This Practice Note contains practical guidance on OSA 2023, which sets out the UK’s regulatory framework for Ofcom’s regulation of internet content. This Practice Note is designed to provide a broad overview of the legislation. For a quick guide to it, see Practice Note: The Online Safety Act 2023—a quick guide. For more detailed guidance on the duties established under, and key themes of, OSA 2023, see Practice Notes: • The illegal content duties under the Online Safety Act 2023 • The child protection duties under the Online Safety Act 2023 • Providers of pornography—duties under Part 5 of the Online Safety Act 2023 • Categorised services under the Online Safety Act 2023 • Enforcement of the Online Safety Act 2023 For a comprehensive list of all practical guidance relating to OSA 2023, see Practice Note: Online safety collection. Social media restrictions for under-18s In April 2026, the Children’s Wellbeing and Schools Act 2026 received Royal Assent and inserted OSA 2023, s 214A, which gives the Secretary of State a power enabling regulations to

This Practice Note provides a quick guide to OSA 2023. It explains what OSA 2023 is, to which sorts of services it applies and how it works. It also provides information about when services within the scope of OSA 2023 need to start complying with the rules. OSA 2023 received Royal Assent on 26 October 2023 and partly came into force on that date. The complete set of obligations and duties contained in OSA 2023 will not apply in full until Ofcom has published final versions of all of its Codes of Practice and guidance, as these provide the detail around how services may comply with each of the duties. However, most of the core obligations are now in force. Generally, a service has three months from publication of final version documents to start complying with the relevant duty. To follow the progress of OSA 2023 as its provisions come into force, see Practice Note: Online Safety Act 2023—tracker. For detailed guidance on OSA 2023, see Practice Note: The Online Safety Act 2023. What

The Financial Conduct Authority (FCA) authorised funds can be structured as umbrella funds which have underlying sub-funds. The property of a sub-fund can only be used to discharge the liabilities of that sub-fund so there is asset segregation. Open ended investment companies (OEICs), authorised contractual schemes (ACS) that are co-ownership schemes and authorised unit trust schemes (AUT) can be structured as umbrella funds. However, as set out in FCA Handbook, COLL 1.2.1A, ACS

The Financial Services Act 2021 (FSA 2021) introduced an overseas funds regime (OFR) for the recognition of non-UK retail funds, including EU undertakings for collective investment in transferable securities (UCITS) and EU money market funds (MMFs), for marketing to the general public in the UK, including retail investors. The framework, which opened to applications from overseas funds on 30 September 2024, replaced the previous recognised schemes regime (that is, section 264 of the Financial Services and Markets Act 2000 (FSMA 2000) relating to UCITS schemes), and operates alongside FSMA 2000, s 272 (individually recognised schemes), as amended by FSA 2021. Key points on the OFR are as follows: • the OFR introduces two equivalence based marketing regimes for overseas retail funds, including EU UCITS (FSA 2021, Sch 9 Pt 1) and EU MMFs (Assimilated Regulation (EU) 2017/1131, Articles 4 and 4A (UK MMF Regulation)). Being ‘equivalence based’, the regime requires HM Treasury to make an equivalence determination in respect of the regulatory framework in which the fund is domiciled (for either retail funds or MMFs). The OFR

PI & Clinical Negligence analysis: Hilary Meredith, chairman and founder of Hilary Meredith Solicitors, takes a look at the impact of the Overseas Operations (Service Personnel and Veterans) Act 2021 (OO(SPV)A 2021).

This Q&A examines the rules and guidance in chapter 14 of the Senior Management Arrangements, Systems and Controls sourcebook (SYSC 14) for the establishment and maintenance of systems and controls for the management of prudential risk that applied prior to the implementation of the Prudential Regulation Authority's (PRA) Rulebook. What is prudential risk? Prudential risks are those which reduce the adequacy of a firm's financial resources, and as a result may affect the firm’s safety and soundness or prejudice policyholders. Key prudential risks include credit, market, liquidity, operational, insurance and group risk. Both adequate financial resources and adequate systems and controls are necessary for the effective management of prudential risks. What rules applied to insurers concerning business planning and risk management prior to the implementation of the PRA Rulebook? Under the requirements that previously applied under SYSC 14, an insurer had to take reasonable steps to ensure the

The Prudential Regulation Authority (PRA) has published its Annual Report and Accounts 2023-24 which includes information on the PRA’s activities for the year ended 29 February 2024.

