The following Financial Services practice note provides comprehensive and up to date legal information covering:
Brexit: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note.
The Fourth Money Laundering Directive (EU) 2015/849 (MLD4) was published in the Official Journal of the EU on 5 June 2015 together with the Second Wire Transfer Regulation (EU) 2015/847 (WTR2). Member States were required to transpose MLD4 into national law by 26 June 2017, which was the date of application of WTR2. MLD4 and WTR2 together updated and improved the EU's anti-money laundering (AML) and counter terrorist financing (CTF) regime.
For information on WTR2, see Practice Note: Second Wire Transfer Regulation (WTR2)—essentials.
The Fifth Money Laundering Directive (EU) 2018/843 (MLD5) was published in the Official Journal of the EU on 19 June 2018. Member States were required to transpose MLD5 into national law by 10 January 2020.
Directive (EU) 2019/1153 laying down rules facilitating the use of financial and other information for the prevention, detection, investigation or prosecution of certain criminal offences was published in the Official Journal of the EU on 11 July 2019 and is required to be transposed into national law by Member States by 1 August 2021. The
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For more information, see Practice Note: What is a members' voluntary liquidation (MVL) and where/when is it typically used?Before the members can vote on a
When is quantum meruit and quantum valebat relevant?Claims in quantum meruit (value of services) and quantum valebat (value of goods) arise in diverse situations ranging from where contractual terms are silent on issues of payment to where there is no contract at all (Serck v Drake & Scull).General
This Practice Note provides a high-level introduction to diversity and inclusion (D&I) and key reasons why it is important to law firms. Specific aspects of D&I are covered in more detail in Practice Notes:•The growing focus on diversity and inclusion (D&I) in law firms•Unconscious bias—law
Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.