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Practice Note: Second Wire Transfer Regulation (WTR2)—essentials provides an overview of WTR2, which entered into force on 26 June 2017 and has direct effect in countries within the EEA, including the UK. WTR2, Art 4 requires payment service providers (PSPs) to ensure that transfers of funds are accompanied by specified information regarding the payer and payee. However, WTR2, Art 5(1) provides that where all PSPs involved in the payment chain are established in the EEA, transfers of funds need only be accompanied by the payment account number of the payer and payee or, if the transfer is not made from or to a payment account, a unique transaction identifier (UTI).
This is without prejudice to the information requirements laid down in the SEPA Regulation, where applicable. The SEPA Regulation lays down rules for credit transfer and direct debit transactions denominated in euro within the EEA where all the PSPs involved in the payment transaction are lo
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Facilitating the performance of a duty by public officialsFacilitation payments, also known as facilitating or grease payments, are generally small amounts of money paid to public officials or others as a means of ensuring that they perform their duty, whether more promptly or at all. In some
On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.
The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or transaction•in the form of a document, notwithstanding the form of the underlying document, fact, event or transactionThe purpose of the notarial act is
For guidance on the basic features of the doctrine of estoppel and the different classifications it has been subject to, see Practice Note: Estoppel—what, when and how to plead and related content.Promissory estoppel—what is it?Where A has, by words or conduct, made to B a clear and unequivocal
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