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Smith Guidance meaning

What does Smith Guidance mean?
Smith Guidance is the practitioner shorthand for the audit committee guidance originating in the 2003 Smith Report and now embedded in the Financial Reporting Council (FRC) Guidance on Audit Committees. It is non‑statutory best‑practice guidance (not defined in legislation or case law) used to draft audit committee terms of reference and inform corporate governance advice. It addresses key features of audit committee practice: composition and independence (including financial competence), oversight of the external auditor (appointment, tendering, fees, non‑audit services, audit quality and independence), engagement with internal audit, review of financial reporting, internal controls and risk management, and reporting to shareholders. It underpins compliance with the UK Corporate Governance Code and related Listing Rules disclosures and is frequently cited in due diligence, board procedures and governance frameworks. The standalone Smith Guidance has been superseded; its content sits within the FRC Guidance on Audit Committees, first issued in December 2010 and updated from time to time. Usage is consistent across England & Wales, Scotland and Northern Ireland. In Ireland, the term is understood by reference to UK practice; many Irish listed companies follow the UK Corporate Governance Code (via the Irish Corporate Governance Annex), while statutory audit committee requirements derive from the Companies Act...
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CHECKLISTS
General damages valuation: checklist covering PSLA, Smith v Manchester, loss of congenial employment, whiplash tariffs, aggravated damages, fatal accidents and interest (England and Wales)

Checklist This checklist sets out the matters a practitioner ought to weigh when assessing general damages. It reviews various heads of damage, such as pain, suffering and loss of amenity (PSLA), Smith v Manchester awards, loss of congenial employment, loss of use, holiday disruption, harm to relationships, reduced marriage prospects, aggravated damages, unnecessary treatment, fatal accidents, and interest. PSLA Pain and suffering reflect the claimant’s personal, subjective experience. Loss of amenity denotes a diminished capacity to carry out ordinary activities. Damages can be granted for physical and/or psychiatric injury and cover distress in the past, present, and future. There is no precise formula for valuation in these assessments of such claims...

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CHECKLISTS
Enforcement Receivers for Confiscation Orders under POCA 2002 (England and Wales): Appointment, Powers, Third‑Party Interests, Procedure, Costs, Reporting, Remuneration and Discharge—Checklist

Appointment of Receivers The Crown Court may, on the prosecutor’s application, appoint a receiver over a defendant’s realisable property where a confiscation order remains unsatisfied and is not under appeal. The court may grant the receiver the following powers in respect of that realisable property: power to take possession of the property power to manage or otherwise deal with the property, after hearing representations from those holding it power to realise the property, in such manner as the court directs, after hearing representations from those holding it power to commence, continue or defend any legal proceedings concerning the property Where the defendant’s realisable interest in the property is in dispute, it is not required that the property be shown to be the defendant’s proven realisable property (see eg Re Smith)...

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NEWS
UK corporate crime, sanctions and regulatory enforcement—weekly briefing with international updates, 19 September 2024

In this issue Criminal procedure and evidence Appeal and judicial review Bribery, corruption, sanctions and export controls Consumer protection and cartels Environmental offences Food safety and hygiene offences Fraud, forgery, tax and theft offences Health and safety and corporate manslaughter offences Local authority prosecutions International Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Criminal procedure and evidence Challenging the decision not to prosecute (R (on the application of Hillary Smith) v DPP) The High Court’s judgment in R (on the application of Hillary Smith) v Director of Public Prosecutions delivers notable guidance on three fronts: the weight to be attached to inquest conclusions when the Crown Prosecution Service’s (CPS) decides whether or not to bring a prosecution; the position the courts are likely to take in judicial review proceedings when scrutinising the reasonableness of the CPS’s application of the two-stage...

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NEWS
UK commercial law weekly update: contract judgments, ASA ruling, ICO enforcement consultation, HMRC customs guidance and Russian sanctions advice—6 November 2025

In this issue: Advertising, marketing and sponsorship Contracts Data protection International Supply chain LexTalk®Commercial: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Advertising, marketing and sponsorship ASA rulings—5 November 2025 The Advertising Standards Authority (ASA) received a single complaint about advertising by On The Beach Ltd, which stated that customers booking particular holidays would be given free access to airport lounges. The ASA upheld the complaint. See: LNB News 05/11/2025 27... Contracts Ms Amlin Marine NV (on behalf of Ms Amlin Syndicate AML/2001) v King Trader Ltd [2025] EWCA Civ 1387 The Court of Appeal (Civil Division) dismissed the appellants’ challenge and confirmed that a ‘pay first’ clause in a marine insurance policy was enforceable against the Charterer. The policy had been issued by MS Amlin Marine NV to Bintan Mining Corporation (the Charterer), which had chartered the vessel Solomon Trader...

