Fund meaning

1. Settlor Gather the following details about the settlor (or each settlor, where there is more than one): full name and courtesy title status date of birth address domicile nationality usual residence a schedule of assets and liabilities (for this purpose, a separate schedule is useful) 2. Name of the trust Confirm with the settlor what the trust should be named 3. ...

This tracker outlines the consultation papers issued by the Financial Services Authority (FSA) from 2008–2013, listed in reverse date order, and includes links to the relevant FSA webpage and/or PDF versions of the papers. For details of Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consultation papers, together with subsequent rules and guidance, see: • FCA consultation paper tracker-2021 [Archived] 2013 Publication date Consultation Paper (including FSA webpage if available) Description March 2013 - FSA webpage: CP13/9: Implementation of the Alternative Investment Fund Managers Directive Part 2; CP13/9: Follow-up consultation on draft rules and guidance for implementing the Alternative Investment Fund Managers Directive (AIFMD). March 2013 - FSA webpage: CP13/8: Publishing information about warning notices; CP13/8: Proposals on how the Financial Conduct Authority (FCA) would publish details about the subject-matter of a warning notice where it considers publication appropriate. March 2013 - FSA webpage: CP13/7: Consumer credit regulation-our proposed regime; CP13/7: Invites views on the proposed framework and rules for the new consumer...

This Checklist sets out core topics for firms entering consumer credit, addressing essential management and compliance matters within the Financial Conduct Authority (FCA) framework. It organises themes such as authorisation, threshold conditions, the Senior Managers and Certification Regime (SM&CR), systems and controls, business planning, FCA Principles, the Consumer Duty and continuing regulatory duties, including adherence to the Consumer Credit sourcebook (CONC) and the Consumer Credit Act 1974 (CCA 1974). For fuller guidance, including how the application process works, see Practice Note: FCA authorisation of consumer credit firms. Scope and regulatory status Do the firm’s activities amount to regulated consumer credit activities under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), and the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO)? See Practice Notes: The general prohibition and implications of its breach and Regulated activities relating to consumer credit Does the firm offer (or plan to offer) buy now pay later (BNPL)/deferred payment credit (DPC) style products?...

STOP PRESS: A major overhaul of the UK listing framework took effect on 29 July 2024, removing the premium and standard listing segments and introducing a single listing category for equity shares issued by commercial companies. The commercial companies category is strongly disclosure-led and sits alongside other listing categories, namely shell companies, the secondary listing and closed ended investment fund categories. To implement the reforms, a new UK Listing Rules sourcebook came into force, and the former Listing Rules sourcebook was withdrawn. For further details and background, see Practice Note: Reform of the UK listing regime—fundamentals. This Flowchart sets out the listing regime as it applied before 29 July 2024, for ease of reference. You can view or print a full sized PDF version...

In this issue: Key developments and materials Electricity and gas market regulation, licensing and taxation Networks and network connections Renewable energy Air emissions, efficiency, and climate change New and updated content Dates for your diary Trackers Energy resources on Lexis+® Daily and weekly news alerts Key developments and materials Ofgem consults on draft second preliminary Strategic Direction Statement for industry codes Ofgem has opened a consultation on SDS-2 for energy industry codes, outlining its strategic reading of government policy and sector shifts that could drive code changes over the next one to five years. It is seeking input on the proposed policy themes, how they are allocated across the ‘Act now’, ‘Think and plan’ and ‘Listen and wait’ horizons, and whether any significant topics are missing. Ofgem also asks for views on its plan to move SDS-2 from a preliminary document to a hybrid Strategic Direction Statement following the anticipated designation of the...

In this issue: Electricity and gas market regulation and licensing Renewable energy Conventional power, waste to energy, biomass, and CHP projects Hydrogen, CCUS and emerging technologies Energy disputes Air emissions, efficiency, and climate change International energy LexTalk®Energy: a Lexis®Nexis community New and updated content Dates for your diary Trackers Energy resources on Lexis+® Daily and weekly news alerts Electricity and gas market regulation and licensing DESNZ confirms enduring governance for Smart Secure Electricity Systems DESNZ has issued its response to the 2025 consultation on enduring governance for the Smart Secure Electricity Systems (SSES) Programme, confirming that Elexon, through the Balancing and Settlement Code (BSC), will establish new Technical and Security Governance Groups to guide the technical and security frameworks that enable consumer-led flexibility. Using powers in section 245 of the Energy Act 2023, the government will amend the BSC so Elexon can run these groups as BSC Panel sub-committees and...

