Placement agent meaning

In this issue: Trusts Court of Protection UK taxes for Private Client HMRC Manuals updates Insolvency—Private Client Charity and philanthropy Contentious trusts and estates Scotland, Wales and Northern Ireland International Question of the week Daily and weekly news alerts LexTalk®Private Client: a Lexis®PSL community New and updated content Dates for your diary Trackers Latest Q&A Useful information Trusts Companies House publishes guidance on removal of overseas entities from register Companies House has issued guidance setting out the process for taking an overseas entity off the Register of Overseas Entities. It applies where the entity no longer holds registered title to UK land or property acquired on or after 1 January 1999 in England and Wales, 8 December 2014 in Scotland, and 5 September 2022 in Northern Ireland. The guidance confirms the entity must have disposed of all UK property or land, and the transfer of ownership...

This Practice Note offers a concise overview of the functions and duties of insurance brokers, outlining their role in arranging and renewing insurance policies. It also gives practical pointers on how brokers can avoid or reduce negligence claims. More focused materials are signposted. For rules and guidance on insurance distribution regulation, see Practice Notes: FCA Handbook—introduction for the insurance and reinsurance sector PRA Rulebook—introduction for the insurance and reinsurance sector Insurance conduct regulation—COBS and ICOBS UK insurance distribution regime—essentials Functions of insurance brokers The broker’s central task is to secure consensus and clarity between the insured and insurers so that suitable cover is effected (or ‘placed’) in line with the client’s instructions. An essential aspect of the role is to bridge the disparity between the client’s understanding of its own operations and the broker’s appreciation of cover available in the market (see Infinity Reliance Ltd (trading as My 1st Years) v Heath Crawford Ltd). This core function is performed as...

Banking & Finance glossary A Auditing and Accounting Organisation for Islamic Financial Institutions (AAOIFI) The foremost Islamic, international, autonomous, independent, not-for-profit corporate body that develops and issues accounting, auditing, governance, ethics and Shari’ah benchmarks and standards for Islamic Financial Institutions (IFIs) and the wider Islamic finance sector. Founded in Bahrain in 1991, it is backed by a number of institutional members across more than 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing practices, and legal firms. Its pronouncements are currently applied by leading Islamic financial institutions across the world and have advanced a progressive and gradual harmonisation of global Islamic finance practice. It also delivers professional qualification programmes—notably Certified Islamic Professional Accountant (CIPA), Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance programme—in efforts to strengthen the industry’s human capital and governance frameworks. For further details, see Practice Note: Key participants in the Islamic finance industry—Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). Acceleration Acceleration is the formal action...

Stop Press: The LMA Private Placement papers are at present labelled for reference only, while the LMA considers the future path and purpose of these forms. Introduction Securing private placements across Europe is inherently dependent on local rules: documentation style, customary practice and governing law materially vary from country to country and from one jurisdiction to the next within each market. For businesses seeking to place privately in the UK, or to approach investors accustomed to English law, the Loan Market Association (the ‘LMA’) has produced a set of English law-based template papers known as the Pan-European Private Placement (PEPP) documentation. These templates were created to act as a practical springboard for issuers and investors alike, encouraging higher deal throughput and wider recognition of private placements as a credible funding method. Although the LMA labels these forms as ‘reference only’ (signalling that an update is due), they still appear in some transactions because they sit closer to a typical LMA-style loan agreement than the ‘Model Form’ of...