Custodian meaning

For further details on the documents outlined below, please refer to Practice Note: Issuing debt securities—key documentation. Appointment of the arranger The issuer (Issuer) designates an arranger (Arranger) to set up the programme. The Arranger may additionally serve as a dealer or manager for later note issues under the programme. Responsibility —Issuer and Arranger. Appointment of the dealers The dealer(s) (Dealers) will enter into a dealer agreement with the Issuer and the Arranger. For a syndicated issue, the Dealers and the Issuer may also sign a subscription agreement. New dealers may be added to the programme after launch via a dealer accession letter. Responsibility —Dealers, Arranger and the Issuer. Appointment of the agents The Issuer will appoint agents to act on its behalf for the programme. These may include a fiscal agent (Fiscal Agent) or a trustee (appointed by the Issuer to represent the interests of the noteholders),...

Illiquidx Ltd v Altana Wealth Ltd and others [2024] EWHC 2191 (Ch) What are the practical implications of this case? This ruling underscores for all practitioners the need to pin down, with accuracy, the precise scope of the 'confidential information' their client wishes to shield. It contains takeaways for both transactional and disputes lawyers: from settling the language of a non-disclosure agreement (NDA) to setting out, with particularity, the confidential material in issue and the ways said material is alleged to have been misused. Pitching an over expansive tranche of information as 'confidential' risks a strike-out for abuse of process. By contrast, failing to identify the relevant categories of 'confidential' information at the start, then attempting to widen those categories mid-proceedings, will almost certainly attract robust opposition from a defendant. Here, the claimant was criticised for a succession of amendments since proceedings began in July 2020, said to leave the defendants engaged in a game of 'whack-a-mole' as fresh allegations appeared, with the upshot that the case against...

Should compliant, ordinary individuals enjoy confidentiality over what they own? And does pushing that confidentiality into full anonymity heighten the chance of misuse by organised criminals and terrorist groups? The question of asset privacy is hotly disputed. Its position is unambiguous and forceful. The EU’s Fifth Money Laundering Directive (Directive (EU) 2018/843, known as 5MLD) plants its flag by aiming to dismantle the anonymity embedded in ownership frameworks: notably within certain trusts and corporate bodies. Unsurprisingly, the Directive also focuses on the anonymity surrounding cryptoassets, though the EU favours the label ‘virtual currencies’. It proposes to achieve this through the novel application of rules to crypto exchanges and custodian wallet providers offering services relating to cryptoassets, as such providers operate today. Exchange providers—SI 2017/692, reg 14(A)(1) vs article 1(1)(c) of MLD5 Under the Money Laundering, Terrorist Financing and Transfer of Funds (information on the Payer) Regulations 2017, SI 2017/692 (Regulations), the term “exchange providers” encompasses businesses that exchange cryptoassets for money or for other cryptoassets, including by automated...

In this issue: Arbitration in England & Wales Institutional and Ad hoc arbitration International arbitration Sector- and industry-specific arbitration Other arbitration and ADR-related news and developments Daily and weekly news alerts Updated Practice Notes Useful information Highlights 2025/2026 Arbitration in England & Wales Commercial Court rejects AA 1996, s 68 bid on exchange rates and UNCITRAL Article 38 correction application In Seacrest Group v BCPR PTE [2025] EWHC 3266 (Comm), the Commercial Court (Trower J) refused Seacrest’s challenge under section 68 of the Arbitration Act 1996 (AA 1996) to a final award dated 27 September 2024, made in an arbitration conducted under the UNCITRAL Arbitration Rules 2021. The challenge advanced two grounds: (i) an alleged serious procedural irregularity within AA 1996, s 68(2)(a), said to arise from the tribunal’s failure to engage with Seacrest’s ‘Exchange Rate Issue’ concerning the computation of deferred consideration under an investment agreement; and (ii) a contention that the tribunal’s...

ARCHIVED: This Practice Note has been archived and is no longer updated. It can still assist practitioners seeking to align the provisions of MLD4 with the MLRs. For comprehensive practical guidance on the UK AML/CTF framework relevant to financial services, see the Anti-money laundering and counter-terrorist financing (AML/CTF)—overview; for the EU framework, see the Financial crime and sanctions (EU Law)—overview. Adoption of MLD5 and implementation in the UK The Fifth Money Laundering Directive (EU) 2018/843 (MLD5) was published in the Official Journal of the EU on 19 June 2018 and came into force on 9 July 2018. Member States were required to transpose it into national law by 10 January 2020. MLD5 updates the Fourth Money Laundering Directive (EU) 2015/849 (MLD4). In the UK, MLD4 was implemented by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (the MLRs), which took effect on 26 June 2017. This Practice Note outlines MLD5 and how it was carried into UK law by...

