What are cryptoassets? Cryptoassets are a store of value which is cryptographically proven (using computer code) and which can be transferred or exchanged digitally. They do not generally have equivalent physical manifestations (eg coins) and only exist notionally. They were designed to give individuals greater control over their finances, serving as a decentralised form of electronic currency that enables peer-to-peer global transactions, without the input of a centralised authority such as a country or a bank. Users can own and transact with cryptoassets in two ways: • through third-party intermediaries who safeguard the cryptoassets on behalf of the consumer • held directly, in a personal hardware-wallet—the user takes responsibility for storing their assets and user information Cryptoassets serve as a pseudo-anonymous and relatively quick method of moving funds globally. There are low barriers to entry—users only need an internet-connected device to transact with cryptoassets. It is no surprise therefore that cryptoassets are being exploited for money laundering, terrorist financing and proliferation financing purposes. See section: Associated risks. SRA regulatory position As

Subject to various qualifying criteria, tenants who hold long leases of flats have a collective right to buy the freehold (and any intermediate leasehold interests) of the building containing those flats together with and common areas (eg gardens, car parks etc). The initial notice triggers the statutory procedure for acquiring the freehold and from the date it is served on the landlord the participating tenants are jointly and individually liable for the landlord’s costs. The initial notice must include certain information without which it may be deemed invalid. This includes details of the property, the price proposed

What are the differences between a 1992 ISDA Master Agreement and a 2002 ISDA Master Agreement? The 2002 ISDA Master Agreement was published to take into account market developments and changes in market practice since the 1992 ISDA Master Agreement was published. The key difference concerns how changes are calculated with the close-out amount replacing the market quotation and loss methods found in the 1992 ISDA Master Agreement. The differences between the two forms of agreement are set out in Practice Note: ISDA documentation—comparison of the 1992 and 2002 master agreements. How can I adapt a 1992 ISDA Master Agreement? ISDA published a form of amendment (the Amendment) in March 2003 to allow parties to amend various sections of the 1992 ISDA Master Agreement (multicurrency—cross border). The Amendment

The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 apply if you enter into an off-premises or distance contract with a consumer client. At the heart of the regulations is the duty to give the client: • notice of their right to cancel (called Instructions for cancellation), and • a Cancellation form This Q&A answers the practical question: can you amend the model Cancellation form and Instructions for cancellation, or do you have to replicate the versions in Schedule 3 of the Regulations? What do the Regulations say? Regulations 10 (off-premises contracts) and 13 (distance contracts) require that if a right to cancel exists, you must give or make available to the consumer a cancellation form as set out in part B of Schedule 3. This contrasts with the Instructions for cancellation, which may be provided by means of the model instructions on cancellation set out in part A of Schedule 3. There is obviously a policy reason for distinguishing the two forms in this way, ie the model Cancellation

Appealing a costs order It is important to be aware that the general approach of the courts has been to discourage appeals against costs orders. For guidance, see Practice Note: Appeals against cost orders. It may be, given the specific circumstances in this Q&A, that it is considered that an appeal would be appropriate. When appealing a costs order, permission is required in the same way as for any other appeal, save where it is a decision of an authorised costs officer (see Riniker v University College London). Is permission to appeal required? In most cases, it is necessary to obtain permission to appeal (although see CPR 52.3(1) for details of the exceptions to this). CPR 52.3(1)(a) states that: (our emphasis) ‘…(1) An appellant or respondent requires permission to appeal— (a) where the appeal is from

An application for a subpoena for the production of testamentary document is made under section 123 of the Senior Courts Act 1981 (SCA 1981). The court has special powers to order, or to issue a subpoena requiring any person to produce and bring into the Principal Registry of the Family Division or any district probate registry, any document which is or purports to be a testamentary document, appearing to be in that person's possession, custody or power. If it appears that there are reasonable grounds for believing that a person has knowledge of any document which is or purports to

We refer you to our Practice Note: Pre-6 April 2016—attachment of earnings to enforce a judgment debt under CCR Ord 27 [Archived] which explains how to apply for an attachment of earnings to enforce a judgment debt by ordering the judgment debtor’s employer to pay a portion of the judgment debtor’s salary to a collecting officer for payment on to the judgment

Applying for expedited SIAC arbitration If you have already started a SIAC arbitration on behalf of a client, you can apply for an expedited procedure under r 5 of the SIAC Rules as long as the tribunal has not yet been constituted. However, the expedited procedure will only be applied where: • the sum in dispute (aggregate of the claim, counterclaim and any set off) does not exceed the equivalent of S$ 5 million (approximately, £2.5 million), or • the parties agree, or • there is exceptional urgency Therefore,

Security for costs when challenging an award The simple answer to this question is, yes, you can apply for security for costs of a challenge to an award made under s 68 of the Arbitration Act 1996 (AA 1996). Even better, you should also consider applying for security in the amount of the award and the costs of the challenge. Section 70(6) of AA 1996 sets out the court’s power to order security on an application under AA 1996, ss 67–69 on grounds that the defendant has insufficient assets or does not have readily available assets to satisfy any court order. The

An individual voluntary arrangement (IVA) is an insolvency procedure applicable to individuals as an alternative to bankruptcy which allows an insolvent debtor to obtain a moratorium on his debts and to enter into a repayment arrangement with his creditors. For further information, see our Practice Note: Individual voluntary arrangements, which covers the nature of an IVA, proposal and approval, the role of the supervisor, fast-track

Introduction Organisations have databases of customers and contacts, many of whom will have opted out of marketing contact, or the organisation may not have a record of their marketing preferences at all. It is tempting for organisations to send an email to, or telephone, the customer or contacts concerned to ask them if they have changed their mind, and to ask them to opt (back) into marketing communications. However, this is likely to lead to enforcement action by the Information Commissioner (ICO). Several organisations have fallen foul of data protection legislation in this area in the past year. The relevant law is contained in the Data Protection Act 1998 (DPA 1998) and the Privacy and Electronic Communications Regulations 2003, SI 2003/2426 (PECR). For more detail, see Practice Note: Direct marketing. Examples of ICO action Flybe An investigation by the ICO found Exeter-based airline Flybe sent more than 3.3 million emails to people who had told them that they did not want to receive marketing emails

STOP PRESS: Draft Legal Sector Affinity Group (LSAG) AML guidance was published on 20 January 2021. It awaits approval by HM Treasury and any content may be amended before the final version is published with the Treasury's approval. This document reflects HM Treasury approved LSAG AML guidance published in 2018 and will be updated in due course. The Law Society’s 2010 article, Source of funds: clean or consistent with risk? (based on the now revoked Money Laundering Regulations 2007) says that in many ways, client identification and verification is secondary in anti-money laundering compliance to understanding the source of funds and the purpose of a retainer. Despite this, there is no blanket requirement in the current Money Laundering Regulations 2017 (MLR 2017), SI 2017/692, to establish the source of funds for every client and matter. MLR 2017, as amended by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511, from 10