Activity schedule meaning

Timeline—developments from 1 January 2024 onwards This timeline charts UK-focused changes to the anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing (CPF) legal and regulatory frameworks affecting financial services firms. It captures the evolution and implementation record of the UK AML, CTF and CPF legislative landscape, including updates to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs), together with AML/CTF-related outputs from HM Treasury (HMT), the Financial Conduct Authority (FCA) and the Joint Money Laundering Steering Group (JMLSG). It further reflects supranational AML/CTF/CPF activity from the Financial Action Task Force (FATF), Basel Committee on Banking Supervision (BCBS), International Association of Insurance Supervisors (IAIS), International Organisation of Securities Commissions (IOSCO), the Egmont Group of Financial Intelligence Units (FIUs) and the Wolfsberg Group. A schedule of forthcoming dates is available in: Key dates for Financial Services—horizon scanner. For earlier developments up to 31 December 2023, see: AML/CTF legal and regulatory regimes for financial services firms—timeline to 31 December 2023 [Archived]...

Mergers The CMA has opened its phase 1 probe and published a call for comments concerning the proposed purchase of Hayes International, Inc by Acerinox, S.A.—case page. Note—For all current mergers before the CMA, see also, UK mergers—ongoing cases tracker. Upcoming dates For the schedule of impending UK competition activity, see further, the UK Competition calendar...

In this issue: Spring Budget 2024 Brexit UK, EU and international regulators and bodies Authorisations, approvals and supervision Prudential requirements Financial crime and sanctions Complaints, compensation and claims handling Investigations, enforcement and discipline Capital markets regulation Benchmark regulation and IBOR reform Derivatives regulation Dispute resolution for financial services lawyers Sustainable finance and ESG Banks and mutuals Investment funds and asset management Insurance regulation Payment services and systems Fintech and cryptoassets Competition in financial services EEA Agreement Annex IX (Financial Services) Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Spring Budget 2024 Spring Budget 2024—key Financial Services announcements In the Spring Budget 2024, the chancellor of the Exchequer, Jeremy Hunt, unveiled a suite of measures affecting financial services, including in particular the possible creation of a Private...

Pevensey Coastal Defence Ltd v Environment Agency [2024] EWHC 1435 (TCC)) What are the practical implications of this case? This dispute is highly fact‑sensitive, largely focused on construing terms in a particular PFI contract. Nonetheless, some issues of broader interest arise from the circumstances prompting the claim and the treatment of clauses addressing adverse weather — here, the escalation in storm activity along the Sussex coast — within a PFI arrangement that began in 2000 and ends in 2025. Parties might scrutinise the Change Control Schedule wording in the judgment and decide whether to seek the same outcome recognised here (namely, that costs could be recoverable where there has been a material rise in storm incidents/adverse weather). In essence, the issue was whether the Change Control Schedule allowed recovery of extra costs from a material uptick in storm events. Similar PFI parties should review that drafting. What was the background? Pevensey Coastal Defence Limited (PCDL) and the Environment Agency (EA) entered into a PFI contract dated...

Forthcoming change: Sections 6–7 of the Finance Act 2026 provide that, with effect from 6 April 2027, an individual’s property income will be subject to income tax at the property basic rate of 22%, the property higher rate of 42%, and the property additional rate of 47% for a given tax year. A person’s property income is treated as the highest portion of their income, save where they also have savings and/or dividend income. Where savings and/or dividend income arises, the property income is taken to be the portion of the person’s income that falls immediately before the savings and/or dividend income. FA 2026, Schedule 1, makes consequential amendments to ITA 2007. For these purposes, property income means income that is: chargeable under Chapter 3 of Part 3 of ITTOIA 2005 (profits of a UK property business or an overseas property business) chargeable under Chapter 7 of that Part chargeable under Chapter 8 of that Part chargeable under Chapter 9...

