Third country meaning

This Checklist outlines the outsourcing requirements for common platform firms in the UK, set out in Chapter 8 of the Systems and Controls Sourcebook in the Financial Conduct Authority (FCA) Handbook (SYSC 8). It also captures provisions that replace Commission Delegated Assimilated Regulation (EU) 2017/565 (the UK MiFID II Organisational Regulation) from its revocation on 23 October 2025. For fuller guidance on the outsourcing rules that apply to all firms (including common platform firms), see Practice Note: Financial services outsourcing. Firms should also be aware of obligations under the UK regulatory framework for operational resilience that relate directly to outsourcing; for information, see Practice Note: Operational resilience-UK regulatory framework. Which financial services firms do the outsourcing rules apply to? The outsourcing rules described in this Checklist apply to common platform firms, including: banks building societies investment firms For a detailed definition of common platform firm, see the FCA Handbook Glossary. Dual regulated firms should also refer to the parallel rules...

Indicators of corruption-checklist Organisations and their staff should remain vigilant for signs of corruption. This checklist outlines indicators that would usually justify an escalated investigation. For further information on internal investigations, see: Internal investigation on suspicion of failure to prevent bribery-checklist. During contract negotiations, or when finalising a previous contract, assess whether any payment arrangements seem unusual, including: pressures to amend agreed terms, such as demands for urgent and/or early payments a request for cash payment money routed through a third country or to a shell company in another country an abnormally high commission paid to a particular agency, see Practice Note: How to identify when a commission might become a bribe instructions to split a payment between two accounts for the same agent, notably where the accounts are in different countries, see Practice Note: Agents and other intermediaries the settlement of high-value expenses (for example, expensive restaurant bills), or non-business expenses (such as school) ...

STOP PRESS: A major overhaul of the UK listing framework took effect on 29 July 2024, featuring the abolition of the premium and standard segments and the introduction of a single listing category for equity shares in commercial companies. The commercial companies category is strongly disclosure-led and sits beside other categories, including shell companies, secondary listing and closed ended investment fund categories. A new UK Listing Rules sourcebook commenced to deliver these reforms and the former Listing Rules sourcebook was withdrawn. For more information, see Practice Note: Reform of the UK listing regime—fundamentals. This fundamentals note describes the listing framework as it existed before 29 July 2024. The UK corporate reporting landscape has been influenced by Brexit. For further details see Brexit—accounts and reports. There have been certain amendments to the requirements of the Companies Act, the DTR and the Listing Rules for accounting periods starting on or after the close of the transitional period, although the impact is largely confined to definitions (eg the meaning of a regulated...

In this issue: Employment contract Horizon scanning Pensions Tax Prohibited conduct (discrimination etc) Data protection and employee information Dates for your diary Trackers New Q&As Employment resources on Lexis+® Daily and weekly news alerts Employment contract Supreme Court reinstates High Court injunction preventing Tesco from ‘firing and rehiring’ employees on less favourable terms. In Tesco Stores Ltd v Union of Shop, Distributive and Allied Workers (USDAW) [2024] UKSC 28, the Supreme Court, unanimously and led by Lord Burrows and Lady Simler, upheld the High Court’s stance, reviving the injunction that bars Tesco from dismissing staff in order to strip them of a ‘permanent’ contractual entitlement to retained pay, then proposing re‑engagement without it. An implied term in the contracts curtailed Tesco’s ability to rely on dismissal rights for that end. Commentary on the ruling is provided by Neil Todd of Thompsons Solicitors; Jonathan Chamberlain and Connie Cliff of Gowling WLG; Philip Harman...

In this issue: Brexit headlines Constitutional and administrative law Equality and human rights Judicial review Public procurement Subsidy control and State aid Information law Other Public Law news Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Brexit headlines Court of Appeal restricts education-based residence right under UK-EU Withdrawal Agreement—R (Ayoola) v Home Secretary In R (Ayoola) v SSHD [2025] EWCA Civ 1519, the Court of Appeal held that Articles 24(2) and 25(2) of the Withdrawal Agreement do not confer fresh residence entitlements; they merely safeguard education‑linked derivative residence rights that existed before withdrawal from the EU. Specifically, children of EU nationals had residence rights under Article 12 of Regulation 1612/68 (later Article 10 of Regulation 492/2011). Their third‑country national parents held residence rights only where their presence was required for the child. CJEU case law acknowledged and reinforced those derivative entitlements. Nonetheless,...

According to a statement from the Prudential Regulation Authority (PRA), Barents Reinsurance SA (Barents) did not sufficiently plan for the regulatory consequences of the UK’s exit from the EU, the PRA said. The PRA added that Barents fell short in putting certain internal audit recommendations into practice. The regulator also found that, from July 2021 to October 2023, during this period, Barents lacked an appropriate, proportionate governance framework for its activities. Operating across multiple jurisdictions, Barents had moreover neglected to develop a governance plan reflecting its UK business. This was among a number of shortcomings that resulted in late regulatory...