In this issue: Electricity and gas market regulation and licensing Networks and network connections Capacity Market, balancing services and energy system flexibility Oil and gas Air emissions, efficiency, and climate change International energy Daily and weekly news alerts New and updated content Dates for your diary Trackers Electricity and gas market regulation and licensing DESNZ publishes Secretary of State’s designation of energy codes and central systems DESNZ has released a designation notice from Secretary of State for Energy Security and Net Zero, Ed Miliband, setting his decision to designate specified energy codes and central systems as qualifying documents and central systems for the purposes of Schedule 12 to the Energy Act 2023. This designation enables Ofgem to use its transitional powers to deliver reform of energy code governance. See: LNB News 29/01/2025 44...

This Practice Note examines core aspects of the UK framework for money market funds (MMFs) that stems from Regulation (EU) 2017/1131 (the EU MMF Regulation). It also looks at suggested changes to the framework, with the Financial Conduct Authority (FCA), HM Treasury and the Bank of England (BoE) working jointly to bolster its resilience and align it with post‑Brexit regulatory objectives. For background on the EU MMF Regulation, see Practice Note: EU MMF Regulation—essentials. What is an MMF? Money market funds (MMFs) are investment funds that invest in short‑term debt instruments and so play a significant role in the short‑term financing of the economy. In particular, MMFs are open‑ended, liquid investment funds that invest in fixed income through short‑term debt, for example money market instruments issued by banks, governments or companies (including treasury bills, commercial paper and certificates of deposit) which pay interest. They therefore form an important connection between demand for, and the supply of, short‑term debt. Further information on the eligible assets of an MMF is...

The Pensions Regulator (the Regulator) The Regulator is an arm’s-length public body set up under the Pensions Act 2004 (PeA 2004). Its authority to impose contribution notices and financial support directions appears in PeA 2004, ss 38–50. Although the Act does not use the label, these provisions are widely known as the Regulator’s ‘moral hazard’ powers. Their purpose is to counter the ‘moral hazard’ arising from the Pension Protection Fund (PPF): the possibility that corporate groups might organise their structures so as to heighten exposure within their pension schemes, comfortable that the PPF would intervene if the employer entered insolvency. The principal moral hazard tools—and the only ones exercised so far—are the power to issue a contribution notice (CN) and the power to issue a financial support direction (FSD). A CN compels the recipient to pay a specified amount into a defined benefit occupational pension scheme. A CN can be issued where the criteria in PeA 2004, s 38 are satisfied. These mechanisms exist to deter behaviour that would...

People with significant control (PSC) regime The architecture of the people with significant control (PSC) regime, which first commenced on 6 April 2016, is contained in Part 21A of the Companies Act 2006 (CA 2006). Its purpose is to tackle worries about the lack of transparency in corporate ownership, where historically the register captured only the legal holder of shares, not always the beneficial owner. By requiring a PSC register, more precise and up‑to‑date details are available about who ultimately owns and directs companies and other bodies, and this information is made public via the central register at Companies House and remains accessible to the public. It assists prospective investors in their decision‑making. It likewise aids law enforcement bodies with money laundering enquiries. LLPs formed under the Limited Liability Partnerships Act 2000 must keep a record of persons with significant control over the LLP under the Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016, SI 2016/340 (the LLP Regulations), as amended by the Information about People...

We must not use a client account to provide banking facilities for clients or third parties. This is a firm requirement of rule 3.3 in the SRA Accounts Rules, covering our main client account and any separately designated client accounts as well. Permitting use of our client account as a banking facility creates the risk that we could potentially facilitate money laundering or comparable offences. You must understand and adhere to our policy on anti-money laundering (AML), counter-terrorist financing (CTF), and counter-proliferation financing when taking receipt of client or office monies. This also encompasses our distinct policy on accepting cash. The SRA may levy substantial penalties for breach of rule 3.3. There need not be a risk of money laundering, or any hint of impropriety, for this to apply. A breach of rule 3.3, by itself, is enough for the SRA to impose a penalty on the firm and/or any individuals concerned. We should only accept funds into our client account where...

