Asset Definition

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EU Securitisation Regulation—timeline

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...

EU operational resilience—timeline

EU operational resilience—timeline This timeline shows key developments relating to EU operational resilience requirements for financial services firms from January 2024 onwards. For earlier developments, see Operational resilience—timeline [Archived] 2025 Date Source Document Description 15 April 2025 FSB FSB finalises the common Format for Incident Reporting Exchange (FIRE) The Financial Stability Board (FSB) has published its finalised format for incident reporting exchange (FIRE), which aims to standardise and streamline cyber and operational incident reporting. Developed with private sector collaboration, FIRE addresses fragmentation in reporting requirements across multiple jurisdictions and supports phased implementation. It is interoperable with existing systems and applicable to a wide range of incidents, including those involving third-party service providers. The initiative promotes convergence in cyber incident reporting, reduces the reporting burden for firms, and improves communication among authorities.See: LNB News 15/04/2025 37. 24 March 2025 European Commission COMMISSION DELEGATED REGULATION (EU) …/... supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying the elements that a financial...

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SAR glossary codes and additional reporting routes—flowchart

SAR glossary codes and additional reporting routes—flowchart This Flowchart illustrates the most commonly used National Crime Agency (NCA) glossary codes to use when completing a Suspicious Activity Report (SAR) via the SAR Portal, and the additional reporting routes you should consider. The full list of SAR Glossary Codes can be found in SAR Glossary Codes and Reporting Routes. Note 1 SARs regime The SARs regime is not intended as a means of reporting crime or matters relating to immediate risks to others. The SARs regime is designed for the purpose of reporting knowledge or suspicions of money laundering or terrorist financing under the Proceeds of Crime Act 2002 (POCA 2002) and the Terrorism Act 2000 (TA 2000). In addition to submitting a SAR to the NCA, you may therefore need to report the matter via other routes, eg where a crime is in progress or there is an immediate risk to a person. We have flagged where this may be appropriate. If possible, you should make these additional reports...

Excluded property from 6 April 2017—flowcharts

Excluded property from 6 April 2017—flowcharts These flowcharts are designed to help determine if an asset is excluded property for the purposes of UK inheritance tax (IHT) on or after 6 April 2017. The flowcharts consider whether an asset is excluded property or not, depending on the situs of the property and the domicile of the beneficial owner or settlor as appropriate. However, the detailed provisions relating to excluded property should be referred to and practitioners should also consider whether a double tax treaty may apply to override the excluded property regime depending on the particular circumstances of a matter. See Practice Note: Double taxation relief—summary. Conversely, unilateral relief from IHT may apply where a tax of a similar nature has already been levied in respect of the same asset by a foreign tax authority. For further information, see Practice Notes: Excluded property trusts—key events affecting IHT status and Situs of assets for succession and IHT. Situs of property The situs of an asset is important for determining the...

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Asset-backed contributions—tax treatment

The funding of defined benefit pension schemes and the volatility and risk associated with these schemes has been a key issue for many employers over many years. Asset-backed contribution (ABC) arrangements can be used to reduce pension scheme deficits as an alternative to cash payments under a standard schedule of contributions.However, ABC arrangements are not without complexity, and tax is a key consideration both to ensure the desired tax outcome is achieved and to mitigate the risk of any undesirable tax consequences arising.This Practice Note provides a brief overview of ABCs and then looks at the key tax considerations relevant to an ABC structure, including their restructuring and unwinding, which is principally addressed in sections 196–196L of the Finance Act 2004 (FA 2004).For further information on what ABCs are, how they can be used to reduce pension scheme deficits and the main considerations when setting up such an arrangement, see Practice Note: Asset-backed contributions for pension schemes.ABCs—an overviewABC structures were initially developed to enable companies to address pension scheme deficits...

Asset-backed contributions for pension schemes

THIS PRACTICE NOTE APPLIES ONLY TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMESAsset-backed contribution arrangements are a tool, which can be used to help reduce pension scheme deficits. There are risks involved, although these can be mitigated through seeking appropriate professional advice and structuring the arrangement correctly. However, the ultimate question, which will need to be carefully considered by the scheme trustee and its advisers, is whether investing in an asset-backed contribution arrangement puts the trustee and the scheme in a better position than simply signing up to a long recovery plan.Since Marks & Spencer led the way in 2008 with a property-backed contribution arrangement designed to reduce the deficit carried by its pension scheme by £500m, a number of other major names have followed suit, including John Lewis, Sainsbury’s and Whitbread. Today, employers use asset-backed contributions as an efficient way to fund growing deficits in defined benefit occupational pension schemes.What is an asset-backed contribution arrangement?An asset-backed contribution (ABC) arrangement is a contractual funding arrangement by which a special purpose vehicle is...

