Third country Definition

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Client Classification Checklist

Client Classification Checklist This checklist provides an overview of the Financial Conduct Authority’s (FCA) client classification requirements and may assist those seeking to classify clients as either retail clients, professional clients or eligible counterparties. • 1. Is the firm providing services relating to a child trust fund (CTF) (except for a personal recommendation relating to a contribution to a CTF) to the client? (COBS 3.4.2 R) If yes, the client is a Retail Client. If no, please see question 2. • 2. Is the firm providing any of the following services ('Eligible Counterparty Business') to the client? ◦ Dealing on own account, executing orders on behalf of clients or receiving and transmitting orders ◦ Carrying on any ancillary services directly related these services, or ◦ Arranging in relation to business that is not MiFID or equivalent third country business. (COBS 3.6.1(2) R) If yes, please see question 10. If no, please see question 3. • 3. Is the client an entity required to be authorised or regulated to operate in...

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 30 June 2025 European Commission Executive summary of the impact assessmentRegulatory Scrutiny Board Opinion—Impact AssessmentRegulatory Scrutiny Board Opinion—Impact Assessment with reservations The European Commission has published an impact assessment on proposed amendments to EU securitisation regulations. The assessment focuses on modifications to Regulation (EU) 2017/2402 and Regulation (EU) No 575/2013, addressing overcorrection in the post-Global Financial Crisis framework. While the current stringent rules have enhanced market security, the evaluation concludes that they have also stifled market development and rendered securitisation expensive and unappealing due to the high prudential requirements. 17 June 2025 European Commission Commission proposes measures to revive the EU Securitisation FrameworkQuestions and answers on the review of the EU Securitisation FrameworkProposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) 2017/2402 of the European Parliament and...

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International data transfers—flowchart

International data transfers—flowchart This Flowchart takes you through the various legal mechanisms for transferring personal data to a country outside the UK, eg: • an adequacy decision/regulation • appropriate safeguards like standard contractual clauses (SCCs) or International Data Transfer Agreement (IDTA), or binding corporate rules (BCRs), and • a derogation Such transfers are prohibited by the data protection regime unless you have one of these mechanisms in place. The mechanisms are designed to ensure data subjects are protected when their personal data leaves the UK. The mechanisms follow a hierarchy and this Flowchart will help you determine which is most appropriate for your organisation and processing activity. This Flowchart reflects the UK General Data Protection Regulation (UK GDPR). See also Practice Note: How to manage international personal data transfers. Note 1—adequacy decision/regulation You may transfer personal data to a country that has the benefit of a UK adequacy decision. Transfers made under an adequacy decision do not need any specific authorisation from the ICO. There...

Standard contractual clauses and binding corporate rules—EU methodology—flowchart

Standard contractual clauses and binding corporate rules—EU methodology—flowchart This Flowchart reflects the methodology set out by the European Data Protection Board (EDPB) for determining whether you can make an international transfer of personal data on the basis of standard contractual clauses (SCCs) or binding corporate rules (BCRs). You can only rely on these transfer mechanisms where the protections, enforceable rights and legal remedies provided to individuals in the recipient country are essentially equivalent to those guaranteed under the General Data Protection Regulation (GDPR). The ‘essentially equivalent’ test was laid down in the case of Facebook Ireland and Schrems (Schrems II), which was decided under the EU GDPR. The Information Commissioner’s Office (ICO) has published Guidance on transfer risk assessments, which adopts the term ‘sufficiently similar’ in relation to transfers under the UK GDPR and uses a different methodology. The ICO is happy for organisations exporting data from the UK to follow either methodology. This Flowchart reflects the EU methodology, as set out in: • EDPB Guidelines on...

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International personal data transfers from the EEA using 2004/2010 SCCs—EEA controller 1—EEA controller 2—third country controller 1—third country controller 2 [Archived]

International personal data transfers from the EEA using 2004/2010 SCCs—EEA controller 1—EEA controller 2—third country controller 1—third country controller 2 [Archived] ARCHIVED: On 7 June 2021, a decision was published in the Official Journal of the EU providing for: (a) new standard contractual clauses (SCCs) for transfers of personal data subject to the EU GDPR to third countries outside the EEA to be available for use from 27 June 2021; and (b) for the repeal (after a grace period) of the older 2001, 2004 and 2010 international transfer SCCs. For further guidance, see Practice Note: EU GDPR—transfers of personal data internationally and to international organisations. This Practice Note relates to the 2004 and/or 2010 SCCs and ceased to be maintained when the new (2021) international SCCs were first published. Purpose of this Practice Note As explained in Practice Note: UK GDPR and EU GDPR—transfers of personal data internationally and to international organisations, Chapter V of the General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR) imposes restrictions on transfers...