This Practice Note sets out your responsibilities for enhanced due diligence (EDD) and how to apply them in everyday professional practice. It aligns with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. The guidance provided is of general application. You should determine whether the MLR 2017 impose additional or varied requirements for your sector, and whether your regulatory body sets any extra, sector-specific obligations relating to EDD...

Practice Note In this Practice Note, the term ‘bank’ denotes a UK institution authorised under Part 4A of the Financial Services and Markets Act 2000 (FSMA 2000) to undertake the regulated activity of accepting deposits (as defined by FSMA 2000, s 22, read with Schedule 2 and any order under FSMA 2000, s 22), and any mention of ‘bank’ below also covers a resolution company. In the wake of Silicon Valley Bank’s failure, the government consulted on additional reforms and, in May 2025, passed the Bank Resolution (Recapitalisation) Act 2025 (see: LNB News 19/07/2024 30). These changes are not confined to smaller banks and, from 16 July 2025, apply to banks of any size, provided the other entry conditions are met (see Practice Note: Bank resolution reforms under the Bank Resolution (Recapitalisation) Act 2025). Part 1 of the Banking Act 2009 (BA 2009) likewise extends to building societies and investment firms, with modifications specified in BA 2009. Central counterparties, meanwhile, are now subject to their own special resolution regime...

IP COMPLETION DAY: At 11pm (GMT) on 31 December 2020, the Brexit transition/implementation period that followed the UK’s withdrawal from the EU comes to a close. In UK law this moment is termed ‘IP completion day’. From that point, core transitional arrangements end and significant changes start to take effect across the UK’s legal framework. This note provides guidance on areas affected by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for lending lawyers? [Archived]. BREXIT: From 31 January 2020, the UK is no longer an EU Member State, but entered an implementation period during which, for many purposes, it continues to be treated by the EU as a Member State. As a third country, the UK cannot participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), yet it must continue to meet its obligations under EU law (including EU treaties, legislation, principles and international agreements) and submit...

This Agreement is made on [ insert day and month ] 20[ insert year ] Parties [ Insert name of company in administration ] (in administration), being a company incorporated in [ England and Wales OR [ insert country of incorporation ] ], with registered number [ insert company number ], and having its registered office at [ insert address ] (the Seller), acting through its [ joint ] Administrator(s) [ Insert name of administrator(s) ] of [ insert name of firm ], whose registered office is at [ insert address of firm ] (the Administrator(s)) [ insert name of purchasing corporate entity ], a company duly incorporated in [ England and Wales OR [ insert country of incorporation ] ], with registered number [ insert company number ], and with its registered office address at [ insert address ] (the Buyer); and each of the Seller Administrator(s) and the Buyer being a Party, and together the Seller Administrator(s) and the Buyer being the...

This Agreement is dated [ insert day and month ] 20[ insert year ] Parties The several persons whose names and addresses appear in Schedule 1 (together, the Sellers); and [ Insert name of purchasing corporate entity ], incorporated in [ England and Wales OR [ insert country of incorporation ] ] with registered number [ insert company number ] and whose registered office is at [ insert address ] (the Buyer); and [ (each Seller and the Buyer being a Party, and together the Sellers and the Buyer being the Parties). ] Background The Company (as defined below) is a private company limited by shares, incorporated in [ England and Wales OR [ insert country of incorporation ] ]. Details of the Company are set out in Schedule 2, Part A. The Sellers are the legal and beneficial holders of the Sale Shares (as defined below), which in total constitute the entire issued and allotted share...

STANDARD CONTRACTUAL CLAUSES SECTION I Clause 1 Purpose and scope The aim of these standard contractual clauses is to secure observance of the obligations set out in Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016, concerning the protection of natural persons in relation to the processing of personal data and the free circulation of such data (General Data Protection Regulation) (1), for the transfer of personal data to a third country. The Parties are: (i) the natural or legal person(s), public authority/ies, agency/ies or other body/ies (‘entity/ies’) that transmit the personal data, as identified in Annex I.A (each a ‘data exporter’); and (ii) the entity/ies in a third country that receive the personal data from the data exporter, directly or indirectly via another entity also Party to these Clauses, as identified in Annex I.A (each a ‘data importer’), which have agreed to these standard contractual clauses (‘Clauses’). These Clauses apply in respect of the transfer of...

BREXIT At 11pm (GMT) on 31 December 2020—known as ‘IP completion day’—the transition/implementation period entered into following the UK’s withdrawal from the EU came to a close. From that point onwards, key transitional arrangements came to an end and wide‑ranging changes started to take effect across the UK’s legal regime. This document provides guidance on subjects affected by these changes. Before continuing your research, see: Brexit and financial services: materials on the post‑Brexit UK/EU regulatory regime [Archived]. This Q&A assesses the impact of Brexit on passporting in the insurance sector, outlines the options available to insurers to continue to access the European Economic Areas (EEA), and highlights the factors for insurers to take into account in their contingency planning. This Q&A is produced in partnership with Clare Swirski at Clifford Chance. What are the main aspects of passporting under Solvency II?...