The following Corporate Crime practice note provides comprehensive and up to date legal information covering:
Lawyers and the companies they advise need to understand what their sanctions risks are in order to develop and implement an appropriate compliance strategy. Yet the landscape of sanctions compliance changed as a result of the UK’s decision to leave the EU.
Prior to 11 pm on 31 December 2020 (IP completion day), most of the UK’s sanctions regimes came from the EU, in the form of EU regulations that had direct effect in Member States, with criminal sanctions and licensing regimes established by UK regulations made under the European Communities Act 1972.
The UK’s domestic sanctions regimes were limited to freezing orders made (very exceptionally) under the Anti-Terrorism, Crime and Security Act 2001 (ACSA 2001), transactional restrictions directed under the Counter Terrorism Act 2008 (CTA 2008), and counter-terrorism sanctions under the Terrorist Asset-Freezing etc Act 2010 (TAFA 2010).
Following the UK’s decision to leave the EU, a UK domestic legislative framework was needed to retain the UK’s power to impose, amend and enforce sanctions. Although the European Union (Withdrawal) Act 2018 (EU(W)A 2018) preserved those EU regulations that were in force on exit day as retained EU law, it did not make provision for updates to those regimes or the imposition of new sanctions regimes. The UK decided to introduce a bespoke domestic legislative framework to replace the regimes imposed by the EU
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
Voluntary manslaughterVoluntary manslaughter consists of those killings which would be murder (because the accused has the relevant mental element for murder) but which are reduced to manslaughter because of one of the three special defences (loss of control, diminished responsibility or suicide
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
This Precedent letter covers disclosure obligations under CPR 31. It does not apply to proceedings subject to the disclosure pilot scheme under CPR PD 51U. For guidance on the disclosure pilot scheme, see Practice Note: Business and Property Courts—the disclosure pilot scheme. For a client letter on
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