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GLOSSARY

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What does Advising mean?

This is the regulated activity of giving advice to a person in his capacity as a potential investor, or agent, as to the merits of buying or selling a particular investment (article 53 of the Regulated Activities Order).

The wording of this activity is widely drafted. Exempt professional firms are prohibited from giving investment advice in certain scenarios as described in the Scope Rules.

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Drafting a building contract/schedule of amendments—checklist

Drafting a building contract/schedule of amendments—checklist Once the procurement route and form of building contract has been selected (see Practice Note: Choosing the right procurement method—construction projects) the employer should consider the following matters and incorporate the appropriate drafting in the building contract particulars and schedule of amendments. This Checklist assumes that the parties are using a standard form of building contract, such as a JCT form, and that the employer is proposing the first draft including the completed contract particulars and a schedule of amendments, which amends the standard terms. This list is not exhaustive, however, and there may be other project specific matters/risks that need to be taken into account: Contractual matters • Carry out due diligence on the contractor The employer needs to carry out due diligence on the contractor at the outset to determine whether its financial position is acceptable. Confirm the contractor’s company number and name at Companies House. • Obtain consultants’ details Confirm the full details of the consultants engaged by the employer; some...

Redundancy—individual consultation checklist for employers

Redundancy—individual consultation checklist for employers This Checklist outlines steps to be taken in individual redundancy consultation, whether or not consultation has also taken place at a collective level. It sets out practical considerations involved in planning a redundancy process and covers what should be discussed at open meetings with affected employees, what should be included in letters to affected employees, what should be discussed at individual consultation meetings, what should be included in the notice of dismissal and information to be given about the right of appeal. For further guidance on individual redundancy consultation obligations generally, see Practice Notes: Redundancy—fair procedure: individual consultation and How to carry out individual redundancy consultation. This Checklist assumes that the employer has determined whether collective consultation is required (see Checklist: Redundancy—collective consultation checklist for employers—Identify redundancy situation). This Checklist is to be used: • where there is an obligation to consult collectively as, even where that obligation is fulfilled, the employer must still consult individually with the employees • where there is no obligation...

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Regulated mortgage contracts—flowchart

Regulated mortgage contracts—flowchart Background to and scope of this flowchart On 31 October 2004 (a date known as ‘M Day’), lenders and intermediaries of regulated mortgage contracts (RMCs) became regulated. A person that carries on a regulated activity in the UK by way of business, where there is no applicable exclusion or exemption, must be authorised under the Financial Services and Markets Act 2000 (FSMA 2000). The purpose of this flowchart is to set out the main questions to ask a person to determine whether or not they are carrying on the following RMC activities that are regulated under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO): • arranging (bringing about) RMCs (RAO, SI 2001/544, art 25A(1)) • making arrangements with a view to a person who participates in the arrangements entering into a RMC as a borrower (RAO, SI 2001/544, art 25A(2)) • making arrangements to enter into a RMC with a borrower on behalf of a lender (RAO, SI 2001/544, art 25A(2A)) •...

Home reversion plans and home purchase plans—flowchart

Home reversion plans and home purchase plans—flowchart Background to and scope of this flowchart A person that carries on a regulated activity in the UK by way of business, where there is no applicable exclusion or exemption, must be authorised under the Financial Services and Markets Act 2000 (FSMA 2000). For more information on the implications of a person carrying on a regulated activity, see Practice note: The general prohibition and implications of its breach. For more information about what it means to carry on business in the UK, see Practice Notes: What does 'by way of business' mean? and Territorial scope of the general prohibition. For more information about exemptions and exclusions that may be applicable, see Practice Notes: Regulated activities—exempt persons and Exclusions and exemptions relating to the general prohibition—an introduction. In December 2005, the Regulation of Financial Services (Land Transactions) Act 2005 (RFS(LT)A 2005) was enacted which enabled the Financial Conduct Authority (FCA) and its predecessor, the Financial Services Authority (FSA), to regulate activities that are similar...