THIS PRACTICE NOTE APPLIES TO REGISTERED OCCUPATIONAL PENSION SCHEMES Given the intricacies of contemporary pensions law and scheme administration, it is little surprise that trustees of occupational pension schemes typically engage professional advisers to help them discharge their responsibilities. In addition, trustees of most registered arrangements are under a legal duty to appoint specified professional advisers, though certain schemes are excluded from these duties, depending on the character of the relevant pension scheme. For more information, see Appointing pension professional advisers and other service providers. Types of professional advisers Professionals commonly engaged in connection with (defined benefit) occupational pension schemes include: scheme auditor scheme actuary fund manager custodian of assets legal adviser Strictly, there is no statutory obligation on trustees of registered pension schemes to appoint legal advisers; however, where any individual is appointed as a legal adviser by someone other than the trustees and the trustees rely on that person’s skill or judgement, the trustees may...

This Checklist This Checklist is aimed at professionals advising financial services businesses (credit and financial institutions, cryptoasset exchanges and custodian wallet providers) on meeting the UK’s anti-money laundering (AML) and counter-terrorist financing (CTF) legal and regulatory regime. It focuses on the record-keeping obligations for customer due diligence (CDD)-often referred to as ‘Know your customer’ (KYC)-together with data protection considerations under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692, regs 40 and 41 (MLRs), and under Financial Conduct Authority (FCA) rules. The Checklist brings together regulatory guidance issued by the FCA and the Joint Money Laundering Steering Group (JMLSG), and reflects guidance prepared for the insurance and banking sectors by the International Association of Insurance Supervisors (IAIS) and the Basel Committee on Banking Supervision (BCBS). It does not cover additional record-keeping under the MLRs relating to firms’ own risk assessments, policies, controls and procedures, including MLRO reports, information not acted upon, training, and compliance monitoring; see Practice Note: The Money Laundering...

ARCHIVED: This Precedent has been archived and is no longer maintained [ ISSUER ] Offering (the ‘Offering’) of [ ● ] global depositary receipts (the ‘GDRs’), with each GDR evidencing an interest in [ ● ] ordinary share[s] of nominal value [ ● ] (the ‘Shares’). 1 Parties involved in the offering Issuer ( ILC ) Custodian ( Custodian ) Clearstream Banking, société anonyme ( Clearstream, Luxembourg ) Issuer’s Counsel ( IC ) Manager’s Counsel ( MC ) Euroclear BankS.A./N.V. as operator of the Euroclear System ( Euroclear ) Issuer ( Company ) Selling Shareholder (Selling Shareholder) Manager 1 ‘ [ ● ] ’ and ‘ Stabilisation Manager ’ Manager 2 ‘ [ ● ] ’ and ‘ Settlement Agent ’ London Stock Exchange ( LSE ) Manager 1 and 2 ( Managers ) Depository ( Depository ) The Depository Trust Company ( DTC ) Financial Conduct Authority ( FCA )...

This Agreement is entered into on [ insert day and month ] 20 [ insert year ] Parties [ insert name of insolvency representative ], acting in the capacity of [ insert capacity eg liquidator or administrator or trustee or custodian or supervisor or curator or examiner ] of [ insert name of company(ies) appointed over ] in [ insert name of country A ], appointed pursuant to a decision of the [ insert name of court or administrative or governmental or regulatory body appointing them ] dated [ insert date ]; [ insert name of insolvency representative ], acting in the capacity of [ insert capacity eg liquidator or administrator or trustee or custodian or supervisor or curator or examiner ] of [ insert name of company(ies) appointed over ] in [ insert name of country B ], appointed pursuant to a decision of the [ insert name of court or administrative or governmental or regulatory body appointing them ] dated [ insert date...

An unincorporated charity lacks its own separate legal personality and, in practical and legal terms, does not exist as a distinct body that can enter contracts or own property. Consequently, any property is held and any legal dealings are undertaken solely through, and in the names of, its trustees. Under section 117 of the Charities Act 2011 (CA 2011), ‘charity trustees’ are those who exercise overall control and manage the charity’s administration. Trustees of a charity ought to be recorded with the Charities Commission; however, this does not invariably happen, particularly in the case of smaller charities operating with a rotating board. The identity of the trustees will ordinarily be established by reference to the charity’s charitable articles...

A charity may hold legal title to land or property in its own name only if it is a charitable incorporated organisation or a charitable company. Land Registry Guidance Practical Guidance 14: Charities explains that the term “trust corporation” includes: the Public Trustee (who is not permitted to accept trusts for charitable purposes); a corporation appointed by the court, in any particular instance, to act as trustee; and a corporation entitled, under rules made pursuant to section 4(3) of the Public Trustee Act 1906, to act as a custodian trustee. See section 205(1)(xxix) of the Law of Property Act 1925 and section 17(1)(xxx) of the Settled Land Act 1925, and also section 3 of the Law of Property (Amendment) Act 1926...