A bank or institution that holds securities for safe-keeping and handles administrative arrangements such as collecting coupons and dividends.
THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL PENSION SCHEMESRunning a pension scheme can, at times, be a demanding and complex task for trustees. There is much legislation and regulation to understand and abide by, decisions to make and formalities to complete. As a result, many pension scheme trustees formally appoint a panel of professionals to assist them to run the pension scheme correctly and in accordance with all applicable laws and regulations.Legislation provides for the appointment of certain advisers known as ‘professional advisers’. Professional advisers include:•the scheme auditor•the scheme actuary•the fund manager•the custodian•the legal adviserIn fact, under the Pensions Act 1995 (PA 1995), schemes are legally obliged to appoint an auditor and, where defined benefits are provided, an actuary. This is explored further below.Pension schemes may also appoint non-professional advisers to help them run the scheme, such as scheme administrators, investment consultants and fiduciary managers.Before an adviser is formally appointed, trustees should ensure that they assess experience, expertise and cost efficiency. Many schemes invite potential advisers to complete a tender process to enable them to select and appoint the adviser. The Pensions Regulator has published guidance called Relations with Advisers, which sets out the key issues for trustees to consider when appointing advisers.Once an adviser has been selected, a service agreement will usually be
The UK Stewardship Code Background The origins of the UK Stewardship Code lie in Sir David Walker’s final review of corporate governance in UK banks and other financial institutions, along with his final recommendations (Walker Review), published on 26 November 2009. The Walker Review was principally driven by a perception that corporate governance failures contributed to the financial crisis in the UK that began towards the end of 2008, and it recommended a number of changes to the UK corporate governance regime. These included recommendations that the then existing Code on the Responsibilities of Institutional Investors prepared by the Institutional Shareholders’ Committee (ISC Code) should be ratified by the Financial Reporting Council (FRC) to operate as a stewardship code for institutional investors, setting out principles of best practice to be applied on a ‘comply or explain’ basis. Following a consultation, the FRC published the first version of the UK Stewardship Code in July 2010, which was largely based on the previous ISC Code. The Stewardship Code supplements the UK Corporate Governance Code (UKCG Code) and aims to enhance the quality of engagement between institutional investors and companies. It is thought that this, in turn, will help to improve long-term returns to shareholders and result in the efficient exercise of governance responsibilities. Versions The current version of the UK Stewardship Code (2020 Stewardship Code) was published in October 2019 and applies to
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Internal investigation—investigation report Privileged and confidential Not for onward transmission without reference to [Head of Legal/Name of law firm] Date of report: [insert date] Report provided by: [insert name of internal department or external law firm providing the report] Report provided to: Name Title [Insert name] [Insert job title] [Insert name] [Insert job title] [Insert name] [Insert job title] 1 Executive summary [Insert executive summary] 2 Complaints/issue The allegation(s) or concern(s) reported are set out in the table below: Allegation 1 [Insert description of allegation 1] Allegation 2 [Insert description of allegation 2] Allegation 3 [Insert description of allegation 3] Allegation 4 [Insert description of allegation 4] 3 Investigation process 3.1 Document review 3.1.1 Collection of electronic data (a) We have collected electronic evidence comprising forensic images of laptops, desktop hard drives, mobile devices, USB storage devices and archived data pertaining to [insert number] current and former employees of [insert organisation's name] (collectively referred to as Custodian data, details of which are included in Appendix 1). This data has processed and found to contain approximately [insert number] items comprising emails, calendar entries, contracts and accounting documents. Relevant custodians are listed in the below table: Custodian Title Number of documents (after search terms applied) [Insert name] [Insert job title] [Insert number] [Insert name] [Insert job title] [Insert number] (b) We have used [a list of keyword search terms relevant to the investigation for document review OR Technology Assisted Review (TAR) OR .
Matter management procedures—in-house legal team 1 Introduction 1.1 This document sets out procedures for the legal team in relation to: 1.1.1 matter opening and file maintenance; 1.1.2 matter progression; 1.1.3 matter conclusion; 1.1.4 supervision; 1.1.5 instructing external lawyers; 1.1.6 conflicts of interest; and 1.1.7 confidentiality and disclosure. 2 Responsibility and application 2.1 [Insert name, department or role holder] is responsible for this document. 2.2 The policies and procedures set out in this document apply to all current and former members of the legal team (legal staff), including employees, temporary and agency workers, interns, volunteers and apprentices. 2.3 All legal staff must be familiar with this document and comply with its terms. 2.4 This document does not form part of any employee’s contract of employment and [insert organisation’s name] may supplement or amend this policy with additional policies and guidelines from time to time. Any new or modified policy will be circulated to legal staff before being adopted. 3 Matter opening and file maintenance 3.1 Maintaining legal files in a systematic and reliable manner is essential to ensure: 3.1.1 consistency of approach; 3.1.2 any member of the legal team can pick up your workload easily or check the status of any matter and the actions taken to date; 3.1.3 important information and documents are retained for an appropriate period, for future review or disclosure; and 3.1.4 we do not incur the costs and risks associated with retaining unnecessary information. 3.2 Legal files can exist in different formats
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What does ‘substantially the whole’ mean in the context of a QFC appointment? Where is it relevant? Paragraph 14(1) of Schedule B1 to the Insolvency Act 1986 (IA 1986) allows the holder of a qualifying floating charge in respect of the company’s property to appoint an administrator of the company using the out-of-court route. IA 1986, Sch B1, para 14(3) provides that a person is the holder of a qualifying floating charge if he holds one or more debentures of the company secured by: • one or more qualifying floating charges that relate to the ‘whole or substantially the whole of the company's property’ or • charges and other forms of security that together relate to the ‘whole or substantially the whole of the company's property’ and at least one is a qualifying floating charge Please refer to IA 1986, para 14(2) of Sch B1 for the criteria of what is a qualifying floating charge. What does ‘substantially the whole’ mean? There is no case law guidance from the courts in England and Wales in relation to the meaning of ‘substantially the whole’. It is clear from the context that it must be something less than 100% but still a significant percentage of the company's assets. By way of example, this issue may arise in the following situations: • a company has purported to grant a floating charge over all of the company’s property
When a custodian holds assets, are they held on trust for the client? Is there a difference between cash and other assets? Trustees have a general power under Trustee Act 2000 (TrA 2000), s 17 to appoint a custodian of trust assets where such power has not been restricted or excluded by the trust instrument TrA 2000, s 26. Trustees remain under a duty of care to supervise custodians TrA 2000, s 22 and review the terms of the custodianship and may be liable for any act or default of the
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TMT analysis: Marina Reason, Partner at Herbert Smith Freehills, considers the Law Commission’s consultation paper on the recognition and protection of digital assets and the importance for property rights reform.
Law360, London: German authorities are ramping up criminal and civil actions against banks and investment advisers who profited from dividend stripping schemes after the country's highest court said the practice was illegal, a ruling lawyers and prosecutors say could soon reverberate in London.
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