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In the context of the bribery Act 2010, a commission is the giving of a financial advantage, although it is not necessarily a bribe.
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EU Securitisation Regulation—timeline This timeline shows key developments relating to Regulation (EU) 2017/2402 (the EU Securitisation Regulation) from January 2024 onwards. For earlier developments, see EU and UK Securitisation Regulations—timeline [Archived]. 2025 Date Source Document Description 1 April 2025 AFME The Joint Associations’ response to the ESMA consultation of February 2025 on the revision of the disclosure framework for private securitisation AFME, Commercial Real Estate Finance Council (CREFC) Europe and International Capital Market Association (ICMA) submitted a joint response to the European Securities and Markets Authority's (ESMA) consultation on revising private securitisation disclosure requirements. The joint response argues against: introducing a simplified reporting regime for EU-originated securitisations before wider reforms, citing concerns about potential changes to private securitisation definitions, continued template-based reporting requirements, and unresolved third-country reporting issues. They propose an alternative approach focusing on supervisory reporting needs while allowing more flexible investor disclosures.See: LNB News 01/04/2025 71. 31 March 2025 EBA Joint Committee Report on the implementation and functioning of the Securitisation Regulation (Article 44) The Joint Committee...
EU operational resilience—timeline This timeline shows key developments relating to EU operational resilience requirements for financial services firms from January 2024 onwards. For earlier developments, see Operational resilience—timeline [Archived] 2025 Date Source Document Description 15 April 2025 FSB FSB finalises the common Format for Incident Reporting Exchange (FIRE) The Financial Stability Board (FSB) has published its finalised format for incident reporting exchange (FIRE), which aims to standardise and streamline cyber and operational incident reporting. Developed with private sector collaboration, FIRE addresses fragmentation in reporting requirements across multiple jurisdictions and supports phased implementation. It is interoperable with existing systems and applicable to a wide range of incidents, including those involving third-party service providers. The initiative promotes convergence in cyber incident reporting, reduces the reporting burden for firms, and improves communication among authorities.See: LNB News 15/04/2025 37. 24 March 2025 European Commission COMMISSION DELEGATED REGULATION (EU) …/... supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying the elements that a financial...
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Commissions constitute the giving of a financial advantage. Not all commissions will be bribes. The most common occurrence of a commission is where an advantage is paid by a seller or purchaser to a third party or fiduciary for facilitating or brokering the sale of goods or services. They are accepted practice in several sectors, but an expected advantage can give rise to the real risk of improper performance of functions.Commissions may be facilitation payments, where they are paid for the performance (or faster performance) of an existing duty (see Practice Note: Facilitation payments under the Bribery Act 2010).If a commission is a facilitation payment, it will be unlawful. The Serious Fraud Office (SFO) has said it will prosecute where the Code for Crown Prosecutors, Full Code Test is met; that is to say there is a realistic prospect of conviction on the evidence, and it is in the public interest to do so. In cases where prosecution is not appropriate, the SFO may still use powers in the Proceeds...
An agent is a person who performs services for or on behalf of a commercial organisation. The use of agents will principally create risk under section 7 of the Bribery Act 2010 (BA 2010) (failure of a company to prevent bribery).See Failure to prevent bribery—the offence.Commercial organisations are:•bodies incorporated under the law of any part of the UK that carry on a business anywhere•any other bodies corporate that carry on a business or part of a business in any part of the UK•partnerships formed in the UK that carry on a business anywhere, or•partnerships formed anywhere that carry on a business or part of a business in the UKBusiness includes a trade or profession.How an agent may put a commercial organisation at riskAn agent is a person who performs services for or on behalf of a commercial organisation. Agents are therefore associated persons within the meaning of BA 2010.Whether a person is an agent is to be determined by reference to all the relevant circumstances and not merely the nature...
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China Maritime Arbitration Commission (CMAC) model
Ireland—data protection impact assessment—artificial intelligence DPIA screening questionnaire The screening questionnaire should be a concise document and not overly burdensome on the business. However, it needs to provide sufficient information to the DPO/Privacy POC to decide if a DPIA needs to be completed. Like the DPIA itself, the screening questionnaire will be drafted by a multidisciplinary team within the business. All completed screening questionnaires should be approved, time stamped and retained by the DPO/Privacy POC. Where a DPIA is required, it should be kept with the screening questionnaire to avoid duplication. The DPIA template is a continuation of the screening questionnaire. While the screening questionnaire and the DPIA detail AI use in accordance with EU GDPR requirements, companies deploying AI systems also need to factor in their obligations under additional relevant legislation, such as the requirement to carry out a fundamental rights impact assessment (FRIA) under the EU AI Act. While outside the scope of this document, information gathered as part of the screening questionnaire / DPIA exercise will be...
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Can a charitable incorporated organisation (CIO) amend its constitution with a resolution passed by less than a 75% majority of those voting at general meeting? A charitable incorporated organisation (CIO) is a form of legal entity that is only available to charities. A CIO only comes into existence once it has been registered by the Charity Commission. The CIO form was created in response to requests for a more appropriate legal structure for charities that want to operate using an incorporated entity, but do not want to be subject to dual regulation via company law and charity law. The legal framework for CIOs is set out in the Charities Act 2011 (CA 2011). The Charitable Incorporated Organisations (General) Regulations 2012, SI 2012/3012 set out the details for
What are the pre- and post-trade transparency requirements for UK trading venues in respect of shares and other equity-like instruments? What are the pre- and post-trade transparency requirements in respect of shares and other equity-like instruments under UK MiFIR? Pre-trade Market operators and investment firms operating a trading venue are required to make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for shares and other equity-like instruments traded on a trading venue. This requirement also applies to actionable indication of interests. Information must be available to the public on a continuous basis during normal trading hours. For detailed information, see Practice Note: MiFID II—UK trading venues — Requirements for RMs, MTFs and OTFs — Pre- and post-trade transparency requirements for market operators. Post-trade Market operators and investment firms operating a trading venue are required to make public the price, volume and time of the transactions executed in respect of shares and other equity-like instruments traded on that...
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The leader of the opposition, Kemi Badenoch, has announced the launch of a Lawfare Commission to examine the UK's legal system and relationship with international treaties, particularly the European Convention on Human Rights (ECHR). The Commission, led by Lord Wolfson KC and Helen Grant, has been tasked with formulating a plan for the UK to withdraw from the ECHR.
A round-up of other developments, which have not been covered in full by the ½Û×ÓÊÓƵ Financial Services practical guidance team but may nevertheless be of interest.
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