Combined Code meaning

In this issue: Financial sanctions Other financial crime Data protection Cybersecurity Other practice compliance updates LexTalk®Practice Compliance: a Lexis®Nexis community Daily and weekly news alerts Trackers New and updated content Financial sanctions OFSI updates commodity code for ‘premium to crude’ in oil price cap guidance The Office of Financial Sanctions has revised the combined nomenclature/harmonised system commodity code for ‘premium to crude’ within the UK maritime services ban and oil price cap industry guidance. The entry changes from 2710 19 43 to 2710 19 42 with effect from 29 January 2025, supporting accurate categorisation of oil products under the UK’s sanctions on Russian oil. See: LNB News 30/01/2025 13. OFSI’s ‘troubling’ licensing regime dents sanctions win Law360, London reports the government’s process for authorising basic living expenses for designated individuals was slow and ‘troubling’, leaving an oligarch’s wife to choose between breaching the law and feeding her children; however, the Court of...

In this issue: Children's social care Planning Social housing Local government finance Social care Public procurement Education Healthcare Governance LexTalk®Local Government: a Lexis®Nexis community Daily and weekly news alerts New and updated content New Q&As Children's social care When is a fact-finding hearing needed to inform risk assessment? (G (A Child: Scope of Fact-Finding)) In G (A Child: Scope of Fact-Finding), the Court of Appeal considered whether refusing to order a fact-finding hearing about allegations that a mother caused the fatal injuries to an older child seven years earlier was erroneous, where the purpose was to inform the risk assessment and overall welfare evaluation in proceedings about her new baby. The majority concluded it was not, and that the assessment of risk could take into account a broad spectrum of potential outcomes even without specific findings as to the circumstances of the older child’s death. That outcome, however, was plainly...

In this issue: UK, EU and international regulators and bodies Prudential requirements Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of benchmarks Regulation of capital markets Dispute resolution for financial services lawyers Sustainable finance and ESG Banks and mutuals Investment funds and asset management EU MiFID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Financial Services Enforcement Database Dates for your diary New and updated content Daily and weekly news alerts Intraday news alerts LexTalk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies FCA speech calls for stronger link between finance and national security The Financial Conduct Authority (FCA) has released a speech by its chief executive, Nikhil Rathi, delivered at the Corporation of the City of London’s annual City Dinner on 22...

This Practice Note examines the legal and regulatory regime applicable to district heating networks in England and Wales. The topics covered are: a high-level introduction to what district heating networks are the statutory foundations supporting the DHN regulatory framework the DHN regulatory scheme established by Part 8 of the Energy Act 2023 (EnA 2023), together with secondary legislation and the Office of Gas and Electricity Markets’ (Ofgem’s) DHN authorisation conditions how heat network zones are defined and used within DHN regulation the principal UK government subsidy programmes that facilitate DHN deployment This Practice Note does not examine regulation of the centralised generation system providing hot water to a DHN scheme, which depends on the generation technology (for example, the electricity licensing regime where the source is a combined heat and power plant) (see Practice Note: Great Britain electricity generation, distribution and supply licensing and exemptions regime). It also omits wider legislative frameworks—such as health and safety, planning, building regulations...

The corporate governance framework The UK Corporate Governance Code (UKCG Code) is the leading framework for corporate governance in the UK. Under the Listing Rules and the Disclosure Guidance and Transparency Rules (DTRs), the UKCG Code applies to UK and overseas companies with a premium listing of equity shares. It does not extend to a company admitted to trading on AIM (an AIM company). For further details on the UKCG Code, see Practice Note: The UK Corporate Governance Code...

Background The Financial Reporting Council (FRC) oversees corporate governance in the UK and, accordingly, is tasked with issuing and maintaining a single benchmark for good corporate governance practice, now titled the UK Corporate Governance Code (the Code), previously the Combined Code. Main ‘Principles’ Supporting ‘Provisions’, several being more prescriptive than the Principles The most recent iteration was issued by the FRC on 22 January 2024 (the 2024 Code) and made only modest adjustments to the edition released in 2018 (the 2018 Code). Its release followed an FRC consultation launched on 24 May 2023, which aligned with the legislative reforms set out in the government’s response to its May 2022 White Paper, Restoring Trust in Audit and Corporate Governance (for more details, see: Share Incentives weekly highlights—25 May 2023—Corporate governance). The consultation set out 18 proposed changes to the 2018 Code, chiefly aimed at strengthening the framework for prudent, effective risk management and internal controls. However, the FRC announced...