Authority Service Provider meaning

This Checklist outlines the outsourcing requirements for common platform firms in the UK, set out in Chapter 8 of the Systems and Controls Sourcebook in the Financial Conduct Authority (FCA) Handbook (SYSC 8). It also captures provisions that replace Commission Delegated Assimilated Regulation (EU) 2017/565 (the UK MiFID II Organisational Regulation) from its revocation on 23 October 2025. For fuller guidance on the outsourcing rules that apply to all firms (including common platform firms), see Practice Note: Financial services outsourcing. Firms should also be aware of obligations under the UK regulatory framework for operational resilience that relate directly to outsourcing; for information, see Practice Note: Operational resilience-UK regulatory framework. Which financial services firms do the outsourcing rules apply to? The outsourcing rules described in this Checklist apply to common platform firms, including: banks building societies investment firms For a detailed definition of common platform firm, see the FCA Handbook Glossary. Dual regulated firms should also refer to the parallel rules...

In this issue: Criminal liability Criminal procedure and evidence Proceeds of crime Bribery, corruption, sanctions and export controls Cybercrime and data protection offences Environmental offences Fraud, forgery, tax and theft offences Health and safety and corporate manslaughter offences Insolvency offences and Companies Act offences Local authority prosecutions International Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Criminal liability Corporate criminal liability expansion-the Crime and Policing Act 2026 The Crime and Policing Act 2026 (CPA 2026) has now secured Royal Assent, heralding a substantial reset of corporate criminal liability in the UK. By broadening attribution through a widened ‘senior manager’ test, it steps away from the restrictive bounds of the traditional identification principle. From 29 June 2026, corporate criminal exposure will depend not on fixing misconduct to the board or the most senior executives, but on the real-world allocation and...

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management EU MiFID II Islamic finance Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Regulation of AI in FS Dates for your diary New and updated content Financial Services Enforcement Database Daily and weekly news alerts LexTalk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies BCBS and IOSCO outline progress updates. The Basel Committee on Banking Supervision and the International Organisation of Securities Commissions have set out results from their May 2026 gatherings. Sources: Basel Committee...

In this issue: Data protection ePrivacy Cybersecurity Reputation management LexTalk®Information Law: a Lexis®Nexis community Daily and weekly news alerts New and updated content Data protection EU Parliament submits written evidence in Lords’ UK-EU data adequacy inquiry The European Parliament’s Committee on Civil Liberties, Justice and Home Affairs (LIBE Committee) has provided written evidence to the House of Lords European Affairs Committee (EAC) for its inquiry into data adequacy and what it means for the UK–EU relationship. The submission opens with observations on the Data Protection and Digital Information Bill (DPDIB) currently before the UK Parliament, including commentary on the terms ‘singling out’ and ‘pseudonymised data’. The LIBE Committee then addresses the questions set by the Lords Committee. It also voices reservations about proposed changes to the role of the Information Commissioner’s Office (ICO) under the DPDIB, assessing that these ‘constitute a significant departure from the EU data protection supervision model, where the independence of the national...

STOP PRESS From 24 February 2025, the core provisions of the Procurement Act 2023 (PA 2023) take effect and apply. Competitions commencing on or after that date must proceed under PA 2023, while procurements started under the earlier regimes — the Public Contracts Regulations 2015 (PCR 2015), the Utilities Contracts Regulations 2016, the Concession Regulations 2016, and the Defence and Security Public Contracts Regulations 2011 — must continue to be run and overseen in line with those rules and procedures accordingly. See Practice Note: Introduction to the Procurement Act 2023—PA 2023. This material concerns the Procurement Act 2023 regime. It provides practical guidance on public procurement under the Procurement Act 2023 (PA 2023). For practical guidance on light touch contracts under the former legislation, see Practice Note: Considerations when authorities procure contracts that are not subject to the full procurement regime. Overview of the light touch public procurement regime Under PA 2023, light touch contracts (LTCs) mean contracts wholly or predominantly for the delivery of identified...

This Practice Note is the third in a three-part series on health care procurement under the Provider Selection Regime (PSR), brought into effect by the Health Care Services (Provider Selection Regime) Regulations 2023 (PSR Regs 2023), SI 2023/1348, effective from 1 January 2024. It addresses: standstill period contract award contract modifications urgent awards/modifications contract management termination Standstill period A contract arranged using the: direct award process C most suitable provider process competitive process framework agreement must not be concluded until the standstill period has ended. The standstill begins on the day after the notice of intention to make award is published on the central digital platform and must last for at least eight working days. This pause allows any service provider who is aggrieved, or who believes PSR Regs 2023 have not been observed, to send written representations to the relevant authority (RA), particularising their concerns, before the contract...

This Practice Note examines the EU’s Recast Second Wire Transfer Regulation (EU) 2023/1113 (Recast WTR2) on information accompanying transfers of funds and certain cryptoassets. Often referred to as the Recast Second Funds Transfer Regulation (Recast FTR2), it takes effect on 30 December 2024. Recast WTR2 sits at the heart of the EU’s anti-money laundering (AML) and counter-terrorist financing (CTF) architecture, and underpins the bloc’s oversight of payments and cryptoassets. It revises and supersedes the Second Wire Transfer Regulation (EU) 2015/847 (EU WTR2) to bring EU rules into line with the latest Financial Action Task Force (FATF) standards, the worldwide AML/CTF rule‑setting authority. Under Recast WTR2, the information‑sharing benchmark for transfers—commonly called the ‘Travel Rule’—sets out the payer and payee details that must travel with any funds transfer, regardless of currency, to help prevent, detect and investigate money laundering and terrorist financing (ML/TF), whenever at least one of the payment service providers (PSPs) engaged in the transfer is established in the EU. It further obliges PSPs...

This Agreement is entered into on [ insert date ] Parties [ Insert name of party ], a company incorporated in England and Wales (company number [ insert registered number ]) with its registered office at [ insert registered address ] (the Service Provider); and [ Insert name of party ], a company incorporated in England and Wales (company number [ insert registered number ]) with its registered office at [ insert registered address ] (the Firm). Each of the Service Provider and the Firm is a Party, and together they are the Parties. Recitals (A) The Firm is an [ insert, eg investment management and advisory firm ] and is authorised and regulated by the Financial Conduct Authority (FCA). (B) The Firm is a wholly owned subsidiary of the Service Provider. (C) The Parties have agreed to enter into this Agreement to record the operational functions outsourced to the Service Provider which, in the Firm’s...

1 Definitions In this Agreement, the following terms apply: Actual Completion Date – the date on which the Lease is granted. Approval – permissions or licences required for the Seller’s Works by Legislation or a Competent Authority. Competent Authority – any statutory or Royal Charter body, or a utility service or supply company. Completion Date – the specified working day after service of the Completion Notice, or a named date. Completion Money – the Price less the deposits [and any Incentive], plus any agreed sums such as the Contents Price. Deposit – the stated percentage of the Price, with credit for any Initial Deposit. Interest Rate – a stated percentage above the named bank’s base rate. Lease – the lease in the form attached at Appendix 4. Legislation – UK Acts, orders, regulations, consents, licences, notices and bye laws, and approved codes of practice. Ready for Occupation – the Property is complete for safe access and use,...