Funds meaning

ARCHIVED: This Practice Note is archived and is no longer maintained. UCITS is the acronym for undertakings for collective investment in transferable securities. The expression derives from Directive (EC) 85/611 concerning the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (the Original UCITS Directive), which was adopted in 1985. The purpose of the Original UCITS Directive was to establish a single market for open-ended retail investment funds that offered enhanced protection for investors. The UCITS framework has been updated on several occasions, with the Management Company Directive 2001/107/EU adopted in 2002 and the Product Directive 2001/108/EU implemented in 2005 (together referred to as UCITS III); followed by implementation in 2011 of Directive 2009/65/EC (the UCITS Directive, also called UCITS IV), which repealed and replaced the Original UCITS Directive; and Directive 2014/91/EU (UCITS V), which was transposed into national law on 18 March 2016...

Timeline—developments from 1 January 2024 onwards This timeline charts UK-focused changes to the anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing (CPF) legal and regulatory frameworks affecting financial services firms. It captures the evolution and implementation record of the UK AML, CTF and CPF legislative landscape, including updates to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs), together with AML/CTF-related outputs from HM Treasury (HMT), the Financial Conduct Authority (FCA) and the Joint Money Laundering Steering Group (JMLSG). It further reflects supranational AML/CTF/CPF activity from the Financial Action Task Force (FATF), Basel Committee on Banking Supervision (BCBS), International Association of Insurance Supervisors (IAIS), International Organisation of Securities Commissions (IOSCO), the Egmont Group of Financial Intelligence Units (FIUs) and the Wolfsberg Group. A schedule of forthcoming dates is available in: Key dates for Financial Services—horizon scanner. For earlier developments up to 31 December 2023, see: AML/CTF legal and regulatory regimes for financial services firms—timeline to 31 December 2023 [Archived]...

This record keeping checklist consolidates obligations found in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. It further sets out suggested actions and practical steps. The Checklist directs you towards relevant Precedents that you may adopt, adapt or tailor to meet these requirements and recommendations. For extra guidance, see Practice Note: Money Laundering Regulations 2017—record keeping or, for law firms, Money Laundering Regulations 2017—record keeping (law firms). The manner, medium or physical or digital location in which records are retained is immaterial, provided you can promptly retrieve the necessary information and evidence, especially if you are asked to supply customer/client due diligence (CDD) documentation to a party that relies on you, or to investigators or other enforcement officers. Record type For how long? Compulsory or recommended? Comments (if any) ☐ Records, documents or information connected with, and arising in the context of, an occasional transaction — Five years from the point at which...

In this issue: Key developments and materials Electricity and gas market regulation, licensing and taxation Networks and network connections Capacity Market, balancing services and energy system flexibility Nuclear energy Oil and gas International energy New and updated content Dates for your diary Trackers Energy resources on Lexis+® Daily and weekly news alerts Key developments and materials DESNZ announces 100 schools now have Great British Energy solar panels DESNZ confirmed that Great British Energy solar arrays are now fitted at 100 schools and colleges nationwide. By summer 2026, roughly 250 institutions will benefit through a focused deployment that gives precedence to deprived communities in the North East, West Midlands and North West, and guarantees a minimum of ten schools in each English region. Across their lifespan, these installations are expected to deliver around £220m in cumulative savings for the 250 schools and colleges, allowing funds to be redirected into teaching spaces. See:...

Thiel-Czerwinke and another (joint liquidators of Courtside Recycling Ltd) v Crabb [2024] EWHC 337 (Ch) What are the practical implications of this case? This ruling underlines the uncompromising obligation on directors to maintain trading records, and accepts that discarding or failing to retain them was, on these facts, a constituent part of the director’s fraudulent design. It also clarifies that once office-holders demonstrate that company assets or cash were transferred to a director, the absence of documents showing that the funds or property were applied for the company’s advantage renders the director liable to repay the whole amount to the company. That outcome applies even though the judge did not doubt that Mr Crabb did in fact use some of the cash when making payments for Courtside... What was the background? Mr Crabb served as the Company’s sole director; the business dealt in scrap metal. For the trading periods from August 2014 to February 2018, the Company submitted VAT returns declaring sales, net of VAT, totalling...

Christopher Purkiss (as liquidator of Ethos Solutions Limited) v Tim Kennedy and others [2025] EWCA Civ 268 Ethos Solutions Limited (the Company) ran a disguised remuneration arrangement under which sums were channelled to an employee benefit trust (EBT) without withholding income tax or NICs. The EBT’s trustee allocated funds into sub-trusts for the respondents and, when asked, advanced the amounts to them as discretionary loans. On 4 December 2012, HMRC issued determinations, holding the Company liable for income tax and NICs of c.£2m arising from payments made to the EBT in the 2008‑09 and 2009‑10 tax years. On 18 December 2012, the Company entered creditors’ voluntary liquidation, making no remittances to HMRC and taking no steps to appeal. On 9 January 2013, HMRC lodged a proof of debt totalling c.£2m with respect to those same EBT payments, as claimed therein...

