Convergence meaning

In this issue: Investigating criminal conduct Criminal procedure and evidence Proceeds of crime Sentencing Bribery, corruption, sanctions and export controls Consumer protection and cartels Cybercrime and data protection offences Environmental offences Financial services and pensions offences Health and safety and corporate manslaughter offences Insolvency offences and Companies Act offences Money laundering International Other corporate crime news Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Investigating criminal conduct Standards of candour in closed hearings, and corporate witness statements (Attorney General v BBC; R (‘Beth’) v IPT) When scrutinising MI5’s actions across two High Court cases, the court addressed the grave consequences of presenting inaccurate material within closed hearings. It outlined the tightly confined situations that can justify a departure from open justice under section 6 of the Justice and Security Act 2013 (JSA 2013). The court further...

The US Department of Justice (DOJ) under the Trump administration has signalled it will deploy every instrument at its disposal—including the FCPA and the Anti-Terrorism Act (ATA)—to go after such targets. What, then, should compliance professionals understand about where FCPA and ATA risks intersect? At face value, the FCPA and ATA seem to address separate exposures: the FCPA tackles bribery of overseas officials, whereas the ATA centres on, among other matters, supplying material support to, or aiding and abetting, foreign terrorist organisations (FTOs). In reality, though, these hazards can collide—especially in markets with significant FTO presence—producing concurrent exposure. Background On 20 January 2025, President Donald Trump signed Executive Order No 14157, directing, among other measures, that specified international cartels and other transnational criminal organisations (TCOs) be classified as FTOs. Since February 2025, the US State Department has designated 11 organisations—primarily in Latin America—as FTOs. These listings carry meaningful consequences: the ATA imposes broad civil and criminal liability for furnishing material support to FTOs, and permits asset forfeiture...

In this issue: Corporate governance Environmental, social and governance issues Partnerships Public company takeovers Tax for corporate lawyers Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance FRC opens consultation on revisions to UK Stewardship Code The Financial Reporting Council (FRC) has opened a consultation on revisions to the UK Stewardship Code (the Code). The changes are designed to support economic growth and investment, enhance openness for British investors, savers and pensioners, and simplify reporting requirements. The consultation runs until 19 February 2025. The FRC plans to issue the revised Code in late 2025, with adoption and the initial reporting round set for 2026. See: LNB News 11/11/2024 28. Environmental, social and governance issues IFRS issues progress update on corporate climate-related reporting The International Financial Reporting Standards (IFRS) Foundation has delivered a report to the Financial Stability Board, setting out worldwide...

The publishing industry This Practice Note outlines the legal and contractual landscape governing the publishing sector, while introducing key commercial and technological considerations. Publishers deliver content in multiple formats and for differing aims and readerships. Traditionally, the field splits between: trade publishers serving a general or consumer market; and other publishers concentrating on educational, academic, professional or scientific, technical, and medical audiences. In reality, these categories can overlap and intersect with adjacent industries, a trend accelerated by the evolution of digital media—for instance, convergence between newspaper and magazine publishing and the broadcasting and audiovisual arenas. There has also been discussion about whether social media and other online platforms ought, as a legal matter, to be regarded as ‘publishers’. Nevertheless, this Practice Note concentrates on conventional book and journal publishing, in both print and digital forms, encompassing e-books, websites, apps, databases and other online offerings (collectively described here, for simplicity, as ‘products’ unless stated otherwise). The publishing industry is an important contributor to the UK economy. According to the Publishers...

Overview This Practice Note outlines key characteristics of covenant loose and covenant lite financings and considers certain risks that investors in these facilities may encounter. It assumes a degree of familiarity with leveraged finance terminology and documentation. For introductory material on leveraged finance financial covenants, see Practice Note: Leveraged finance—financial covenants. For an introductory guide to acquisition finance, see Practice Note: Introductory guide to acquisition finance. The Glossary of acquisition finance terms and jargon may also be helpful... Terminology Traditional ‘covenanted’ facility European leveraged facility agreements have traditionally included a package of financial covenants designed to monitor the borrower‑group’s financial performance against a base case financial model. The full suite typically comprises the following covenants: Leverage — this is the ratio of the group’s total [net] indebtedness to its earnings before interest, tax, depreciation and amortisation ( EBITDA ). The leverage ratio gauges the group’s indebtedness against its ordinary operating profit; the higher the ratio, the more indebted the group and the greater...

This Practice Note reviews the European Union’s Sixth Money Laundering Directive (EU) 2024/1640 (MLD6), also referred to as AMLD6 or 6MLD. MLD6 repeals Directive (EU) 2015/849 (MLD4), as amended by the Fifth Money Laundering Directive (EU) 2018/843 (MLD5). It outlines the context for MLD6, key milestones, and principal measures, including national supervision of anti-money laundering (AML) and counter terrorist financing (CTF), beneficial ownership registers, and Member State Financial Intelligence Units (FIUs). The timetable for Member States to transpose MLD6 varies by provision, running from 10 July 2025 to 10 July 2029. Overview MLD6 seeks to enhance consistency in practice and strengthen cooperation between national supervisors and FIUs. Accordingly, its rules concern supervision at both EU and national levels of the EU’s AML/CTF legal and regulatory framework (including elements relating to financial sanctions). This stands in contrast to the AML Regulation (EU) 2024/1624, which focuses on private sector obligations, particularly the EU Single Rulebook on AML/CTF. MLD6 lays down provisions concerning: the identification of money laundering...