1 Reserve Fund 1.1 Definitions In this clause, the following further definitions apply: Fund Account – an interest‑bearing [ trust ] account [ opened with [ name of bank ] ] held in the Landlord’s name; Reserve Fund – a fund that the Landlord may, though is not obliged to, set up and keep from time to time to receive and hold a Reserve Fund Contribution; Reserve Fund Contribution – the sum (if any) in each Service Charge Period that the Landlord [ (acting reasonably) ] determines to be a fair annual payment by the Tenant towards the advance funding of [ providing the Services OR regularly‑recurring major items of [ the Service Costs OR service charge expenditure ] ] [ (including, but not limited to, repair, decoration, maintenance and renewal) ], and including any VAT payable where the Landlord cannot obtain a credit for that VAT from HM Revenue & Customs...

[ On the Investor’s letterhead ] Strictly confidential and private To: The Shareholders of [ insert target name ] [ insert address ] ( Sellers ) From: [ insert Investor name ] of [ insert address ] in its role as manager of [ insert Fund names ] (respectively, Investor and Equity Investors ) Date: [ insert date ] Dear Sellers, Sale of [ insert name and registered number of company ] (Company) 1 We write in relation to the acquisition of the entire issued share capital of the Company by [ insert name of newco ] Limited ( Buyer ), under a sale and purchase agreement between the Sellers and the Buyer to be executed on the date of this letter ( SPA ). Unless stated otherwise, the terms used in this letter carry the meanings assigned to them in the SPA...

Amendments to the International Tax Compliance Regulations 2015 (2015 regs), SI 2015/878, introduced by the International Tax Compliance (Amendment) Regulations 2025, SI 2025/740, have brought in a compulsory Automatic Exchange of Information (AEOI) registration obligation for certain trusts treated as ‘specified non-reporting financial institutions’. Under the 2015 regs, SI 2015/878, reg 24(1), a specified non-reporting financial institution is ‘a non-reporting financial institution which is a trust within the meaning of Section VIII(B)(1)(e) of the CRS or paragraph II(D) of Annex II to the FATCA agreement’. Set out below is a concise overview of the components of that definition. Financial institution (IEIM400610) The FATCA and CRS frameworks recognise four common categories of Financial Institution: custodial institution depository institution investment entity specified insurance company Where a private trust satisfies any Financial Institution definition, it will most commonly be treated as an Investment Entity...

LPA’s obligations when imposing financial contributions Developers are frequently obliged to make monetary payments to the local planning authority (LPA) to fund defined projects, helping to offset the harmful effects of a scheme and thereby enable the grant of planning permission. This Q&A addresses circumstances where the section 106 agreement contains no specific express clawback mechanism. When a planning obligation (a section 106 obligation) is proposed to secure a financial contribution at the determination stage of a planning application, that contribution must satisfy the stringent legal tests in regulation 122 of the Community Infrastructure Levy Regulations 2010, SI 2010/948 (SI 2010/948, reg 122) (as amended). Only by meeting those tests can any such payment lawfully and ultimately underpin the grant of planning permission...

Service charges Service charges are imposed by landlords to recoup the expenditure they incur in delivering services to a building. The precise manner in which the service charge is organised and administered is defined in the tenant’s lease or tenancy agreement. Usually, the charge meets the expense of matters such as general maintenance and repairs, insurance of the building and, where services are supplied, central heating, lifts, porters, lighting, and cleaning of common areas. The charges may additionally cover management costs borne by the landlord or a professional managing agent, together with contributions made to a reserve fund. Relationship of landlord and tenant The landlord and tenant relationship stems from medieval land law and was at first a matter solely of contract in form. Nevertheless, from very early on, the agreement conferred on the tenant an estate or proprietary interest in the land whilst retaining, and not discarding, any of its essential contractual attributes as such...