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Advising on mortgages and home finance transactions

Regulated activities—generalThe Financial Services and Markets Act 2000 (FSMA 2000) regulates home finance transactions. FSMA 2000, s 19(1) provides that a person (meaning any person, including a body of persons corporate or unincorporate (that is, a natural person, a legal person and, for example, a partnership)) cannot carry on a regulated activity in the UK unless they are an authorised person or exempt. For more information about exemptions relating to the regulated activity of entering into regulated credit agreements as lender, see Exclusions—Exclusions of general applicability below.For more information about regulated activities, see Practice Note: What are regulated activities?In accordance with FSMA 2000, s 22, for an activity to constitute a regulated activity, it must be carried out 'by way of business'. According to FCA guidance, whether or not an activity is carried on by way of business will depend on several factors, including the scale of the activity, the degree of continuity, the existence of a commercial element and the nature of the particular regulated activity (see guidance 2.3.3 of the Financial...

Advising on basic stakeholder products, investments, pension transfers and loan-based crowdfunding agreements

This Practice Note covers the regulated activities of providing basic advice to retail consumers on stakeholder products and of advising on: •securities, structured deposits and relevant investments•loan-based crowdfunding agreements, and •the conversion or transfer of pension benefitsProviding basic advice to retail consumers on stakeholder productsProviding basic advice to retail consumers on stakeholder products is a regulated activity under article 52B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO). This activity covers advice in the form of a recommendation given by a person (P), in the course of a business that P carries on, to a ‘retail consumer’. The recommendation must relate to a stakeholder product and certain conditions relating to the provision of basic advice must be met. A retail consumer is any person who is advised by P giving the basic advice on the merits of opening or buying a stakeholder product in the course of a business carried on by P and who does not receive the advice in the course of a business carried on by him:•a stakeholder CTF•a stakeholder pension...

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Confidentiality agreement — restructuring & insolvency

Confidentiality agreement — restructuring & insolvency This Agreement is made [insert day and month] 20[insert year] Parties 1 [insert name of debtor company] a company incorporated in [insert country eg England and Wales] under number [insert registered number] whose registered office is at [insert address] (the Company); and 2 The Creditors (as set out in the Schedule) (the Creditors); (each of the Creditors and the Company being a Party and together the Creditors and the Company are the Parties). Recitals (A) the Company agrees to disclose information to the Creditors and the Creditors agree to keep that information confidential and use it solely for the purposes of evaluating, negotiating, monitoring and implementing a [Standstill Agreement OR Restructuring Agreement]. (B) [insert any further recitals]. The parties agree: 1 Definitions and interpretation 1.1 Definitions In this Agreement, unless otherwise provided: Authorised Person • means any officer, employee, director, consultant, agent, affiliate or representative of the Creditors [the Reporting Accountant] and any other legal or financial...

Witness statement under rule 10.10 of the Insolvency (England and Wales) Rules 2016 verifying the bankruptcy petition

Witness statement under rule 10.10 of the Insolvency (England and Wales) Rules 2016 verifying the bankruptcy petition Petitioning Creditor 1st: [NAME] Exhibit: [INSERT] Dated: [INSERT] Court Reference No: [INSERT COURT REF. NUMBER] [ IN THE HIGH COURT OF JUSTICE BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT LOCATION]] INSOLVENCY AND COMPANIES LIST (ChD) OR IN THE COUNTY COURT AT [INSERT LOCATION] [BUSINESS AND PROPERTY COURTS LIST] OR IN THE HIGH COURT OF JUSTICE CHANCERY DIVISION [INSERT LOCATION] DISTRICT REGISTRY ] IN BANKRUPTCY IN THE MATTER OF [INSERT DEBTOR’S OR BANKRUPT’S NAME] AND IN THE MATTER OF THE INSOLVENCY ACT 1986 ___________________________________________________________________________ WITNESS STATEMENT OF [NAME] VERIFYING THE BANKRUPTCY PETITION ____________________________________________________________________________ I, [NAME], [JOB TITLE], of [NAME AND ADDRESS OF FIRM] WILL SAY AS FOLLOWS: 1 I am a [JOB TITLE] and I am instructed by the petitioning creditor, [NAME]. The statements in the bankruptcy petition now produced and shown to me in the document marked ‘[INSERT]’ annexed to this witness statement are...

