Authorised non-SRA firm meaning

In this issue: Financial sanctions AML, CTF & counter-proliferation financing Other financial crime Data protection Cybersecurity Other Practice Compliance updates this week Daily and weekly news alerts New and updated content Latest Q&A Financial sanctions ECJU revises General Trade Licence Russia Sanctions - Vessels The Department for Business and Trade’s Export Control Joint Unit (ECJU) has issued ‘Notice to exporters 2024/02: General Trade Licence Russia Sanctions – Vessels’, indicating that an updated edition of this General Licence takes effect on 18 January 2024. The General Licence sets rules for supplying technical assistance, brokering services, financial services and funds in relation to vessels. See: LNB News 19/01/2024 14. FCDO and OFAC report sanction of Alexander Gennadievich Ermakov The Foreign, Commonwealth and Development Office (FCDO) and the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) have announced that Alexander Gennadievich Ermakov is sanctioned. He played a part in the 2022...

The rule obliges firms to ensure that any mention of a product or service’s sustainability features is consistent, fair, clear, and not misleading. It applies whenever a firm communicates directly in the UK, including the following specific situations: with clients in the UK about a product or service or when it issues a financial promotion, or signs off a financial promotion for communication, to a person in the UK Its arrival currently coincides with greenwashing being a leading enforcement focus for many regulators. Branding offerings as green or sustainable is widespread and viewed as a particularly key way to draw the attention of environmentally minded customers. In 2023, the European Commission found that 53% of sustainability claims were misleading or vague, and 40% lacked substantiation. These so-called green claims are increasingly facing ever growing scrutiny from regulatory authorities, activist shareholders, and non-governmental organisations. Forthcoming rules, tougher supervision, and climate-related litigation make greenwashing now a major concern for businesses widely across all sectors. There...

In this issue: Corporate governance Economic Crime and Corporate Transparency Equity capital markets Market Standards Limited liability partnerships Brexit Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance PLSA publishes Stewardship and Voting guidelines for 2025 The Pensions and Lifetime Savings Association has released its Stewardship and Voting guidelines for 2025. They outline firm principles for assessing and engaging with companies on matters including climate action, workforce diversity, and responsible deployment of capital, all directed at delivering sustainable long-term value. See: LNB News 27/01/2025 43. Economic Crime and Corporate Transparency Registrar (Identity Verification and Authorised Corporate Service Providers) Regulations 2025 SI 2025/50: These Regulations set the rules for identity verification, the authorisation of corporate service providers, and the use of unique identifiers for verified individuals under the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023). They take effect in...

This Practice Note offers practical direction on making applications to the Solicitors Regulation Authority (SRA) for approval as a recognised sole practice, recognised body, or licensed body (including multi-disciplinary practices), and on filling in the SRA’s firm authorisation application (Form FA1). It further points to precedents in Practice Compliance and Practice Management you can deploy or tailor to back your SRA submission, and signposts subtopics you might consult for added detail on the important parts of the form as necessary. Does my business need to be authorised by the SRA? ...

The obligations for supervising trainees stem from the SRA Codes of Conduct and the SRA’s specific regulatory rules for authorised training providers that run training contracts. What is required varies slightly according to whether an individual is on a formal training contract or progressing to qualification via the Solicitors Qualifying Examination (SQE). This Practice Note sets out what is expected of you when you supervise, track and evaluate trainees and SQE candidates. It mirrors the requirements of: the SRA Codes of Conduct, which set out the SRA’s core supervision standards generally — see section: Supervision—core requirements the SRA Education, Training and Assessment Provider Regulations — see section: Standard of training guidance on supervising trainees published on the SRA website Induction and other support It is considered good practice to deliver an induction for all trainees, including SQE candidates you employ to obtain qualifying work experience (QWE). The induction ought to reach everyone, even those who have previously worked for you in...

This Practice Note explains when firms are required to appoint a nominated officer (often called a money laundering reporting officer or MLRO), sets out the nominated officer’s responsibilities, and suggests practical measures to help them carry out their role. It mirrors the requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. This Practice Note also reflects Legal Sector Affinity Group (LSAG) AML guidance. It further draws on the SRA’s key findings in its reports and publications (SRA: Research and publications—Money laundering), alongside SRA guidance Money Laundering Governance: Three Pillars of Success. Where the SRA’s Three Pillars guidance refers to ‘AML officers’, this covers the nominated officer and/or the Money Laundering Compliance Officer (MLCO). For more on the MLCO, see Practice Note: Money laundering compliance officer—law firms. What is a nominated officer? The nominated officer is the individual appointed to receive and assess suspicious activity reports (SARs) under the Terrorism Act 2000 (TA 2000) and...

1 Budget particulars Applies to: [ Insert eg, Whole firm, Conveyancing department, Charity sector etc ] Budget holder: [ Insert name and role ] Authorised by: [ Insert name and role ] Financial year: [ Insert year the budget applies to ] 2 Summary overview 2.1 The combined business development and marketing allocation for [ insert eg, the firm, the conveyancing department etc ] stands at: £[ insert amount ]...

Name: [ insert ] Witness statement: [ insert ] Date: [ insert ] Exhibits: [ insert ] Claim No. [ insert claim number ] [ IN THE HIGH COURT OF JUSTICE [ BUSINESS AND PROPERTY COURTS [ OF ENGLAND AND WALES OR IN [ insert location ] OR [ Specify division ] [ Specify specialist court ] [ Insert location ] DISTRICT REGISTRY THE COUNTY COURT AT [ insert location ] [ BUSINESS AND PROPERTY COURTS LIST Between: [ Insert party ] Claimant/Respondent and [ Insert party ] Defendant/Applicant [ Number of witness statement eg first ] WITNESS STATEMENT OF [ Insert name of witness ] ON BEHALF OF THE DEFENDANT I, [ name ], of [ address ], say as follows: I am a solicitor of the Senior Courts of England and Wales within the above-named firm. I am responsible for the conduct of this case for the Defendant and have been duly authorised...

This Deed This Deed is entered into on [ insert date ] by the parties identified below. Parties The individuals whose full names and addresses are set out in the Schedule (each a Partner and, collectively, the Partners) [ Insert name of COFA ] of [ insert address ] (the COFA) BACKGROUND (A) The Partners carry on business as a legal practice authorised and regulated by the Solicitors Regulation Authority (SRA) under the name of [ insert name of firm ] (the Firm). (B) The Partners have appointed [ insert name of COFA ] as the Firm’s compliance officer for finance and administration (COFA), subject to [ continued ] approval by the SRA. (C) The parties have agreed that the COFA shall have the benefit of an indemnity from the Partners in relation to certain liabilities of the COFA, as more fully set out in this deed. THIS DEED PROVIDES: COFA’s regulatory...