or uncertain consideration [ To be printed on headed notepaper of applicant including full contact details ] HMRC SDLT Deferment Applications [[insert relevant HMRC address]] United Kingdom Dear HMRC Deferral of stamp duty land tax (SDLT) [Insert name of purchaser] UTRN: [insert UTRN of form SDLT1 tax return if already prepared] [We OR I] write to apply for deferral under section 90 of the Finance Act 2003 in respect of SDLT due on [the acquisition disclosed by the above SDLT1 return OR an acquisition of a chargeable interest by [name of purchaser]]. Details of the transaction and the deferral sought are set out in the table below in accordance with HMRC guidance provided in SDLTM50910. The effective date of the transaction [was [insert date] OR has not yet passed but is expected to occur [before [insert date] OR on or around [insert date]]. This application is submitted before completion to maximise the time available for you to consider...
Letter to developer client at the start of development project To: [insert client name and address] Date: [insert date] Dear [contact name] [Project name/Address] Thank you for instructing us in relation to [description of project and address]. So that we have as much information as possible at the outset of this project, and to highlight any key issues, I would be grateful if you could confirm the following and bring any relevant documents [including those listed in the schedule to this letter] to our meeting on [date]: The works • A full description of the intended project (ie intended floor area, how many floors, any car parking, etc) • Will the works constitute the construction of, or building works to, a ‘higher-risk building’ for the purposes of the Building Safety Act 2022? • Intended start on site date • Intended completion date • Estimated construction cost • Have any members of the design/construction team been selected, particularly the principal designer and principal contractor? • Has a...
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If a law firm has a digital copy of a complete matter file, is there a period of time that the firm must keep the physical copy of the file before it is destroyed? We are not aware of any specific regulatory requirement mandating the retention of physical copies of matter files if a digital copy is available. Indeed, some firms operate on a paperless basis generally, holding hard copy original documents/deeds only. However, it is generally good practice for law firms to have a matter closing procedure that includes the storage and eventual destruction of both paper-based and digitally-stored records How to close a client
What is an approved reporting mechanism (ARM)? What is an approved reporting mechanism? Assimilated Regulation (EU) 600/201 (UK MiFIR) requires investment firms that execute transactions in financial instruments to report details of those transactions to the Financial Conduct Authority (FCA) as quickly as possible, and not later than the close of the following working day. Transaction reports can be made either by the investment firm itself, an approved reporting mechanism (ARM) acting on its behalf or by the trading venue on which the transaction was executed. An ARM is defined as a person authorised under the Data Reporting Services Regulations 2024, SI 2024/107 (DRS Regulations 2024) to provide the service of reporting details of transactions to the FCA on behalf of investment firms. ARMs, together with approved publication arrangements (APAs) and consolidated tape providers (CTPs), are referred to as data reporting services providers (DRSPs). For detailed information, see Practice Note: UK data reporting services providers — The UK DRSP regime. What operating requirements apply to ARMs? The operating requirements for...
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This week's edition of Corporate weekly highlights includes news of confirmation from the government that it intends to proceed, in 2027, to replace stamp duty and stamp duty reserve tax (SDRT) with a single, self-assessed tax on securities. In connection with this, the government has also launched a consultation on modernising the rules concerning the legislation concerning imposing the 1.5% higher rate charge on stamp taxes on shares.
The Financial Conduct Authority (FCA) has published a webpage on the Consumer Duty and international payment pricing transparency. It sets out examples of good and poor practice on how firms communicate the cost of international money remittance and cross-border payments.
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