Enhanced service providers meaning

In this issue: Cybersecurity Data protection LexTalk®Information Law: a Lexis®Nexis community Daily and weekly news alerts Cybersecurity DSIT unveils Cyber Security and Resilience Bill policy statement and scope The Department for Science, Innovation and Technology (DSIT) has outlined plans for the forthcoming Cyber Security and Resilience Bill, due to reach Parliament in 2025. The proposals will oblige around 1,000 providers—spanning data centres, managed service operators and critical suppliers—to adhere to tougher cyber security obligations. The Bill also provides regulators with enhanced oversight powers and permits the Technology Secretary to adjust regulatory frameworks in line with emerging risks. The National Cyber Security Centre (NCSC) managed 430 cyber incidents in the year to September 2024, 89 labelled nationally significant. The legislation seeks to counter threats that cost the UK economy an estimated £22bn each year between 2015 and 2019. See: LNB News 01/04/2025 22 and News Analysis: UK to single out cybersecurity vulnerabilities under new Bill. NCSC releases new principles...

Crypto wallets are digital instruments for holding and deploying digital assets. UK law enforcement have received enhanced, targeted powers to seize and access such wallets under the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023). Authorities may freeze, manage, and ultimately forfeit cryptoassets in seized wallets where the funds represent the proceeds of unlawful conduct. Entry to a crypto wallet can be achieved in two principal ways—by possessing the private key that unlocks the wallet (non-custodial wallets), or through a centralised crypto exchange or other third-party hosting service providers (custodial wallets). In this piece, we set out how UK agencies can identify and take control of wallets for investigation and later forfeiture, and explore the limits of compulsory powers, particularly where the cryptoassets sit in non-custodial wallets. Custodial and non-custodial crypto wallets Grasping the distinction between these two wallet types will determine how effective particular criminal investigation powers are to obtain and use cryptoassets. This is because cryptoassets held in a non-custodial wallet operate as bearer instruments,...

In this issue: Economic Crime and Corporate Transparency Act 2023 Procurement Act 2023 Lending Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Sanctions Daily and weekly news alerts New and updated content Useful information Economic Crime and Corporate Transparency Act 2023 Registrar (Identity Verification and Authorised Corporate Service Providers) Regulations 2025 SI 2025/50 SI 2025/50 sets out the framework for identity verification, authorised corporate service providers (ACSPs, as defined in section 1098A of the Companies Act 2006 (CA 2006)), and unique identifiers (as defined in CA 2006, s 1082). Its commencement is staggered: in part when section 65 of the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023), dealing with procedures for verifying identity, is fully in force; in part when ECCTA 2023, s 66 on authorisation of corporate service providers fully commences; and in full when ECCTA 2023, s 68, which covers allocation of unique identifiers, fully commences....

Aims of PSD2 The Second Payment Services Directive (PSD2) took effect in January 2016, with application from 13 January 2018. Since then, various delegated acts and regulatory technical standards have been issued and adopted. PSD2 folded in, repealed and replaced the original Payment Services Directive 2007/64/EC (PSD1). Its core objectives are to foster competition, bolster consumer protection and build a single payments market across the European Economic Area (EEA). It also captures a broader array of payment systems, with far‑reaching consequences for market participants. Changes introduced by PSD2 PSD2 scope extended to all currencies and one-leg transactions PSD2 widens conduct of business and transparency rules to consumer transactions with one leg in the EU—payments to or from third countries where at least one payment services provider (PSP) is in the EU. PSPs may still disapply certain information and conduct duties when serving business clients. The regime covers intra‑EEA and one‑leg transactions in any currency, not only EEA currencies. PSD2 changes to the scope of the...

This Practice Note provides a concise overview of Regulation (EU) 2022/2065 of 19 October 2022 on a Single Market for Digital Services, which amends Directive 2000/31/EC, called the EU Digital Services Act (EU DSA). It was published in the Official Journal of the EU (OJEU) on 27 October 2022 and applies from 17 February 2024, except for certain provisions for very large online platforms (VLOPs) and very large online search engines (VLOSEs) and other specified measures that take effect earlier. Alongside the Digital Markets Act (EU DMA), the EU DSA was crafted as part of a broader legislative package to regulate digital markets. Its principal objective is to keep users safe from unlawful goods, content or services and to protect their fundamental rights online. This Practice Note sets out the background, scope and enforcement of the EU DSA. It also outlines the key obligations and exemptions under the Act’s four-tier structure. For related material on the EU DMA, see Practice Notes: The EU’s Digital Markets Act and The EU Digital...

This Practice Note explores when the Transfer of Undertakings (Protection of Employment) Regulations 2006, SI 2006/246 (TUPE 2006) may apply to property transactions, and the consequences for employers (such as landlords, tenants, managing agents and other third‑party contractors) and for employees. It outlines the scope and effect of TUPE 2006, covering business transfers and service provision changes. It then looks at specific contexts: the sale of commercial freehold or leasehold property; the grant, termination or assignment of a lease; property management and service providers; changes in third‑party service provision; and employee accommodation and resident employees. The impact of insolvency on staff transfers in the commercial property setting is also highlighted. Finally, the Note addresses due diligence and the steps parties can take to manage TUPE risk in property transactions. Overview Examples of property‑related situations and transactions that may trigger TUPE 2006 include: the sale of commercial freehold or leasehold property subject to existing leases (eg a shopping centre, hotel or serviced office block) the...