The Prudential Regulation Authority (PRA) has published consultation paper CP11/24—International firms: Updates to SS5/21 and branch reporting. This consultation paper proposes targeted updates to reflect developments since the publication of SS5/21 and to provide detail or clarification on certain aspects of the PRA’s approach. The proposals in this consultation paper do not alter the overall framework in SS5/21.

Brexit impact The operation of the UK takeover regime was affected by Brexit, in particular in the following areas: • the loss of the ability to passport a prospectus between the UK and the EEA (relevant on securities exchange offers) • the removal of the shared jurisdiction rules in the City Code on Takeovers and Mergers (Code) • the revocation of the Companies (Cross-Border Mergers) Regulations 2007 For further details on these and other changes impacted by Brexit, see Practice Note: Brexit—UK takeover regime [Archived]. Status of the Panel and the Code The Panel was established in 1968 without statutory or other legal powers to supervise public company takeovers. Since its inception the Panel has been constituted by representatives of major institutions in the City of London, and traditionally its powers of enforcement have been based on its ability to secure the withdrawal of the facilities of the securities markets from ‘offenders’ by denying them access to advisers (the process known as ‘cold-shouldering’), rather than on legal sanctions. The Panel is responsible

Title Paris Summit (COP21/CMP11) Location Paris, France Date 30 November–12 December 2015 Subject Climate change, International environmental law, climate targets Background on the UNFCCC The United Nations Framework Convention on Climate Change (UNFCCC) is an international treaty agreed at the 1992 ‘Earth Summit’ in Rio de Janeiro. Its objective is to stabilise greenhouse gas concentrations in the atmosphere at a level that prevents dangerous levels of man-made climate change. There are 198 signatories (referred to as Parties) to the UNFCCC. The initial objective of the UNFCCC was to establish national benchmark figures for greenhouse gas emissions, with a base year of 1990. The Conference of the Parties (COP) is the decision-making body of the Convention. It meets annually, unless Parties decide otherwise, to assess progress in dealing with climate change. For more information, see Practice Note: United Nations Framework Convention on Climate Change 1992—snapshot. The Paris Agreement, entered into at the Paris Summit in 2015, was the culmination of years of global effort by the Parties to the UNFCCC

Arbitration analysis: Confronted with a request for annulment of an ICC award, the Paris Court of Appeal (the ‘Court’) held that an arbitral tribunal does not exceed its powers when it decides to conduct a virtual hearing irrespective of the parties’ initial agreement in the procedural calendar to conduct an in-person hearing. According to the Court, there is no express right to an in-person hearing in the ICC Rules of Arbitration (the ‘ICC Rules’) and the ICC Rules accord arbitral tribunals substantial discretion to manage the proceedings in an effective and expedient manner, particularly in circumstances when it is not suitable to conduct an in-person hearing. Written by Diego Romero, associate at Latham & Watkins, Paris.

Arbitration analysis: In this case, the Paris Court of Appeal offered a strong reaffirmation of a party‑protective approach to interim measures, while fully maintaining France’s arbitration‑friendly stance. The court reiterated that the existence of an arbitration clause does not prevent the parties from seeking interim measures before French courts prior to the commencement of the arbitral process. In particular, it upheld the suspension of the termination of the parties’ exclusive distribution agreements pending arbitration, finding that the termination threatened the distributor’s business continuity. The decision also offers helpful guidance on the requirement of urgency as a condition to interim measures and on French courts’ jurisdiction. More generally, it serves as a valuable reminder of the tools available under French law to secure interim measures before arbitration proceedings begin. Parties frequently face situations in which they need immediate measures and cannot afford to wait for an arbitral tribunal to be constituted (a process that often takes several months). Although some arbitration rules provide for emergency arbitration proceedings, the enforceability of emergency decisions remains challenging in many jurisdictions, including France, where interim arbitral orders do not benefit from the enforcement regime applicable to arbitral awards. This often places the efficiency of emergency arbitration proceedings at the mercy of the parties’ own goodwill. Against this backdrop, the tools available under French law (illustrated with this case) are particularly attractive and should be considered whenever urgent action is required before arbitration begins. Written by Raphaël Kaminsky, partner at Teynier Pic, and Diane Caron-Laviolette, senior associate at Teynier Pic.