Practice Note In this Practice Note, the term ‘bank’ denotes a UK institution authorised under Part 4A of the Financial Services and Markets Act 2000 (FSMA 2000) to undertake the regulated activity of accepting deposits (as defined by FSMA 2000, s 22, read with Schedule 2 and any order under FSMA 2000, s 22), and any mention of ‘bank’ below also covers a resolution company. In the wake of Silicon Valley Bank’s failure, the government consulted on additional reforms and, in May 2025, passed the Bank Resolution (Recapitalisation) Act 2025 (see: LNB News 19/07/2024 30). These changes are not confined to smaller banks and, from 16 July 2025, apply to banks of any size, provided the other entry conditions are met (see Practice Note: Bank resolution reforms under the Bank Resolution (Recapitalisation) Act 2025). Part 1 of the Banking Act 2009 (BA 2009) likewise extends to building societies and investment firms, with modifications specified in BA 2009. Central counterparties, meanwhile, are now subject to their own special resolution regime...

This Practice Note summarises the confiscation regime set out in the Proceeds of Crime Act 2002 (POCA 2002), together with the changes introduced by Schedule 8 to the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023), insofar as it operates in Scotland. Schedule 8 amended the Proceeds of Crime Act 2022 to make provisions in connection with cryptoassets and confiscation orders. Those amendments have not yet been brought into force. Introduction to Scottish confiscation law and procedure Confiscation is the mechanism by which, after conviction, an offender’s financial gain from offending is taken away. The POCA 2002 confiscation provisions are designed to facilitate the recovery and seizure of the proceeds of crime in order to: disincentivise criminal activity, and prevent offenders from retaining the proceeds of crime following conviction This Practice Note addresses the Scottish confiscation process and procedure. For the parallel provisions in England and Wales, see the subtopic: Restraint and Confiscation. A confiscation order requires...

Insert the following definitions as new definitions into clause 1 of Precedent: Share purchase agreement—pro-seller—individual sellers—unconditional—long form: 1 Definitions and interpretation Sanctioned Activity • any conduct subject to sanctions set by a Sanctioning Body; Sanctioning Body • the UK, USA, EU and any other relevant authority imposing/administering sanctions; Sanctioned Entity • any person or entity that is, or is owned/controlled (directly or indirectly, per Sanctions Laws) by, a party sanctioned or listed by a Sanctioning Body; Sanctions Laws • all applicable law on Sanctioned Activities binding any Party or this Agreement’s performance; Sanctions Policy • the Sellers’ sanctions policy in Appendix [ insert Appendix number ], as updated and notified to the Buyer; 1.2 The Sellers and the Group Companies, as at the date of this Agreement and throughout its term: are not Sanctioned Entities; have not been notified of any investigation into a Sanctioned Activity; are unaware of Business circumstances that could give rise...

Insert the following definitions as new definitions into clause 1 of Precedent: Share purchase agreement—pro-buyer—corporate seller—unconditional—long form: 1 Definitions and interpretation Sanctioned Activity • signifies any conduct falling within sanctions enforced by the Sanctioning Body; Sanctioning Body • denotes the United Kingdom, United States of America, European Union, plus any other relevant local, national, or multinational governmental agency, department, official parliament, public or statutory person, or any governmental or professional body, regulatory or supervisory authority, board, or other body tasked with imposing and/or administering sanctions; Sanctioned Entity • refers to any person or entity that is, or is owned or controlled, whether directly or indirectly, by a person or entity that is, subject to sanctions imposed by, or on a designated sanctions list by, a Sanctioning Body, and in this clause 1, the words ‘owned or controlled directly or indirectly’...

Schedule—Transition 1 Introduction 1.1 This Schedule sets out the manner in which the Services will pass from the Customer to the Supplier on or before the scheduled Service Commencement Date. 1.2 It defines the obligations of both parties, the governance and reporting arrangements, and the repercussions of any delay or failure in delivering the Transition activities. 2 Transition 2.1 From the Effective Date, the Supplier will: 2.1.1 commence the Transition of the Services in line with the Transition Plan set out in the Annex to this Schedule; 2.1.2 ensure every Milestone is achieved on or before its Milestone Date; 2.1.3 undertake any further actions or services required to have the Services ready for provision on or before the Service Commencement Date, even where these are not expressly detailed in the Transition Plan. 2.2 The Supplier will hold end-to-end responsibility for managing Transition and will identify and remedy, or support the Customer in identifying and remedying, any issues...