Dual-mode 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...

Double tax treaties (DTTs) have a dual nature. They function simultaneously as: international agreements between contracting states, and elements of a contracting state’s domestic law For a DTT to take effect, each contracting state must: sign and ratify the treaty, and incorporate the treaty’s provisions into its domestic legislation In some jurisdictions, a DTT is given automatic domestic effect as soon as it is signed and ratified. Elsewhere, including the UK, a further legislative step is required. In the UK, the arrangements set out in a DTT (and any amending protocol) are brought into domestic law as schedules to Orders in Council and are published as statutory instruments (SIs). After the DTT has taken effect in the domestic law of both the UK and its treaty partner, and any additional formalities or procedures required by the DTT (such as exchanging diplomatic notes) have been completed, the DTT will come into force. The treaty will...

This Checklist summarises the key considerations when preparing new vertical agreements, or revising existing ones, to determine whether they benefit from the block exemption in The Competition Act 1998 (Vertical Agreements Block Exemption) Order 2022, SI 2022/516 (UK VABEO). It is not a full exposition of UK VABEO, but a tool for commercial lawyers to check that a vertical arrangement falls within UK VABEO (together with any accompanying guidance). For more detail, refer to: CMA Guidance: UK VABEO. A flowchart appears at the end of this Checklist, outlining the principal steps for assessing whether an agreement is covered by UK VABEO. Introduction to UK VABEO Agreements that affect trade and limit competition in the UK may fall within the prohibition on anti-competitive agreements contained in Chapter I of the Competition Act 1998 (CA 1998)...

VBER 2022 flowchart This flowchart provides an at‑a‑glance pathway to assess whether the VBER 2022 safe harbour applies to an agreement. For the purposes of the flowchart, it is taken that the agreement is a vertical arrangement and that it complies with Article 2(3), VBER 2022 (concerning IP provisions) and, where relevant, Articles 2(4)–(6), VBER 2022 (relating to dual distribution). Throughout the flowchart, the VBER 2022 is referred to as the EU VBER...

Antitrust Commission launches investigation into Google’s use of publisher and YouTube content for AI training The Commission has initiated a formal competition investigation to determine whether Google has infringed Article 102 TFEU by using web publishers’ material and content uploaded to YouTube for artificial intelligence (AI) purposes on unfair terms (AT.40983). Commission’s concerns The Commission is assessing whether Google has: used web publishers’ content to produce AI-driven features on Google Search, including AI Overviews (AI-generated summaries shown above organic results) and AI Mode (a chat-style search tab), without proper remuneration and without giving publishers a meaningful way to refuse such use without risking reduced access to Google Search, and/or used YouTube material, including videos and other uploads, to train its generative AI models without compensating creators and without providing an opt-out...

In this issue: Corporate governance Environmental, social and governance issues Directors Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Corporate governance FRC publishes report to support transition to UK Stewardship Code 2026 The Financial Reporting Council (FRC) has issued ‘Preparing for the UK Stewardship Code 2026: Applying insights from current reporting’ to support signatories as they move to the refreshed Code, which comes into force on 1 January 2026. The publication offers pragmatic guidance and examples of high-quality disclosures to help asset owners, asset managers and service providers align with the Code’s simplified reporting framework. Under the 2026 Code, a dual reporting approach applies: a Policy and Context Disclosure must be lodged every four years, complemented by an annual Activities and Outcomes Report showing how the Principles are put into practice. The FRC’s paper also explores areas including engagement disclosures, the selection and oversight of external managers,...

ING Bank NV v Tumpuan Megah Development Sdn Bhd Civil Appeal No. 02(i)-19-06-2024(W) What are the practical implications of this case? This Federal Court ruling carries notable procedural and substantive consequences for arbitration and commercial litigation practitioners. It confirms that an award creditor holding a foreign arbitral award from a reciprocating country (such as the UK) enjoys a strategic election between: enforcing the award directly under the AA 2005; or obtaining a ‘confirmation judgment’ at the seat and enforcing that judgment via the REJA 1958. The court found that REJA and the AA are distinct, self-contained regimes; the AA does not supersede or displace REJA. This settles that taking the REJA pathway is a legitimate statutory route, not any species of ‘judgment laundering’. The decision has immediate consequences for client strategy: advisers to award creditors may now treat the REJA course as a viable, and potentially more robust, enforcement approach. By contrast, advisers to award debtors should note that where a creditor...

Quick view This Practice Note explores whether an employee can be engaged by two or more employers for the same role at the same time—joint employment (also termed dual employment or multiple employment). It examines the general assumption, the issue of vicarious liability, and the position of agency workers, office-holders and teachers. It also considers the setting of collective bargaining, the effect of TUPE 2006, and tax questions that may arise. Finally, it reviews the factors relevant to written contracts that involve multiple employers. Joint employment is typically discussed in relation to vicarious liability, for instance negligence (see: Vicarious liability, below). Regarding an individual’s employment rights, it appears reasonably clear that the prevailing presumption—that an employee cannot have more than one employer for the same work at the same time—can be displaced in these situations: where the person has two roles with separate employers and the roles are compatible; and where two or more employers act together within a partnership or joint venture ...

