This Q&A assumes that the lasting power of attorney (LPA) permits the attorneys to sell property of the donor to third parties. Subject to any restrictions contained in the LPA, Y is in principle permitted to purchase X's share of the property. However, the attorneys should consider certain matters before proceeding, including the following: • as X lacks capacity and her financial affairs are managed by her attorneys under the LPA, the attorneys must act in X's best interests. The attorneys must

When a person dies intestate his or her estate is distributed according to the intestacy rules specified in the Administration of Estates Act 1925 (AEA 1925) as amended over the years. More specifically, these rules state who will receive what share of the deceased’s estate. If a person dies leaving a surviving spouse and children or other close relatives, and the estate is of a sufficient value, the surviving spouse will receive a specified lump sum referred to as the statutory legacy. There does not appear

col style="width: 50%;"> What is money laundering? Money laundering is the process through which the proceeds of crime and their true origin and ownership are changed so that the proceeds appear legitimate. How does money get laundered? Typically money laundering involves three stages; placement, layering and integration.Placement—the process of placing criminal property into the financial system. This might be done by breaking up large sums of cash into smaller amounts or by using a series of financial instruments (such as cheques or money orders), which are deposited at different locations.Layering—the process of moving money that has been placed in the financial system in order to obscure its criminal origin. This is usually achieved through multiple complex transactions often involving complicated offshore company structures and trusts.Integration—once the origin of the money is disguised it ultimately must reappear in the financial system as legitimate funds. This process involves investing the money in legitimate businesses and other investments such as property purchases, or setting up trusts.We are most likely to become involved in the layering stage but potentially

For further practical guidance on the financing of energy, power and resources projects across a number of sectors, including those discussed in this Practice Note, see also textbook: Energy and Resources Financing: A Practical Handbook. What is a CHP project? Combined heat and power (CHP) is an efficient co-generation process able to use a wide variety of fuel sources, capturing and utilising the heat produced in power generation. By generating heat and power simultaneously from the same fuel, CHP can achieve efficiencies compared to the separate generation of heat through eg a gas-fired boiler and an electricity power station. Where a demand for both heat and electricity exists in the same location, CHP can reduce energy costs as well as carbon emissions and air pollution. CHP is technically feasible for many types of thermal generating stations, including energy from waste, biomass with CCUS (BECCS), hydrogen and nuclear, but a significant majority of plants in the UK are currently fuelled by natural gas. Such CHP schemes power hospitals,

What is EU REMIT? Regulation (EU) 1227/2011 (EU REMIT) governs wholesale energy market integrity and transparency. It prohibits insider dealing and market manipulation in relation to wholesale energy products. Aims EU REMIT was created with the primary aim of restoring customer confidence that wholesale energy products are priced fairly. Recital (1) of the Regulation states that: ‘It is important to ensure that consumers and other market participants can have confidence in the integrity of electricity and gas markets, that prices set on wholesale energy markets reflect a fair and competitive interplay between supply and demand, and that no profits can be drawn from market abuse.’ Guidance The European Agency for the Cooperation of Energy Regulators (ACER) provides detailed practical guidance on EU REMIT. In addition, ACER publishes, and regularly updates, a Q&A document, which contains a summary of frequently asked questions about EU REMIT and ACER’s responses to those questions. The Q&A document is intended to serves as guidance to EU REMIT stakeholders and does not constitute a binding legal interpretation of the Regulation. Oversight

This Practice Note provides an introduction to EU law. It is aimed at lawyers who are new to or unfamiliar with EU Law, in particular trainee solicitors. It provides an overview of the institutions, institutional framework, general principles, and enforcement of EU law with reference to the relevant provisions of EU legal sources. This Practice Note is focused on providing an overview of EU law. Examination of substantive aspects of EU law is beyond the scope of this document. For an overview of the EU Law module, see Practice Note: EU Law—new starter guide. EU institutional framework The EU is a supranational polity. It is neither a country nor a federation like the United States or an organisation for cooperation between governments, like the United Nations. It is, in fact, unique. Its structure does not fall into any traditional legal category and owes its success to the unusual way it works. The countries that make up the EU, its ‘Member States’, remain independent sovereign nations but they pool their sovereignty in order to gain a strength

This Practice Note introduces take-or-pay clauses in the energy sector and considers some of the EU, regulatory and competition law issues regularly encountered when considering take-or-pay clauses in the energy contracts. The Practice Note focuses on the EU and international legal frameworks, with examples, and considers English law in outline only. For more information on drafting take-or-pay clauses and the common features of such clauses, see Practice Note: Drafting take-or-pay clauses in energy contracts. For more information on the English courts’ attitude to take-or-pay clauses and a thorough consideration of take-or-pay clauses and the rule on penalties, see Practice Note: Take-or-pay clauses in energy contracts: the rule on penalties. Introduction to ‘take-or-pay’ clauses in the energy sector A take-or-pay clause is a contractual provision whereby a buyer agrees to pay for a minimum quantity of a good, or service, to which the relevant contract relates, whether or not that minimum quantity is taken by the buyer. Take-or-pay clauses are used in contracts across a range of industries.

