Asset-liability modelling meaning

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Accountability, culture and social governance Prudential requirements Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Banks and mutuals Investment funds and asset management MiFID II Regulation of insurance Payment services and systems Fintech and cryptoassets Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies ESAs highlight role of behavioural insights in supervisory and policy work The three European Supervisory Authorities — the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) — have issued a joint report arising from their February 2024 workshop on integrating...

In this issue: UK, EU and international regulators and bodies Accountability, culture and social governance Prudential requirements Operational resilience Financial crime and sanctions Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Investment funds and asset management Regulation of insurance Consumer credit, mortgage and home finance Payment services and systems Financial Services Enforcement Database Intraday news alerts Daily and weekly news alerts New and updated content UK, EU and international regulators and bodies EBA, EIOPA and ECB publish governance framework for Data Point Model alliance The European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Central Bank have introduced a shared governance structure to guide their joint work on the Data Point Model (DPM) 2.0 standard. Through the DPM alliance, they will jointly steward DPM 2.0 and co‑operate on the DPM methodology for modelling reporting obligations,...

What is the background to the proposal? Since estate duty arrived in the late nineteenth century, agricultural reliefs have been central to limiting upheaval and enabling farmers to make long-term commercial and environmental choices in this vital, often multi-generational, industry over successive generations. Farmers who are asset-rich yet commonly cash-poor are especially exposed to inheritance tax (IHT), and, without full agricultural property relief (APR) and business property relief (BPR), many would be compelled to dispose of land, fragmenting long-standing family enterprises to settle the tax due. In recent times, however, APR has been viewed as something of a loophole, with many ultra-wealthy individuals acquiring farmland to sidestep IHT. Facing a £22bn gap in the public finances, the government has therefore unveiled changes to both APR and BPR with effect from 6 April 2026, asserting that the IHT regime will be fairer and more precisely targeted in practice. Chancellor Rachel Reeves indicated that around 75% of farms and landed estates would be unaffected by the reforms. Yet this is...

ARCHIVED: This Practice Note has been archived and is not maintained. Last updated April 2016 The Government Construction Strategy (‘the Strategy’) was introduced in May 2011 to overhaul public sector construction procurement by championing efficiency, fostering innovation and stimulating growth across the industry. Its core objective was to cut the cost of government construction by 15–20% before the close of the parliamentary term, aligning with Infrastructure UK’s three‑year Infrastructure Cost Review programme. The government’s One Year On update, issued in July 2012, showed that applying the Strategy’s principles had already delivered savings within the year and reduced whole‑life project costs. On 23 March 2016, the Infrastructure and Projects Authority released the Government Construction Strategy 2016–2020, presented as a continuation of the achievements of the Government Construction Strategy 2011–2015. It recorded £3 billion in efficiency savings between 2011 and 2015. For further details on the 2016–2020 Strategy, see Practice Note: Government Construction Strategy 2016-2020 [Archived]...

BIM (building information modelling) protocol There is no single, mandatory BIM protocol required on all UK projects using BIM—parties involved in construction projects where BIM is to be adopted are free to choose the protocol they wish to use; it is not imposed and remains a matter for agreement on a project‑by‑project basis. The parties may opt for one of the published forms already available, agree a bespoke protocol tailored to the scheme, or choose to proceed with no standalone protocol at all, instead setting out every BIM obligation within the contract conditions and associated technical documents. As the use of BIM has expanded, various protocols have been created by organisations seeking to promote efficiency, consistency and recognised good practice within such documents. None of these has yet become an ‘industry standard’, though that appears to be edging closer—having a common standard would be likely to assist with insurance considerations, and provide greater consistency and certainty around the parties’ duties and responsibilities, thereby defining more clearly the risk profile...

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Back end Contentious, disputes‑focussed legal services, for instance representing a party in litigation... Benchmarking A method for assessing whether service quality and pricing align with prevailing market levels (where they exist) without running a formal competition. It can also be applied to track improvement or evaluate performance... Best value The obligation on every local authority to arrange for continual improvement in how its functions are carried out, having regard to economy, efficiency and effectiveness (Local Government Act 1999, s 3). This entails considering costs, securing value for money, and ensuring services reflect community needs and the authority’s priorities. See Practice Note: Best value in public procurement... Bid bond Also called a tender bond (or guarantee). Used within the tender process to secure performance by bidding contractors, most commonly on international projects...