This Practice Note introduces the UK financial sanctions legal and regulatory framework as it applies to firms regulated by the Financial Conduct Authority (FCA) under the Financial Services and Markets Act 2000 (FSMA 2000) and to firms within the FCA’s supervisory scope such as e-money and payment firms (herein referred to as firms). It introduces FCA and Prudential Regulation Authority (PRA) regulatory requirements for firms and senior management relating to sanctions. It further considers the relationship between the anti-money laundering (AML)/counter-terrorist financing (CTF) framework and sanctions compliance, and FCA and Joint Money Laundering Steering Group (JMLSG) guidance relating to sanctions compliance and the scope and status of that guidance. This Practice Note addresses financial sanctions. Sanctions measures imposed by the UK government also include trade sanctions which prohibit the trade of certain goods from affected countries are relevant for financial services firms as they generally prohibit the provision of financial services in connection with the restricted trade. For further information on the FCA’s requirements on compliance with trade sanctions systems

Click the link below to download the training presentation. Contents • Key points • Tax for non-residents before 6 April 2025 • Income tax and non-residents • Non-residence under the SRT • Avoiding UK residence after coming to the UK • Staying non-resident after a period of residence • Table A: Ties required if individual was UK resident in one or more of the three

Definition and purpose of a Will In general terms, a Will is a document made in accordance with the formal requirements laid down by section 9 of the Wills Act 1837 (WA 1837), containing statements by the person making it with regard to the disposition of their property after their death. Wills may be distinguished from codicils which usually add to, vary, revive or revoke a Will previously made, and a person may have more than one Will (eg where they are disposing of their property in different countries). On a person's death, without a valid Will, the intestacy rules would apply. A Will is usually made for the purposes of: • revoking or altering any previous Will or other testamentary disposition • appointing executors (or executors and trustees) • appointing guardians for the testator's minor children • conferring additional powers on trustees • ensuring the testator's property is inherited by beneficiaries of their choosing Note that an intending testator cannot delegate to another the task of deciding how their property is willed. However, it is

Click the link below to download the training presentation. Contents • Wills—key concepts • Wills—challenging a Will • Capacity to make a Will • Executing a Will • Other precautions to ensure validity • Getting started on planning and drafting the Will • What to include in a Will • What else to include in a Will • Will drafting—further points to consider (over two slides) • If

This Practice Note provides practical guidance on the Appellate Body reviews of the World Trade Organization (WTO) panel decisions. It provides guidance on the Appellate Body, the composition of the Members of the Appellate Body and each division hearing a dispute. It also gives practical guidance on who may appeal, what aspects of a panel report may be appealed, how to appeal and who hears the appeal. It provides guidance on the steps in the appeal process as well as the relevant time-limits. Lastly it provides practical guidances of the outcome of the appeal, the adoption of the Appellate Body report and any recommendations by the Appellate Body. Introduction All disputes at the WTO start with consultations. If the dispute is not resolved, the dispute may then be adjudicated by the WTO panel established for the specific dispute. For practical guidance on the consultation process and dispute settlement at the panel stage, see Practice Note: Introduction to World Trade Organization Panel Dispute Settlement. Disputing Member States may have recourse to the Appellate

This Practice Note provides practical guidance on the World Trade Organization (WTO) dispute settlement at the panel stage. It provides guidance on the essential steps to be taken such as consultations and requesting, establishing and composing panels. It also provides guidance on any third-party rights, the functions of the panel, the panel’s working procedure, the panel’s report and the adoption of the report by the Dispute Settlement Board (DSB). Introduction The settlement of international trade disputes under the WTO is provided for under the Understanding on Rule and Procedures Governing the Settlement of Disputes (Dispute Settlement Understanding or DSU). For practical guidance on the WTO’s Dispute Settlement Understanding, see Practice Note: Introduction to the World Trade Organization Dispute Settlement. The WTO’s DSU is aimed at achieving a positive solution to a dispute. In this context it is also worth noting that prior to taking steps under the DSU, a complaining Member State must consider if taking any steps would be fruitful. Article 3.7 elaborates that a mutually agreed solution that is consistent

Three types of academy Many of the state-funded secondary schools in England are now academies. The Department for Education (DfE) regularly publishes a spreadsheet showing the total number of academies, with details of the schools that have converted or are in the process of doing so. There are no academies in Wales. Although the Academies Act 2010 (AcA 2010) does apply in Wales, the provisions for the creation and funding of new academies apply only in England. Academy schools are defined in AcA 2010, s 1A. Academy schools are technically defined as independent schools, but this independence is from the local authority for the area in which they are situated, and not from the state. An academy school can be: • a ‘special academy’ if it is organised to make special educational provision for pupils with special educational needs • an alternative provision (AP) academy, defined in the AcA 2010, s 1C. These are 'schools' (see section 4(1C) of the Education Act 1996 (EA 1996)) which