This Practice Note considers the requirements and guidance on risk control (the risk control rules) relevant to firms, drawn from the Senior Management Arrangements, Systems and Controls sourcebook in the Financial Conduct Authority (FCA) Handbook (SYSC) and the Prudential Regulation Authority (PRA) Rulebook, and includes measures that will replace Commission Delegated Assimilated Regulation (EU) 2017/565 (the UK MiFID II Organisational Regulation) upon its revocation on 23 October 2025. Risk control rules applying to UK financial services firms The risk control rules applicable to firms are contained in: the overarching obligation to maintain effective risk control processes in SYSC 4.1.1R SYSC 7 Risk control SYSC 21 Risk control: guidance on governance arrangements Dual-regulated firms should also be mindful of parallel provisions in the following sections of the PRA Rulebook: Risk Control (which applies to CRR firms, as defined in the PRA Rulebook Glossary) Group Risk Systems (which applies to CRR firms) Credit Unions—11 General organisational requirements...

ARCHIVED: This Practice Note has been archived and is not maintained. How are contracts for difference (CfD) and the renewables obligation (RO) connected? The renewables obligation (RO) is designed to stimulate investment in renewable generation. It achieves this by placing a duty on customer-facing electricity suppliers—who obtain electricity from generators, whether directly or indirectly—to procure an ever-increasing share of their wholesale supply from renewable sources. The Secretary of State (SoS) for Business, Energy and Industrial Strategy (BEIS) determines the proportion required each period. Suppliers prove compliance by submitting renewable obligation certificates (ROCs) to the Office of Gas and Electricity Markets (Ofgem). New ROCs are issued solely to accredited renewable generators, encouraging suppliers to purchase renewable output (together with separately priced ROCs) from such projects, thereby delivering a degree of financial support to those developments. For further details, see Practice Note: Renewables Obligation (RO)—accreditation of renewable electricity generators [Archived]. On 31 March 2017, the RO closed to most categories of new generation. The RO will continue to...

Company No: [ insert number ] [ Insert company name ] PLC Minutes from a meeting of [ a committee of ] the board of directors (the Meeting) of [ insert full name of company ] plc (the Company) Convened at [ insert place of meeting ] On [ insert day, month and year of meeting ] at [ insert time of meeting ] [ am OR pm ] Present [ Insert the names of the director(s) in physical attendance ] [ Insert the names of any directors attending by remote means (except where such means are specifically disallowed by the Company’s articles of association) (via [ insert mode of attendance for each director participating remotely ]) ] In attendance: [ Insert the name of anyone in attendance who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers) ] Apologies: [ Insert...

To: Singapore International Arbitration Centre28 Maxwell Road, 03–01 Maxwell Chambers SuitesBY [ SPECIFY MODE OF DELIVERY ]Singapore 069115 Attn: The Registrar With copy, including all attachments, to: [ Insert name and address of all Respondents ]BY [ SPECIFY MODE OF DELIVERY ] Dear [ Registrar of SIAC ], We enclose a Notice of Arbitration, now lodged with the Singapore International Arbitration Centre (SIAC) in accordance with rule 3 of the SIAC Rules of Arbitration, 6th Edition, 2016 (SIAC Rules). A copy is being served on the Respondent(s) by the service method(s) indicated above. The service date is [ insert anticipated date of delivery ]. [ Pursuant to rule 3.1(k) of the SIAC Rules, we attach a local cheque for [ insert amount ], payable to the Singapore International Arbitration Centre, covering the required filing fee. OR Pursuant to rule 3.1(k) of the SIAC Rules, the sum of [ insert amount ], being the requisite filing fees, was remitted on [ insert date ]...

Precedent: Subscription and shareholders’ agreement—single investor Remove the following definitions in clause 1.1: Completion; Completion Date; Conditions; and Subscription Shares. Insert the following replacement definitions in clause 1.1: First Completion — the fulfilment by each of the Parties of their respective obligations set out or referred to in clauses 3.1 and 3.2; First Completion Date — [ the date of this Agreement OR [ insert date ] ] or such other date as the Parties may agree in writing; First Subscription Conditions — the conditions specified in clause 2.2, and First Subscription Condition means any one of those conditions; First Subscription Shares — the Shares to be subscribed for by the Investor under clause 2.1; Milestone Date — [ insert date ]; Milestones — the milestones to be achieved by the Company prior to Second Completion as set out in Schedule 8; Second Completion — the fulfilment of the respective obligations of each of the Parties set out or...

Where an individual holds British citizenship as well as citizenship of an EU Member State and is arriving in the UK, the passport that should be used for entry is their British passport. This serves to confirm that they possess the right of abode in the UK in their capacity as a British national. See Q&A: What is the law that governs the entry of British citizens to the UK and in particular, what documentation they must provide to an immigration officer as evidence of their nationality? Comparable considerations are likely to arise for their admission to the EU Member State of which they are a national, subject to the domestic law of that state...