What are the EU EMIR margin requirements? Under EU EMIR, counterparties involved in non-centrally cleared over-the-counter (OTC) derivative transactions may be required to exchange two types of collateral (usually described as margin): Variation Margin (VM) and Initial Margin (IM). The regulation aims to mitigate the risks associated with these transactions by ensuring that adequate collateral is posted to cover current and potential future exposures. What are VM and IM? VM reflects the size of the current exposure of the derivative transaction. It changes over time as its value is dependent on the current mark-to-market value of the derivative. Its purpose is to protect transacting parties from exposure incurred as the mark-to-market value changes. VM should be calculated daily on the basis of the mark-to-market values of the contracts in a specific netting set and exchanged with sufficient frequency, typically daily. IM is intended to cover potential future exposure for the expected time between the last VM exchange and the liquidation of positions on the default of a counterparty.

Local Government analysis: In this appeal the deputy president was asked to determine the circumstances in which the First-Tier Tribunal (FTT) may conduct a review of its own decision upon receipt of an application for permission to appeal, and the question whether the FTT may consider a challenge to policy in the context of an appeal against a penalty imposed in reliance on that policy. He held that a review may only be conducted insofar as the issue arises out of a point advanced by a party seeking permission to appeal, and, while not addressing the point head-on, that the FTT is not the appropriate forum in which to challenge policy. Written by Riccardo Calzavara, barrister at Cornerstone Barristers.

It is assumed for the purpose of this scenario that the issue relates to the registration of the lease at HM Land Registry (HMLR). Where title deeds have been lost or destroyed, HMLR will require an account of the events that have resulted in the loss or destruction, as well as the reconstruction of the title as best as possible. HMLR's Practice Guide 2 recommends that form ST3 accompanies form FR1 and form DL, as that form sets out the framework for the information and evidence that needs to

This Q&A assumes that: • the trustees of the trust are all non-UK residents • the instrument of variation satisfies the requirements of section 142 of the Inheritance Tax Act 1984 (IHTA 1984) • the deceased was domiciled, or deemed domiciled in the UK at the time of their death Before considering the inheritance tax (IHT) implications of the instrument of variation, it is first necessary to establish whether the variation will be recognised in the foreign jurisdiction. English courts will apply private international law, according to which it is the laws of the jurisdiction in which the assets subject to the variation are located that will determine the validity of the transfer of the assets to the trustees. See Practice Note: Jurisdiction rules. See also Private client and private international law—overview. There is conflicting authority as to whether it is possible to change the beneficial

The Council of Bureaux is the organisation acting for the protection of the victims of cross-border road traffic accidents. It achieves this by coordinating national motor insurers’ bureaux which are members of the Green Card system. It is worth bearing in mind that the Green Card scheme was and is not a creature of the EU, as evidenced by the fact that there are 47 Member Bureaux in 48 nations, including North African and Middle Eastern nations. The Green Card scheme operates so that the national bureau guarantees that the victim of a road accident caused by a foreign vehicle will be compensated in the country in which the accident occurred. Thus, where a UK resident is injured in a road traffic accident by a French registered vehicle, membership of the scheme guarantees that they will be compensated in the UK courts. Of more relevance to the question posed is that the Council also acts as a secretariat for the bodies

When employees are transferred to a new business pursuant to a TUPE transfer, there will be numerous PAYE and national insurance contributions (NICs) implications to consider. For an overview of the PAYE regime, including the real time information (RTI) obligations, see Practice Note: PAYE compliance and RTI. Transferor The transferor must: • operate PAYE on any payments made to employees prior to the TUPE transfer (other than in respect of any payments made by the transferee) • operate PAYE on any payments it makes to employees after the TUPE transfer • account to HMRC for any Class 1 NICs (ie those that are paid by both employers and employees and that arise on earnings) that are due on earnings paid prior to the TUPE transfer • account to HMRC for Class 1A NICs (ie those that are paid by employers and that arise on the provision of benefits in kind) if the transferor is the entity that makes the 'last (or only) relevant payment of earnings' in that tax year.

