Advancement/Power of advancement meaning

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Operational resilience Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Packaged Retail and Insurance-based Investment Products (PRIIPs) Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Investment funds and asset management UK MiFID II EU MiFID II Payment services and systems Fintech and cryptoassets Regulation of AI in FS LexTalk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Latest Q&As No Weekly Highlights on 24 April 2025 UK, EU and international regulators and bodies FCA announces first international presence in US and Asia-Pacific regions The Financial Conduct Authority (FCA) has unveiled its...

Hyde (as joint trustee in bankruptcy of James Stunt) v Stunt [2024] EWHC 630 (Ch) What are the practical implications of this case? The ruling reiterates the established principles applied when deciding contested ownership of property and, in this matter, a work of art (the ‘Painting’). It confirms the approach taken where questions of contract and trusts arise to determine title in a civil dispute. As ICC Judge Jones observed, this was a case about the law of contract and trusts to decide ownership, set against a backdrop of relatively limited documentation and witnesses striving to recall events from more than a decade ago. The judgment therefore underscores how the court evaluates sparse records and long-faded memories when resolving such issues. The court also considered the implications where property has been made subject to a restraint order under the Proceeds of Crime Act 2002 (POCA 2002). A notable argument advanced by Counsel for Mr Geoffrey Lee Stunt was that the Painting could not vest in the Joint Trustees...

See Q&A: Can a life tenant under a will trust validly and effectively assign their life interest by entering into a deed of variation pursuant to section 142 of the Inheritance Tax Act 1984, despite the trustees having earlier exercised a power to advance capital to a beneficiary?...

Source and availability Sources Trustees are granted specific statutory powers, chiefly under the Trustee Act 1925 (TA 1925) and the Trustee Act 2000 (TrA 2000), which define their authority...

ARCHIVED: This Practice Note is archived and no longer updated. It charts the advancement of the European Commission’s draft Regulation creating a shared framework for media services within the internal market—known as the European Media Freedom Act (EMFA)—as it moves through the ordinary legislative route. Background In 2020, via the European Democracy Action Plan, the Commission underlined the necessity of bolstering media freedom and pluralism. In 2021, during her State of the Union address, Commission President Ursula von der Leyen unveiled an initiative to safeguard media independence across the EU. That initiative was included in the Commission’s 2022 Work Programme. On 10 January 2022, a public consultation was launched. On 16 September 2022, the Commission issued a proposal for a Regulation setting a common framework for media services in the internal market—the European Media Freedom Act (EMFA)—seeking to safeguard and promote media independence and pluralism in the EU through a unified approach. Alongside it, the Commission released Recommendations on internal protections for...

ARCHIVED: This archived Practice Note summarised major updates and guidance concerning Brexit and the TMT industry. It is no longer updated and is supplied for context alone. It is arranged under the following headings: New technologies Information technology Internet Data protection Media Advertising, marketing and sponsorship Telecommunications This note does not monitor broader Brexit events; for those, consult Practice Note: Brexit timeline. To follow the advancement of UK statutes introduced as part of preparations for the UK’s departure from the EU, see Practice Note: Brexit legislation tracker. On 31 January 2020 (exit day), the UK stopped being an EU Member State and forfeited its right to take part in the EU’s political bodies and governance frameworks. Under the transitional measures in Part 4 of the Withdrawal Agreement, exit day began an 11-month implementation phase during which, for many purposes, the EU treated the UK as though it remained a Member State. The implementation phase continued until 11...

FORTHCOMING CHANGE: Potential changes to Wills Act 1837 The Law Commission’s review of wills culminated in a final report on 16 May 2025. Volume II contains a Draft Bill proposing replacement of the Wills Act 1837. For details of these proposals, including the published draft legislation, see Practice Note: Hot topic—modernising Wills and Modernising wills: Final Report Volume II: Draft Bill for a new Wills Act. STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime The Finance Act 2025 (FA 2025), which received Royal Assent on 20 March 2025, implements the abolition of the remittance basis and introduces a residence-based regime from 6 April 2025. FA 2025 makes residence, rather than domicile, the main determinant of liability to inheritance tax. changes to the rules defining excluded property status; removal of protected settlements status for offshore trusts; and modifications to overseas workday relief. For further information, see Practice Notes: The abolition of the remittance basis of taxation...

This TRUST is executed on [ insert date ] Parties [ insert settlor ] of [ insert address ] (the Settlor); and [ original trustee ] of [ insert address ] and [ original trustee ] of [ insert address ] (the Original Trustees) Background The Settlor intends to establish this Trust for the benefit of [ insert beneficiary’s name ] (the Beneficiary) The Settlor has conveyed to the Trustees [ insert details of property transferred ] to be held on the bare...

1 Executive summary/introduction 1.1 This business plan arises from a sequence of conversations among the partners. Every partner is accountable for making sure their team backs the aims set out in the plan. 1.2 The plan will be assessed on a [ monthly ] cycle, and advancement against the objectives will be considered at partnership meetings. 1.3 Although the plan’s details are not shared beyond the [ partnership ], we ask [ partners ], where suitable, to talk through our priorities with their team members. 1.4 The plan focuses on delivering a limited set of key objectives over the coming year. [ These objectives are intended to help the firm further strengthen its position by diversifying into new areas of law. ] 1.5 Information on these objectives, and the means by which they will be delivered, is set out in the Action plan at section 11. ...