A result that a member state needs to achieve in relation to an EU Directive or EU Decision which is to implement or give effect to the EU provisions via national measures.

The date of the last day of the period that EU legal acts, mainly EU Directives, grant to Member States to adopt the necessary measures to comply with their provisions.

EU acquis United Kingdom legislation [Insert full title of the EU legislation including reference to the Official Journal] [List all existing UK legislation

Arbitration analysis: Following the resolution of the Spanish financial institution Banco Popular Español SA in 2017, a group of Mexican investors led by businessman Antonio del Valle sought multi-million compensation against the Kingdom of Spain before the Permanent Court of Arbitration, invoking the 2006 Bilateral Investment Treaty between the two countries. However, in its final award, the arbitrators concluded that the decision adopted by the Spanish and EU authorities to intervene in the bank and sell it to Banco Santander for just one euro was proper and legal, ordering the claimants to pay € 8m in costs. In particular, the arbitral award unanimously finds that the resolution process was carried out in an orderly manner with limited impact on customers and the overall financial system, concluding that the resolution regime empowered the Spanish and EU authorities to apply radical solutions to restructure a failing bank in a more efficient and streamlined manner than traditional bankruptcy proceedings without entailing a violation of the treaty. Written by Josep Gálvez, English barrister at Del Canto Chambers in London and Spanish Abogado at Litigo Partners in Barcelona.

This Practice Note examines the application of the UK Travel Rule, which requires the collection, verification and sharing of information relating to transfers of funds and cryptoasset transfers, under the UK Second Wire Transfer Regulation (UK WTR2) and Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692, Part 7A (MLRs). It covers (1) the application of UK WTR2, including the definitions of transfer of funds and payment service provider (PSP), (2) the obligations of the PSP of the payer, (3) the obligations of the PSP of the payee, (4) the obligations of an intermediary PSP, and (5) the corresponding requirements for cryptoasset transfers under Part 7A of the MLRs. UK legislative development of the Travel Rule The Travel Rule is intended to increase transparency in the transfer of funds and cryptoassets, making it more difficult for such transfers to be used for illicit activity. In particular, it supports anti-money laundering (AML) and counter terrorist financing (CTF) objectives by requiring the transmission

ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note tracks and summarises key new and upcoming EU regulatory legislation guidance and other ongoing policy developments (eg consultation, communication) linked to the transport and travel sector. More specifically, this tracker covers all live, closed and upcoming consultations, evaluations and proposals related to guidance, code of practice and legislation in the transport and travel sector. Key initiatives include the revision of rail passengers rights and obligations, the revision of the Eurovignette Directive, the revision of the Trans-European transport network (TEN-T), the revision of the Intelligent Transport Systems (ITS), as well as the revision of the Single European Sky (SES). EU transport policy aims to provide efficient, safe and environmentally friendly mobility solutions for EU citizens. For instance, the EU lays down rules regarding traffic congestion, innovation, gas emissions, security and safety, the intelligent transport system, passenger rights and funding for infrastructure. In addition, travel and tourism is a major economic activity in the EU. EU tourism policy aims to maintain

A US government debt security with a maturity of less than one year. They are sold at a discount to par – where the difference between purchase price and redemption value represents the investor's return.

The Treasury Committee is investigating the acceptance of physical cash, aiming to determine if rules are needed for its regulation. Despite declining usage, cash remains a crucial resource for 3.1m UK citizens, providing a lifeline for those with poor health or at risk of economic abuse. Public sessions of the investigation will potentially start in December 2024.

The House of Commons Treasury Committee has published a report calling on the government to reverse the planned three-year freeze to the Plan 2 student loan repayment threshold from 2027, stating that it has a ‘moral obligation’ to honour the terms on which the loans were originally presented. The Committee concluded that communications by the Department for Education and the Student Loans Company amounted to mis-selling in several respects, including by failing to make sufficiently clear that future governments could retrospectively change loan terms. The report also recommends that the government move towards a 50:50 funding balance between individuals and the taxpayer for university education and that student loan interest should be linked to the consumer prices index rather than the retail prices index.

The Treasury Committee has published correspondence with four UK major banks which shows they received more than £9bn in interest on Bank of England (BoE) reserves in 2023—a 135% increase on 2022.

The House of Commons Treasury Committee has launched an inquiry into AI in financial services to explore how UK financial services, including retail banking, investment banking, insurance and pensions, can take advantage of opportunities in AI while at the same time mitigating threats to financial stability and safeguarding financial consumers, particularly vulnerable customers who may be at risk of bias. The inquiry will also examine current AI usage by City firms, opportunities for innovation, impacts on employment, and the UK's global competitiveness. The Committee has launched a call for evidence and requests stakeholder feedback by 17 March 2025.

The UK Parliament has announced that the Treasury Committee is launching a new enquiry into whether the UK’s economic sanctions on Russia are having the desired effect on Russia’s ability to fund their armed forces. The Committee aims to look closely at the work of HM Treasury’s Office of Financial Sanctions Implementation and will seek to understand the extent to which it is possible to seize frozen Russian assets. Submissions of written evidence are requested by 28 March 2024.