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EHS warranties—asset purchase agreement—seller’s version

EHS warranties—asset purchase agreement—seller’s version Definitions Environment • all or any of the following media: (a) air (including air within buildings or other structures and whether below or above ground) (b) land (including soil and sub-surface land); and (c) water (including surface water and groundwater) and any ecological systems or living organisms (including humans) supported by such media. EHS Laws • all applicable laws (whether civil, criminal or administrative), statutes, statutory instruments, directives, regulations, common law and decisions of any court relating to EHS Matters. EHS Matters • any matters relating to the Environment or health and safety. Environmental Permit • any permits, licences, authorisations or consents required at Completion by the Business in relation to the use of

Explanatory note for a client's Will—to spouse on flexible life interest trust with remainder on discretionary trust

Explanatory note for a client's Will—to spouse on flexible life interest trust with remainder on discretionary trust STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime. Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. [Your] Will—[name of testator]—explanatory note This explanatory note explains the main provisions of your Will. Please read this explanatory note and your Will carefully....

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On a relevant transfer under TUPE 2006, does the transferor’s liability for failing to prevent bribery, to the extent that it is not criminal liability, transfer to the transferee?

On a relevant transfer under TUPE 2006, does the transferor’s liability for failing to prevent bribery, to the extent that it is not criminal liability, transfer to the transferee? Bribery Act 2010 The Bribery Act 2010 sets out four offences: • bribing another person (also known as active bribery) • soliciting or accepting a bribe (also known as passive bribery) • bribing a foreign public official, and • failure of a commercial organisation to prevent bribery by an 'associated person' for its benefit For further information, see Practice Note: Bribery Act 2010: essentials for employment lawyers. The first three offences above apply to individuals and companies. The offence of failure to prevent bribery applies only to relevant commercial organisations. For information on the offence of failing to prevent bribery, see Practice Note: Bribery Act 2010: essentials for employment lawyers—Failure of commercial organisations to prevent bribery. See the Serious Fraud Office (SFO) Guidance on adequate procedures facilitation payments and business expenditure and the following documents (referred to in...

What are the pre- and post-trade transparency requirements for UK trading venues in respect of shares and other equity-like instruments?

What are the pre- and post-trade transparency requirements for UK trading venues in respect of shares and other equity-like instruments? What are the pre- and post-trade transparency requirements in respect of shares and other equity-like instruments under UK MiFIR? Pre-trade Market operators and investment firms operating a trading venue are required to make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for shares and other equity-like instruments traded on a trading venue. This requirement also applies to actionable indication of interests. Information must be available to the public on a continuous basis during normal trading hours. For detailed information, see Practice Note: MiFID II—UK trading venues — Requirements for RMs, MTFs and OTFs — Pre- and post-trade transparency requirements for market operators. Post-trade Market operators and investment firms operating a trading venue are required to make public the price, volume and time of the transactions executed in respect of shares and other equity-like instruments traded on that...

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ICMA publishes position paper opposing uniform NBFI macroprudential framework

The International Capital Market Association (ICMA) has published a position paper, opposing the implementation of a uniform macroprudential framework for non-bank financial intermediaries (NBFIs). The paper argues existing EU regulations for asset managers and funds are sufficient, while recommending improved cross-border regulatory data sharing and market surveillance. ICMA is particularly opposed to imposing mandatory central clearing for bonds and securities financing transactions. Instead, the association advocates for broadening collateral eligibility and removing the barriers that hinder voluntary central clearing access.

Pensions industry bodies warn government over Mansion House mandate

Law360: The government is likely to fail in its application to oblige pension funds to invest in the UK without ensuring that there is a sufficient pipeline of viable assets, a panel of experts warned MPs on 14 May 2025.

GLOSSARY

What does Asset mean?

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EU Securitisation Regulation—timeline

EU operational resilience—timeline

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SAR glossary codes and additional reporting routes—flowchart

Excluded property from 6 April 2017—flowcharts

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Asset-backed contributions—tax treatment

Asset-backed contributions for pension schemes

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EHS warranties—asset purchase agreement—seller’s version

Explanatory note for a client's Will—to spouse on flexible life interest trust with remainder on discretionary trust

View the related q&as about Asset

On a relevant transfer under TUPE 2006, does the transferor’s liability for failing to prevent bribery, to the extent that it is not criminal liability, transfer to the transferee?

What are the pre- and post-trade transparency requirements for UK trading venues in respect of shares and other equity-like instruments?

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ICMA publishes position paper opposing uniform NBFI macroprudential framework

Pensions industry bodies warn government over Mansion House mandate

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GLOSSARY

Asset definition

What does Asset mean?

View the related checklists about Asset

EU Securitisation Regulation—timeline

EU operational resilience—timeline

View the related flowcharts about Asset

SAR glossary codes and additional reporting routes—flowchart

Excluded property from 6 April 2017—flowcharts

View the related practice notes about Asset

Asset-backed contributions—tax treatment

Asset-backed contributions for pension schemes

View the related precedents about Asset

EHS warranties—asset purchase agreement—seller’s version

Explanatory note for a client's Will—to spouse on flexible life interest trust with remainder on discretionary trust

View the related q&as about Asset

On a relevant transfer under TUPE 2006, does the transferor’s liability for failing to prevent bribery, to the extent that it is not criminal liability, transfer to the transferee?

What are the pre- and post-trade transparency requirements for UK trading venues in respect of shares and other equity-like instruments?

View the related News about Asset

ICMA publishes position paper opposing uniform NBFI macroprudential framework

Pensions industry bodies warn government over Mansion House mandate

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