This Practice Note focuses on the conditions that have to be satisfied in order for Enterprise Management Incentive (EMI) options to be granted and summarises the tax benefits of EMI options. EMI options were introduced in the Finance Act 2000 and are intended to assist smaller high-risk companies to recruit and retain employees of high calibre. In broad terms, EMI options aim to do this by providing a number of significant tax reliefs for employees in companies which satisfy the qualifying conditions set out in Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003). With effect from 6 April 2014, companies have been required to register their EMI plans online and self-certify that the statutory conditions are satisfied (see Self-certification of EMI options below). This Practice Note is intended to be a summary of the issues relevant to corporate lawyers. If further details are required, the advice of a share incentives specialist should be sought. The form and purpose of EMI options EMI

This Practice Note outlines the requirements imposed on energy market participants by Retained Regulation (EU) No 1227/2011 (known as ‘GB REMIT’). It covers the aims and application of REMIT in Great Britain (GB); obligations of market participants; details of the prohibitions on insider trading and market manipulation; and practical guidance on the disclosure of inside information. The Practice Note also covers enforcement provisions applicable in GB. What is the impact of Brexit on GB REMIT? Brexit had a key role on the development of GB REMIT, as it was previously subject to the (broadly) equivalent EU REMIT, as explained further below. Post-Brexit, there is likely to be increased regulatory divergence between the GB REMIT and EU REMIT as each regime evolves independently. Great Britain 11 pm (GMT) on 31 December 2020 marked the end of the Brexit transition/implementation period entered following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements came to an end and significant changes began to take effect across the

This Practice Note introduces Lloyd’s of London, its governance and regulatory framework. It discusses how members and managing agents underwrite insurance and reinsurance and outlines the Society of Lloyd’s relationships with members, managing agents, members’ agents, syndicates, brokers and coverholders. It also considers Lloyd’s of London’s capital structure, often referred to as the Chain of Security and briefly summarises the Society’s investigatory and enforcement powers. What is the Lloyd’s market? The Lloyd’s market is an insurance market, whose origins date back to the seventeenth century. Merchants would meet at Edward Lloyd’s coffee house in London and agree to insure each other’s ventures. As international trade was conducted by sea, until towards the end of the nineteenth century the business insured at Lloyd’s was almost exclusively marine insurance. Now the Lloyd’s market writes insurance in most classes of business. Insurance is written at Lloyd’s by members of Lloyd’s who group together into syndicates. The members of the syndicate appoint managing agents to carry out all the underwriting functions on behalf of the members.

Corporate communications are monitored by competition regulators, so it is important to not create a misleading or inaccurate impression of the legality of our activities in our communications. A poor choice of language (whether in press releases, media interviews or published company documents) that does not accurately state the facts can be damaging in any investigation by competition authorities and to our reputation. 1 What are the high risk areas? Price announcements about price changes (see below). Communications relating to a competition investigation/court proceedings that an organisation is involved in. Communications relating to markets which are under the media spotlight, where there

What is the GATT? The GATT is the acronym for the General Agreement on Tariffs and Trade. There are two versions of the GATT. The first is the GATT of 1947. This agreement aims to: • eliminate discrimination in trade in goods • bind and reduce tariffs applicable to goods, and • eliminate other non-tariff barriers to trade in goods The GATT 1947 regulated trade in goods prior to the establishment of the Word Trade Organization (WTO). The second version is the GATT 1994 which was agreed to as part of the set of WTO agreements when the WTO was established, see Practice Note: An introduction to the World Trade Organization. It builds on the GATT of 1947 as it incorporates the provisions of the GATT 1947. It incorporates some of the legal instruments concluded under the GATT 1947. These legal instruments notably include tariff concession as well as Member States’ protocols of accession to the GATT 1947. It also includes the Marrakesh Protocol to GATT 1994 which incorporates the tariff bindings and