What does IP completion day mean for clinical trials? [Archived]

What does IP completion day mean for clinical trials? [Archived] ARCHIVED: This Practice Note has been archived and is no longer maintained. 11 pm (GMT) on 31 December 2020 marked the end of the implementation period put in place to enable the UK to transition away from the EU’s laws and institutions. At that point in time (referred to in this document as ‘IP completion day’) there was an immediate and significant change in the UK’s legal regime. This Practice Note explains the implications of this change in relation to the following aspects of clinical trials: • Overview—what happened on 31 December 2020 • How does Brexit impact clinical trials? • What are the key legal authorities in this area? • What guidance is available from the UK government? • What guidance is available from the EU? • What are the key items of retained EU law? Are they subject to amendment from IP completion day? • What are the key requirements for sponsors from IP completion day?...

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Response to data subject request—right of access—able to comply with request

Response to data subject request—right of access—able to comply with request [insert name of individual making request] [insert address of individual making request] [insert date of this response] Dear [insert name of individual making request] I am writing in response to your request dated [insert date of request], which we received on [insert date]. You have asked for [confirm precisely what was requested, eg ‘electronic copies of any personal data we hold about you’]. We have made a reasonable and proportionate search for the personal data [and other information] you requested. I confirm that we are processing personal data relating to you and a copy of the relevant information is [insert details of how personal data is being provided to the data subject, eg attached to this email, password protected. The password will follow in a separate email]. [As your request was made electronically, we are providing the information to you [insert details of format in which the information is being provided—this must be a commonly...

EU GDPR—2021 standard contractual clauses (SCCs) for the transfer of personal data to third countries—module four—processor to controller—where the processor combines with personal data collected by it in the EEA

EU GDPR—2021 standard contractual clauses (SCCs) for the transfer of personal data to third countries—module four—processor to controller—where the processor combines with personal data collected by it in the EEA STANDARD CONTRACTUAL CLAUSES SECTION I Clause 1 Purpose and scope (a) The purpose of these standard contractual clauses is to ensure compliance with the requirements of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (General Data Protection Regulation) (1) for the transfer of personal data to a third country. (b) The Parties: (i) the natural or legal person(s), public authority/ies, agency/ies or other body/ies (hereinafter ‘entity/ies’) transferring the personal data, as listed in Annex I.A (hereinafter each ‘data exporter’), and (ii) the entity/ies in a third country receiving the personal data from the data exporter, directly or indirectly via another entity also Party to these Clauses, as listed in Annex...

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What is a tap issue in relation to a note?

What is a tap issue in relation to a note? BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but the UK must continue to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements) and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement. This has an impact on this Q&A. For guidance, see Practice Note: Brexit—impact on finance transactions [Archived]—Brexit planning and impact—key issues for debt capital markets transactions. A 'tap' issue is an issue of notes...

In a contract for the sale of goods (business to business), is the buyer entitled to reject the goods if they do not conform to specification in circumstances where the buyer has, subsequent to delivery by the seller, shipped the goods onwards to a third country? Is the supplier liable to refund the price of the goods before they receive the returned goods?

In a contract for the sale of goods (business to business), is the buyer entitled to reject the goods if they do not conform to specification in circumstances where the buyer has, subsequent to delivery by the seller, shipped the goods onwards to a third country? Is the supplier liable to refund the price of the goods before they receive the returned goods? Where the buyer has shipped the goods onwards, English law will consider whether the buyer acted as having accepted the goods. Section 35(6) of the Sale of Goods Act 1979 (SGA 1979) provides that the buyer is not deemed to have accepted the goods ‘merely because the goods are delivered to another under a sub-sale or other disposition’. See also Commentary: Resales: Halsbury’s Laws of England [313]. Upon taking delivery, the buyer should take every opportunity where possible to examine the goods. SGA 1979, s 34 provides that the seller is bound on request to allow the buyer a reasonable opportunity of examining...

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ESMA publishes final report on active account requirements under EMIR 3

The European Securities and Markets Authority (ESMA) has published its Final Report on the Active Account Requirement under the European Market Infrastructure Regulation (EU) 2024/2987 (EMIR 3). Developed in cooperation with the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Systemic Risk Board, the report aims to mitigate financial stability risks arising from EU counterparties’ reliance on third-country central counterparties (Tier 2 CCPs). It requires certain financial and non-financial counterparties to maintain operational and representative active accounts with EU-based CCPs. The draft regulatory technical standards will be submitted to the European Commission for adoption, pending non-objection from the European Parliament and Council.

EU Law weekly highlights—3 July 2025

This week's edition of EU Law weekly highlights includes the publication of the programme for the Danish Presidency of the Council of the EU for 1 July to 31 December 2025, the adoption of a new State aid framework for the clean industrial transition, the announcement of plans to introduce an EU Quantum Act in 2026, and the launch of a consultation on the extension of the EU carbon border adjustment mechanism to downstream products. In addition this week, the Parliamentary Committee on Internal Market and Consumer Protection adopted proposed measures to address the rise in substandard goods entering the EU via e-commerce and proposed reforms to the EU Package Travel Directive, the Council and the Parliament reached political agreement on changes to EU alternative dispute resolution rules, the Commission launched parallel consultations on an EU Industrial Maritime Strategy and EU Ports Strategy, and a delegated act has been published under the EU Digital Services Act establishing rules for researcher access to internal data from very large online platforms and...