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NEWS
UK sanctions, export controls, AML/CTF and financial crime roundup: OFSI review, HSF penalty, HMRC hawala enforcement, modern slavery guidance – 27 March 2025

Risk & Compliance weekly highlights—27 March 2025 In this issue: Sanctions and export controls AML, CTF & counter-proliferation financing Other financial crime Other Risk & Compliance updates this week Daily and weekly news alerts Trackers New and updated content Sanctions and export controls OFSI annual review reveals £25bn of Russian assets frozen The Office of Financial Sanctions Implementation (OFSI) has published its 2023–2024 annual review, noting £25bn of Russian assets frozen since February 2022 alongside 396 enforcement matters. It records OFSI’s first proactive monetary penalty, the exercise of its disclosure power, and its initial counter-terrorism designation. The workforce rose to 135, and 564 additional designated persons were placed on sanctions lists. The review underlines strengthened enforcement capability and wider international co-operation. See: LNB News 21/03/2025 20. OFSI issues penalty to HSF Moscow for Russia sanctions breaches OFSI has imposed a £465,000 fine on Herbert Smith Freehills CIS LLP Moscow (HSF Moscow) for violations...

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PRACTICE NOTES
Predatory marriage or civil partnership: capacity, safeguarding, Court of Protection, will revocation and post-death consequences (England and Wales)

Facts Mr Smith, aged 75, was recently bereaved after a 40-year marriage, having been diagnosed with dementia shortly before his wife passed away. He had already put in place a Lasting Power of Attorney naming his children and made a Will in their favour. He began spending time with his carer, Ms James, aged 34, who has progressively cut him off from relatives and friends. He often says he is busy and, when his family do see him, he appears not to be looking after himself or his home. His relatives are worried about the influence Ms James exerts, though they accept he has been lonely. Their concern heightened when, last week, Ms James declared they were going to marry, yet Mr Smith seems blissfully unaware of any such plan. What action can Mr Smith’s family take to keep him safe? Mental capacity They should first assess whether Mr Smith retains decision- and time-specific mental capacity, explain the situation to him, and seek his agreement to...

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PRACTICE NOTES
2022 appeal round-up and tracker: key civil litigation decisions and forthcoming Supreme Court cases (England and Wales)

Practice Note This Practice Note consists of two strands created to help dispute resolution practitioners remain up to date with developments in case law that affect their field, or which influence civil litigation procedure more generally: selected forthcoming appeals to the Supreme Court are highlighted below; see Key forthcoming appeals to the Supreme Court—2022 summaries of significant appeal decisions in England and Wales (ie rulings of the Court of Appeal and Supreme Court and, where appropriate, certain judgments of the Competition Appeal Tribunal, Judicial Committee of the Privy Council, Court of Justice of the European Union), and ECtHR, which we have covered; see: Key forthcoming appeal cases—2022 You can navigate this content using the table of contents in the left-hand margin. Alternatively, search this tracker using [CTRL]+[F]. This material is not intended to be a comprehensive register of every appeal or major decision relevant to dispute resolution practitioners. Key forthcoming appeals to the Supreme Court—2022 Tort and negligence ...

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PRACTICE NOTES
The Gibbs rule in English and Scots law: cross-border restructurings, recognition limits, CBIR 2006, IA 1986 s 426, guarantees, Hong Kong developments and investor enforcement strategies

The Gibbs rule It holds that whether a liability is released can only be decided by the law governing that liability. Subject to the adjusting impact of legal instruments in the field of cross‑border insolvency, an English court may invoke this common law principle in appropriate cases, and conclude that a foreign restructuring, which claims to extinguish an English law governed liability (or one governed by a system other than that of the foreign restructuring), does not in fact achieve that result at all in England. As a result, the court may permit a dissenting creditor to pursue enforcement of the liability in England. The scope and reach of the Gibbs rule will matter to distressed debt investors and their advisers, and this note highlights some of the key points for consideration. The evolution of the Gibbs rule was recognised and developed across a line of nineteenth‑century authorities, starting with Smith v Buchanan (1800) 1 East 6 (not reported by Lexis+® UK), where Lord Kenyon CJ remarked, in substance,...

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