Benefits of registration Registration provides advantageous tax reliefs and exemptions for a pension scheme and its members, including the following: • tax relief on member contributions up to certain limits • tax relief on employer contributions • no liability to income tax arises in respect of earnings where an employer makes contributions under a registered pension scheme in respect of an employee • certain lump sums paid to members on retirement (eg a pension commencement lump sum) or following a member's death will not be liable to income tax provided certain conditions are met • most investment income is exempt from income tax • gains from the disposal of scheme investments are exempt from capital gains tax For this reason, the majority of pension schemes are registered pension schemes. Non-registered pension schemes, if they are occupational pension schemes, are treated as Employer Financed Retirement Benefit Schemes (EFRBS) for tax purposes. Applications for registration An application must be made in order to register a pension scheme (unless the scheme was automatically registered on A-day—for further information,

This Practice Note looks at the law on the registration of security created on or after 6 April 2013 by a company or limited liability partnership (LLP) registered in Scotland. The law is governed by Part 25 of the Companies Act 2006 (CA 2006), as implemented by the Companies Act 2006 (Amendment of Part 25) Regulations 2013, SI 2013/600 (in respect of companies) and the Limited Liability Partnerships (Application of Companies Act 2006) (Amendment) Regulations 2013, SI 2013/618 (in respect of LLPs). In particular, the Practice Note considers those areas where Scots law differs from the laws of England and Wales in the following areas: • registrable charges under Scots law • forms required to register security at Companies House • the date of creation of registrable security • deeds of alteration requiring registration (such as ranking agreements and intercreditor agreements), and • enforcement of security Registrable charges Registration requirements for charges created by Scottish registered companies are now substantially equivalent to those for companies registered in England and Wales.

Corporate analysis: This case which relates to a claim for rectification of the register of members of Jusan Technologies Ltd (JTL) gave rise to some important questions about the registration of shareholders under a company’s articles of association and the ambit of section 40 of the Companies Act 2006 (CA 2006). The Court held that: (1) JTL’s directors had acted in excess of their powers by registering a shareholder as a member of JTL without first complying with a requirement set out in the Articles of Association (AoA) and the Shareholders Agreement (SHA) for the prior execution of a deed of adherence to the SHA (Deed of Adherence) by the new member before registration could take place; (2) Notwithstanding the directors’ excessive exercise of power, JTL could not rely on that in its claim for rectification of the register of members as a result of CA 2006, s 40, which gives directors the power to bind a company in favor of a person dealing with it in good faith. Written by Ben Rutledge, associate at Keidan Harrison LLP.

The registration requirements for a company consist of delivering certain documents to the Registrar of Companies including a memorandum of association, an application for registration as well as other documents and a statement of compliance.

Purpose of the CBTL flowchart The purpose of this flowchart is to assist firms in determining whether they need to register to carry on regulated activities in relation

A registry of deeds is a public office where certain legal documents affecting land and property are recorded and indexed, allowing third parties to search title and priority of interests. It is mainly associated with “deeds registration” systems, as distinct from modern title registration.In Ireland and Northern Ireland, the Registry of Deeds (established by statute) records deeds and other instruments affecting unregistered land. Registration there generally protects the priority of the deed against later instruments but does not itself guarantee title; title still depends on the underlying documents and their validity.In England and Wales and in Scotland, the term is used more descriptively, as the primary systems are the Land Registry (HM Land Registry) and the Registers of Scotland. Historically, both jurisdictions had deed‑based or sasine-style recording systems, but these have largely been superseded by title registration.In practice, registries of deeds are crucial for due diligence, conveyancing, mortgages, investigating encumbrances, and resolving priority disputes, particularly where land remains outside the title register or where historic deeds must be traced.

The Financial Services & Markets Act 2000 (Regulated Activities ) Order 2001 is secondary legislation. It contains details of what is a regulated activity and what are regulated investments.

