International Financial Markets Guide—Turkey 1. Telephone taping (a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales of banking or financial products or insurance services? Pursuant to Article 51 of the Electronic Communications Law (published in the Official Gazette dated November 10, 2008 and numbered 27050), electronic communications (including telephone calls) shall not be wire-tapped or recorded unless all of the parties to such electronic communication are informed that the telephone call will be taped with the purpose of the taping expressed and give explicit consent to such wire-tapping or recording. Although the tape is admissible as evidence, it cannot be used as conclusive evidence without additional proof substantiating the tape. (a)(ii) When might they apply to entities conducting business cross-border? Whenever one of the parties to the call is in Turkey. (b) What are the exemptions from these requirements? In the event that the person to whom the banking or financial products or insurance services are sold is notified that the respective conversation will be recorded and such a person does not object to such a recording, the respective telephone call may be taped. 2. Money laundering (a)(i) Are there any legal or regulatory requirements that must be observed by credit institutions/investment firms/insurers in connection with the detection and prevention of money laundering? The Prevention of Money Laundering Law (published in
Private M&A—Spain—Q&A guide This Practice Note contains a jurisdiction-specific Q&A guide to private M&A in Spain published as part of the Lexology Getting the Deal Through series by Law Business Research (published: October 2021). Authors: Uría Menéndez—Guillermo del Río 1. How are acquisitions and disposals of privately owned companies, businesses or assets structured in your jurisdiction? What might a typical transaction process involve and how long does it usually take? Acquisitions and disposals of privately owned companies, businesses or assets are usually structured either as: • a share deal: acquiring a company that has assets instead of just the assets (ie, acquiring the box with everything in it and not just the contents of the box); or • an asset deal: acquiring assets (and liabilities) instead of a company that has assets (ie, acquiring the contents of the box but not the box itself). The most recent practice shows that share deals continue to be more common than asset deals since they are usually less complex to implement than asset deals, among other reasons; however, the choice of one or the other must be thoroughly analysed on a case-by-case basis (eg, asset deals may be of special interest in specific scenarios, such as when the buyer has a choice of assets to acquire (ie, cherry-picking)). The private M&A process and its duration depends on many factors and on how complex it is (number
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Guide to beneficial ownership for staff 1 Introduction to this guide 1.1 [Insert organisation name] is required by the Money Laundering Regulations 2017, SI 2017/692 (MLR 2017), as amended, to put systems and controls in place to combat money laundering and terrorist financing. 1.2 Our AML and counter-terrorist financing policy contains the procedures we have developed to comply with these obligations. This includes a requirement to conduct customer due diligence (CDD), ie to: 1.2.1 identify and verify the customer’s identity; 1.2.2 identify the beneficial owner where this is not the customer; and 1.2.3 obtain details of the purpose and intended nature of the business relationship. 1.3 This document provides guidance on the second requirement, ie to identify the beneficial owner. 2 What/who is a beneficial owner? 2.1 A beneficial owner is the natural person(s) who: 2.1.1 ultimately owns or controls the customer; or 2.1.2 on whose behalf a transaction is being conducted. 2.2 The concept of beneficial ownership should not be confused with a situation where a customer appoints someone to act on their behalf. See our AML and counter-terrorist financing policy, section [insert section title or number] for the steps to take where a person purports to act on behalf of the customer. 3 Types of beneficial owner 3.1 The MLR 2017 identify six categories of customer that may have a beneficial owner: 3.1.1 corporate body, ie companies and limited liability partnerships (LLPs) which is not a company
Will—to spouse absolutely, then to children on flexible life interest trust 1 Revocation I [full name of testator] of [address of testator] revoke all former testamentary dispositions made by me[ to the extent that and so far only as they affect my property of every kind in the United Kingdom of Great Britain and Northern Ireland] and declare this to be my last Will. [I also revoke all previous appointments of guardians of my minor children made by me before the date of this Will.] 2 [ Territorial scope, declaration of domicile and choice of law 2.1 [This Will shall affect only my property of every kind in the United Kingdom of Great Britain and Northern Ireland and no other part of my property of any kind outside the United Kingdom of Great Britain and Northern Ireland.] 2.2 [I declare that I am domiciled in England.] 2.3 [I hereby declare that at the date of this Will I have British nationality, and that I choose the law of the England and Wales to govern my succession as a whole, to the intent that the law of England and Wales should be the applicable law of succession in relation to all my property wherever situated for the purposes of English law, and of EU Regulation Number 650/2012 and in particular Article 22 (choice of law) of such Regulation.] ] 3 Appointment of executors and trustees 3.1 I
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Does stamp duty apply to the assignment of a life insurance policy? The stamp tax analysis of an assignment of a life insurance policy will depend on the mechanics of the assignment and whether the policy is a marketable security. Stamp duty was abolished on life insurance policies by Finance Act 1989 (FA 1989), s 173 (now repealed) with effect for instruments made after 31 December 1989. Stamp duty should only apply if any assignment or transfer falls within the general charging provisions listed below. Subject to exemptions and reliefs, UK stamp duty applies to: • instruments of transfer relating to stock or marketable securities (such as stock transfer forms) • instruments effecting a transfer of any interest in a partnership which holds stock or marketable securities, and • certain bearer instruments when they are issued, and in certain circumstances, when they are transferred when consideration of cash, debt or securities
What is the difference between a promissory note and an IOU? What is a promissory note? Under English law, promissory notes are negotiable instruments that represent an unconditional promise by one party to pay another party, in accordance with the terms of the instrument. In essence, a promissory note is a written promise by a debtor to pay a specific sum on a prearranged date. The Bills of Exchange Act 1882 (BEA 1882) sets out the requirements for a valid promissory note: 'A promissory note is an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money, to, or, to the order of, a specified person or to the bearer' (BEA 1882, s 83(1)).' There is no specific form of words required to be used when creating a promissory note, but the key characteristics are: • payment is unconditional—payment cannot be subject to any conditions or requirements whether set out in the instrument or referenced externally • in money—promissory notes are for payment in money and cannot include an agreement to perform any other acts • the sum due is certain—the amount due cannot be qualified or contingent in any way and must be able to be determined from the instrument itself (note that if interest must be paid in
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This week's edition of Tax weekly highlights includes: (1) news analysis on the FTT decision in JTI, (2) the OECD publishing comments it has received on cryptoassets reporting and the extractives exclusion under Pillar One Amount A and (3) the UN launching the 2021 version of its Model Tax Convention.
Dispute Resolution analysis: The Court of Appeal has given a robust reminder of the challenges facing a party who seeks to appeal against findings of primary fact. Written by Andrew Butler QC, barrister at Tanfield Chambers, London.
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