The following Practice Compliance practice note provides comprehensive and up to date legal information covering:
11 pm (GMT) on 31 December 2020 marks the end of the implementation period put in place to enable the UK to transition away from the EU’s laws and institutions. At this point in time (referred to in this document as ‘IP completion day’) there will be 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 areas of law firm compliance:
anti-money laundering (AML) and counter-terrorist financing (CTF)
international financial sanctions
Registered European Lawyers
ODR platform and ADR
updating documentation, eg terms of business, AML policies and privacy notices
On 31 January 2020 (‘exit day’), the UK ceased to be an EU Member State and lost its entitlement to participate in the political institutions and governance structures of the EU. In accordance with the transitional arrangements provided in Part 4 of the Withdrawal Agreement, exit day marked the commencement of an 11-month implementation period during which the UK continues to be treated by the EU as a Member State for many purposes.
The implementation period runs until 11 pm on 31 December 2020, a point known as IP completion day.
Exit day is still key in terms of being the date the UK ceased to
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Mortgagee’s consent to grant of leaseIf a property is subject to a mortgage that prohibits leasing without the mortgagee’s consent, then written evidence of consent must be obtained prior to completion of the lease. On the grant of an underlease, mortgagee’s consent in respect of any mortgage over
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