This Practice Note covers regulated activities relating to the Society of Lloyd’s (commonly referred to as Lloyd’s of London, ‘the Society’ or ‘the Corporation’, or just ‘Lloyd’s’), namely: • the regulated permissions given to Lloyd’s of London itself under the Financial Services Act 2012 (Transitional Provisions) (Permission and Approval) Order 2013 (the Permission and Approval Order 2013), SI 2013/440 • arranging transactions in the underwriting capacity of a Lloyd’s syndicate and in current or prospective syndicate membership • advice on syndicate participation at Lloyd’s • managing the underwriting capacity of a Lloyd’s syndicate • arranging deals in contracts of insurance written at Lloyd’s The Lloyd’s of London insurance market The Lloyd’s market is an insurance market, the origins of which 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

This Practice Note covers the debt related regulated activities in Chapter 7B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO), namely debt adjusting, debt counselling, debt collecting and debt administration. It also summarises the Financial Conduct Authority (FCA) rules applicable to debt management firms and not-for profit organisations. What is a debt management firm? A debt management firm is defined in the FCA Glossary as: • a firm that carries on the activities of debt counselling or debt adjusting, alone or together, with a view to an individual entering into a particular debt solution, or • a firm that carries on the activity of debt counselling where an associate carries on debt adjusting with the aim in (a) in view, or • a firm that carries on the activity of debt adjusting where an associate carries on debt counselling with the aim in (a) in view, and in each case, other than a not-for-profit debt advice body What is a not-for-profit debt advice body? A

Regulated activities and exclusions Section 19 of the Financial Services and Markets Act 2000 (FSMA 2000) prohibits any person from carrying on a regulated activity in the UK or claiming to do so unless they are an authorised person or an exempt person under FSMA 2000 (the General Prohibition). Helpfully most of the regulated activities in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO) are subject to exclusions. If you carry on a particular activity in a way that falls within an exclusion you will not breach the General Prohibition. For more information about the General Prohibition see Practice Notes The general prohibition and implications of its breach and Carrying on unauthorised business and breaching the general prohibition. The exclusions fall into two categories: • exclusions that apply to a particular regulated activity; and • exclusions that apply in certain circumstances to several regulated activities. Often the circumstances where one of these exclusions will apply varies depending on the regulated activity that it relates to This checklist sets out the

Background to the FCA regulation of claims management activities The Claims Management Regulation Unit (CMRU) was established within the Ministry of Justice (MoJ) in April 2007 to directly regulate claims management companies (CMCs). Since then, the government has become increasingly concerned about misconduct in the claims management sector. In 2015 it commissioned the independent Brady Review to examine the nature and extent of the problems in the market and make recommendations to improve the way it was regulated. The final Brady Report made a number of recommendations to enhance the authorisation, supervisory and enforcement processes for the regulation of CMCs. The Report found that, in principle, the most suitable option would appear to be a new, standalone independent regulator focused solely on CMC regulation. However, given the government’s drive to reduce the number of public and arms-length bodies, and the fact that establishing an entirely new organisation would likely be more expensive than other options, the Report noted that, of the remaining options, strengthening the existing MoJ-based regulator and passing responsibility to

This Practice Note sets out the consumer credit regulated activities under the Financial Services and Markets 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO) and the consequences of carrying on those activities without the requisite authorisation from the Financial Conduct Authority (FCA). The FCA and the consumer credit regime With effect from 1 April 2014, responsibility for regulating consumer credit transferred from the Office of Fair Trading (OFT) to the FCA, and the OFT was abolished. The FCA became the conduct regulator for all firms carrying on consumer credit activities, such as consumer lenders, credit card issuers, debt management firms, credit brokers, credit reference agencies, hire purchase providers, financial advisers, pawnbrokers, mail order businesses, debt collectors and payday lenders. The types of authorisation available for consumer credit firms (including those within the limited permission regime) is discussed in Practice Note: FCA authorisation of consumer credit firms. Regulated activities—general Section 19(1) of the Financial Services and Markets Act 2000 (FSMA 2000) imposes a general prohibition on carrying on regulated activities in the UK unless the person