Dive into our 103 Precedents related to Advising

Where can I find information relating to FCA perimeter issues?

Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: • a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person • a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom • a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...

Is it acceptable for a liquidator and the only creditor in an insolvency situation to be represented by the same solicitor? Or is this a conflict?

Is it acceptable for a liquidator and the only creditor in an insolvency situation to be represented by the same solicitor? Or is this a conflict? Both insolvency practitioners (IPs) and solicitors are members of professions that are governed by separate ethics codes. Both IPs and solicitors, before accepting an appointment or an instruction, should carry out documented procedures to ensure that there would not be a conflict of interest or breach of their ethics code in accepting the appointment or instruction. The question does not specify whether the conflict concerned would be for the solicitor or the IP and although both issues are considered, this answer deals primarily with the IP and whether the IP would have a conflict of interest. The insolvency ethics code sets out a framework approach that is to be followed in all cases to establish whether there is a conflict of interest. The IP should first of all assess whether there are any threats to the fundamental principles of integrity,...

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The English Court’s powers to issue injunctive reliefs aimed at preserving arbitral confidentiality (A Corporation v Firm B and another)

Arbitration analysis: This case arises from the claimant’s application for interim injunctive reliefs (the ‘Application’) seeking, among others, to restrain the first defendant (‘Firm B’), including any of its branches from (i) acting for Corporation C in an ongoing arbitration against Corporation D (the ‘Second Arbitration’); and (ii) providing any confidential information from a previous arbitration between the Claimant and Corporation B (the ‘First Arbitration’), to Corporation C. In determining the Application, the Court considered the principles governing the grant of interim reliefs as established in American Cyanamid v Ethicon Ltd. The court also considered the boundaries of arbitral confidentiality by considering what documents and information the obligation of arbitral confidentiality covers, and the relevant exceptions to this obligation. The court concluded that the claimant was not entitled to the requested reliefs. After examining the claimant's allegations of breaches of arbitral confidentiality, the court found no breach, except for some limited settlement information from the First Arbitration. The court was also not persuaded that there was a real risk of...

Dispute Resolution weekly highlights—12 June 2025

This week's edition of Dispute Resolution weekly highlights includes: analysis of a number of key DR developments and key judicial decisions including the Civil Procedure Rule Committee minutes of 9 May 2025 and the Court of Appeal decision in Saxon Woods Investments Ltd v Costa (corporate disputes); dates for your diary; details of our most recently published content; and other information of general interest to dispute resolution practitioners.

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19 The general prohibition

19 The general prohibition(1) No person may carry on a regulated activity in the United Kingdom, or purport to do so, unless he is—(a) an authorised person; or(b) an exempt person.(2) The prohibition is referred to in this Act as the general prohibition.

Financial Services and Markets Act 2000 (2000 c 8)

Financial Services and Markets Act 20002000 CHAPTER 8An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.[14th June 2000]BE IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—Part I . . .1 . . .. . .2 . . .. . .3 . . .[3A . . .]4 . . .5 . . .6 . . .[. . .][6A . . .]. . .7 . . .. . .8 . . .9 . . .10 . . .11 . . .. . .12 . . .13 . . .. . .14 . . .15 . . .16 . . .17 . . .18 . . .[Part 1A The Regulators][Chapter 1 The Financial Conduct Authority][The Financial Conduct Authority][1A The Financial Conduct Authority][The FCA's general duties][1B The FCA's general duties][1C The consumer protection objective][1D The integrity objective][1E The competition objective][Interpretation of terms used in relation to FCA's general duties][1F Meaning of “relevant markets” in strategic objective][1G Meaning of “consumer”][1H Further interpretative provisions for sections 1B to 1G][1I Meaning of “the UK financial system”][Modifications applying if core activity not regulated by PRA][1IA Modifications applying if core activity not regulated by PRA][Power to amend objectives][1J Power to amend objectives][Recommendations][1JA Recommendations by Treasury in...

Advising is referenced 2 in UK Parliament Acts

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