Share-based payments Companies normally need to record share-based payments as an expense in their profit and loss accounts—although less onerous requirements can apply for small and micro entities. This Practice Note provides a high level introduction to the accounting treatment of share-based payments. However, this is a complex area and specialist accounting advice should be obtained regarding the accounting impact of different types of share incentive schemes. For accounting purposes, share-based payments (SBPs) include: • share awards and share options, where the payment is made in the form of shares (referred to as equity-settled share based payments), and • phantom share awards, share appreciation rights (SARs) and other cash awards or cash payments where the amount paid is determined by reference to the value of the relevant shares (referred to as cash-settled share based payments) An SBP’s accounting treatment depends upon whether it is paid in shares or cash. If there is a choice as to whether the award will be settled in cash or shares then this can also have an accounting impact.

Produced in association with 4 Pump Court This Practice Note looks at common features of adjudication clauses in construction contracts, and the adjudication procedures set out in standard form construction contracts and in common adjudication rules, such as the Scheme for Construction Contracts (the Scheme) and industry bodies. Adjudication clauses in construction contracts Adjudication clauses most commonly appear in construction contracts, principally because the Housing Grants, Construction and Regeneration Act 1996 (HGCRA 1996) requires that all construction contracts provide for a compliant adjudication procedure. If the contract does not contain compliant adjudication provisions, the provisions in the Scheme for Construction Contracts (the Scheme) will apply (by virtue of the HGCRA 1996, s 108(5)). Generally, an adjudication clause sets out the procedure or rules which will apply if either party chooses to commence an adjudication. See Precedent: Adjudication clause—construction contracts. However, parties may include a clause that makes adjudication a mandatory step, rather than just an optional one. For example, under the NEC standard form contracts, adjudication is a mandatory step in the dispute resolution

This Practice Note provides an introduction to the concept of borderline products, how the regulatory status of such products is determined in the EU and UK and explores some of the key borderline issues. UK post-Brexit position in relation to EU law and judgments The UK regulatory framework for these products has originated from EU law. As a consequence of Brexit, the body of EU-derived laws has been preserved and converted into UK domestic law with effect on IP completion day (11 pm on 31 December 2020). Many principles and requirements derived from EU law have been maintained in UK domestic law, unless specific provisions stipulate otherwise. In addition, under the Ireland/Northern Ireland Protocol (ie the Windsor Framework), the EU law requirements apply in Northern Ireland (NI). As a consequence, guidance issued by the European Commission may still be relevant to interpret and implement them in the UK in relation to NI where equivalent guidance has not been provided by the Medicines and Healthcare Products Regulatory Agency (MHRA). Assimilated law is the name given to retained EU

This Practice Note provides an overview of the nature of building societies and mutual organisations, the legislation that underpins their existence and the activities that they are permitted to carry out. Nature of a building society The principal measure governing the activities of building societies is the Building Societies Act 1986 (BSA 1986), as amended by the Building Societies Act 1997 (BSA 1997) and the Building Societies Act 1986 (Amendment) Act 2024 (BSA(A)A 2024). A building society is a financial institution that offers savings accounts and mortgages as its main business. Building societies are mutual institutions. This means that most customers who have a savings account or a mortgage with a building society are also members and have certain rights to vote and receive information, and to attend and speak at meetings. Each member has one vote, regardless of how much money they have invested or borrowed or how many accounts they may have. The key distinction between a mutual over a stock market listed or 'plc' bank is that a mutual does not

This Practice Note, together with Introduction to business finance and accounting—management accounting and internal decision-making, aims to help you understand your organisation through its financial language and methods. It is intended for in-house lawyers working in private sector, commercial organisations. Not-for-profit, third-sector organisations and government bodies operate with specialised financial governance principles and are not covered in this Practice Note. This Practice Note covers: • why financial literacy is important for in-house lawyers • the difference between financial accounting and management accounting • the core financial statements—the balance sheet, income statement and cashflow statement • how to assess financial health • how the market values businesses • the working capital cycle See Practice Note: Introduction to business finance and accounting—management accounting and internal decision-making for guidance on financial decision-making tools and budgeting. See also Checklists: How financially literate are you and Improving your financial literacy, which offer a series of questions and practical actions to help you assess and improve your financial literacy. The language of finance Management