Goodwin
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4 Contributions by Goodwin Experts
PRACTICE NOTES
ARCHIVED: This Practice Note is archived and is no longer maintained.
UCITS VI
UCITS VI outlines the European Commission’s consultation on Undertakings for Collective Investment in Transferable Securities, issued on 26th July 2012. For information on UCITS V, see UCITS V [Archived]. The consultation considered product rules, liquidity management, depositary matters, money-market funds and long-term investments. It followed the Commission’s UCITS V legislative proposals, likewise published in July 2012 (see UCITS V [Archived]).
In light of the European Securities and Markets Authority (ESMA) speech by ESMA Chair Steven Maijoor on 6th November 2014, the topics raised under UCITS VI were not to be progressed through a single measure, i.e. by amending the UCITS Directive. By way of example, there was at the time a proposal for a regulation concerning money-market funds (MMFs). For further detail on the Money Market Funds Regulation, see MMF
Financial Services
PRACTICE NOTES
Joint and several liability notices under the Finance Act 2020
The Finance Act 2020 (FA 2020) introduced powers enabling HMRC, in specified insolvency-related circumstances, to hold certain individuals personally responsible for tax debts or particular tax penalties owed by companies or LLPs, on a joint and several basis, by issuing a joint and several liability notice (JSLN). Those potentially caught include:
directors, shadow directors and other individuals involved in managing a company
participators in a company
members or shadow members of a limited liability partnership (LLP)
These measures were developed as part of efforts aimed at ‘tackling the small minority of taxpayers who deliberately abuse the insolvency regime in trying to avoid or evade their tax liabilities, including through the use of phoenixism.’ HMRC’s guidance summarising the JSLN provisions reflects this, while emphasising the legislation’s deterrent effect: ‘The aim of the
Tax
PRACTICE NOTES
Introduction and Background
This Practice Note provides an overview of climate-related disclosure duties for asset managers, life insurers and FCA-regulated pension providers as prescribed in chapter 2 of the FCA Handbook—ESG sourcebook.
It addresses, among other areas:
which asset managers and asset owners are in scope of the rules
requirements for climate-related reports
Task force on climate-related financial disclosures (TCFD) entity and product reporting
group-level disclosures and delegate reports
The UK’s plans for the future of financial services—including mandatory TCFD-based disclosures—were outlined in the Chancellor of the Exchequer’s Financial Services statement in November 2020. For further detail, see Practice Note: Mandatory climate-related disclosures for UK financial institutions. In December 2021, the FCA published Policy Statement PS21/24 setting out its response to Consultation Paper CP21/17 on climate-related disclosures by asset managers, insurers and FCA-regulated pension providers, and confirmed the final rules. For commentary on the
Financial Services
PRACTICE NOTES
This one minute guide offers a concise overview of the essential features of the UK Sustainability Disclosure Requirements (SDR) and Labelling regime. Following its October 2022 consultation (CP 22/20), the Financial Conduct Authority (FCA) released its response and the final SDR rules in Policy Statement (PS 23/16) on 28 November 2023. In April 2024, the FCA also issued final guidance on the new anti‑greenwashing rule (FG 24/3). For background, see News: FCA confirms new sustainability disclosure and labelling regime, LNB News 28/11/2023 67, and News Analysis: FCA sets sustainability disclosure rules for investments. For general information on sustainable finance and environmental, social and governance (ESG) matters relevant to the financial services sector, see: Sustainable finance and ESG—overview. For details of the FCA’s priority areas on sustainable finance and ESG, see Practice Note: Sustainable finance and ESG in the UK financial
Financial Services
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