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 enterprise investment scheme (EIS) It is primarily intended to boost investment in smaller, higher‑risk trading companies by granting a range of tax reliefs to individual investors who acquire newly issued shares in such companies. The EIS rules are prescriptive and contain numerous conditions that must be satisfied, including those relating to: the individual investors the issued shares the issuing company This Practice Note centres on the conditions that apply to the individual investor. Those conditions are outlined in the context of the income tax relief afforded by Part 5 of the Income Tax Act 2007 (ITA 2007). References to the equivalent capital gains tax (CGT) provisions are included where appropriate. For information on the remaining conditions, see the following Practice Notes: EIS—conditions for relief: issued shares, the funds raised and the arrangements in general EIS—conditions for relief: issuing company EIS—conditions for relief: qualifying trades For a summary of tax reliefs available...

At any one time, most practices carry a handful of aged, typically modest, residual balances tied to client matters within the firm. In the normal run of business, handling these residual balances ought to be straightforward, routine housekeeping. On occasion, though, the volume and spread of residual balances is such that a more substantial project is needed to bring them back under firm control. This Practice Note explores practical questions that can confront the project sponsor, eg the COLP or COFA, when initiating a programme to address your firm’s residual balances. It sets out the circumstances that may prompt commencing a project, how best to start and organise the work, and offers pragmatic pointers designed to lighten the project sponsor’s workload considerably. It should be read in conjunction with Practice Note: Residual balances—law firms. In what circumstances will a residual balances project be required? You may have undertaken a residual balance project...

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 Introduction This role description and profile concerns the combined post of Deputy Money Laundering Compliance Officer (MLCO) and Deputy nominated officer (nominated officer). Any references to MLR 2017 relate to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692, as amended. 2 MLCO/nominated officer role holder details Firm name [ Insert firm name ] Name of Deputy MLCO/nominated officer [ Insert name ] Reports to: MLCO/nominated officer [ Insert name of MLCO/nominated officer ] Working pattern ☐ Full time ☐ Part time Details of any additional positions within the firm [ Insert details ] Date of appointment by the firm [ Insert date ] 3 Role summary 3.1 Serve as deputy to the firm’s MLCO/nominated officer...

FORTHCOMING CHANGE: The government has set out its proposals to apply inheritance tax to unspent pension pots on death, effective from 6 April 2027. For further details, please see News Analysis: HMRC confirms new IHT rules on unused pension funds to apply from 6 April 2027...

Damages After the lease ends, a landlord’s terminal dilapidations claim lies in damages. The recoverable sum is determined by common law rules for assessing loss arising from breach of the repairing covenant, but is curtailed by the statutory ceiling in section 18(1) of the Landlord and Tenant Act 1927 (LTA 1927). At common law, the benchmark for disrepair is the reasonable expenditure required to restore the premises to the condition they should have been in at the point of lease expiry. The claim for damages may, in addition, encompass foreseeable knock-on losses, including rent foregone during any period when the state of disrepair prevents the property being relet...

When one company advances funds to another, the contractual provisions govern any restriction on repaying the loan before the ten-year period first contemplated. Should the lending company enter liquidation or administration, that circumstance, by itself, does not alter the contract’s terms. The office-holding insolvency practitioner should nevertheless review the agreement to determine whether it permits earlier repayment, or repayment on alternative terms, if the lending company goes into liquidation or administration. Although that may appear improbable, it remains possible, and the officeholder ought to explore every avenue to secure accelerated repayment of the borrowing. Absent an express clause to the contrary, the insolvency of the lender does not, of itself, accelerate the debt, and timing remains governed by the bargain. It would seem that the office-holding insolvency practitioner holds an appointment that must remain open for at least ten years before the loan can be discharged and a dividend distributed to creditors...

This Q&A This Q&A considers how the Housing Act 2004 (HA 2004) applies to assured shorthold tenancies (ASTs) governed by the Housing Act 1988 (HA 1988). In brief, when a landlord takes a deposit for an AST, two actions are required within 30 days of receiving the funds. First, the initial requirements of an authorised tenancy deposit scheme must be satisfied in full (HA 2004, s 213(3)). Secondly, the tenant must be provided with specified prescribed information (HA 2004, s 213(5)(6)). The relevant prescribed information is set out in the Housing (Tenancy Deposits) (Prescribed Information) Order 2007, SI 2007/797. Failure to comply limits the landlord’s entitlement to serve a notice under HA 1988, s 21, and entitles the tenant to apply for an order for the return of the deposit or for its payment into an authorised scheme (HA 2004, s 214(3)), together with a financial award of not less than one, and not more than three, times the deposit’s value (HA 2004, s 214(4))...