The obligation to notify HMRC in respect of the grant of the lease is not affected by the tenant holding over. The instruction to treat the lease as if it had grown by one year for each year it is held over does not apply to the notification provisions. Consequently, the obligation to submit a return and pay tax is

This Q&A considers the requirements for solicitors and law firms regulated by the Solicitors Regulation Authority (SRA) when supervising remote workers. It considers general supervision requirements in the SRA Codes of Conduct, the supervision of trainee solicitors and additional requirements for Lexcel-accredited firms. SRA supervision requirements The SRA’s core regulatory requirements in relation to supervision are found in the two Codes of Conduct (the SRA Code for Solicitors, RELs and RFLs and the SRA Code for Firms), which should be read in the context of the SRA Principles. Additional requirements relating to supervision are peppered throughout the SRA Standards and Regulations. The core requirements include: SRA Code for Firms SRA Code for Solicitors, RELs and RFLs You remain accountable for compliance with the SRA’s regulatory arrangements where your work is carried out through others, including your managers and those you employ or contract with.Para 2.3 Where you supervise or manage others providing legal services:—you remain accountable for the work carried out through them, and—you effectively supervise work being done for

What are the UK EMIR additional risk mitigation requirements? UK EMIR imposes additional risk mitigation requirements on counterparties engaging in non-centrally cleared OTC derivative contracts. These requirements are designed to mitigate operational and counterparty credit risks. The principal risk mitigation technique which UK EMIR requires counterparties to apply is the provision of collateral (usually referred to as margin). For information, see Q&A What are the UK EMIR margin requirements? and Practice Note: UK EMIR—essentials — Margin requirements. In addition, UK EMIR requires counterparties to apply the following risk mitigation techniques: • timely confirmation • portfolio reconciliation • portfolio compression • dispute resolution, and • marking to market/marking to model What is timely confirmation? Timely confirmation requires that non-centrally cleared OTC derivative contracts be confirmed within specific deadlines. This requirement ensures that both parties agree on the terms of the contract promptly, reducing the risk of disputes and operational errors. For contracts where each counterparty is a financial counterparty (FC) or a non-financial counterparty (NFC) whose total OTC derivatives positions exceed

What are the UK EMIR margin requirements? Under UK EMIR, counterparties involved in non-centrally cleared over-the-counter (OTC) derivative transactions may be required to exchange two types of collateral (usually described as margin): Variation Margin (VM) and Initial Margin (IM). The regulation aims to mitigate the risks associated with these transactions by ensuring that adequate collateral is posted to cover current and potential future exposures. What are VM and IM? VM reflects the size of the current exposure of the derivative transaction. It changes over time as its value is dependent on the current mark-to-market value of the derivative. Its purpose is to protect transacting parties from exposure incurred as the mark-to-market value changes. VM should be calculated daily on the basis of the mark-to-market values of the contracts in a specific netting set and exchanged with sufficient frequency, typically daily. IM is intended to cover potential future exposure for the expected time between the last VM exchange and the liquidation of positions

A UK based purchaser of an overseas business will need to consider the following tax issues: • the potential overseas and UK tax costs associated with the acquisition • the tax-efficient return of profits from the overseas business to the UK purchaser • a tax-efficient exit, and • maximising the tax-efficiency of the target business This Practice Note is written from a UK tax perspective and also comments on some of the typical overseas tax issues that will need to be considered, including tax reporting, filing and compliance obligations. Note that local advice should be sought specifically in the jurisdiction(s) in which the target business is conducted. Overseas and UK tax costs associated with the acquisition of an overseas business The usual potential UK and overseas tax costs that need to be considered in connection with the acquisition of an overseas business are set out below. Transfer taxes Acquisitions of shares can be subject

What are the UK bank resolution powers and tools? The resolution powers and tools available under the UK bank recovery and resolution regime are designed to manage the failure of banks, building societies, and systemically important investment firms in an orderly manner, ensuring financial stability and minimising the use of public funds. These tools are part of the Special Resolution Regime (SRR) established under the Banking Act 2009 (BA 2009) and further developed through subsequent legislation and rules, policy statements and other documents published by the Prudential Regulation Authority (PRA), the Bank of England (BoE) and HM Treasury (HMT). BA 2009 provides the BoE and HMT with the powers and tools described below for use in the resolution of an in-scope firm. Mandatory write-down and conversion of capital instruments There are five cases where the BoE is required to make a write-down and/or conversion of capital instruments which have separate requirements. The cases include the situation where a bank is part of a group or it is a