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In the context of the bribery Act 2010, a commission is the giving of a financial advantage, although it is not necessarily a bribe.
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EU Securitisation Regulation—timeline This timeline shows key developments relating to Regulation (EU) 2017/2402 (the EU Securitisation Regulation) from January 2024 onwards. For earlier developments, see EU and UK Securitisation Regulations—timeline [Archived]. 2025 Date Source Document Description 1 April 2025 AFME The Joint Associations’ response to the ESMA consultation of February 2025 on the revision of the disclosure framework for private securitisation AFME, Commercial Real Estate Finance Council (CREFC) Europe and International Capital Market Association (ICMA) submitted a joint response to the European Securities and Markets Authority's (ESMA) consultation on revising private securitisation disclosure requirements. The joint response argues against: introducing a simplified reporting regime for EU-originated securitisations before wider reforms, citing concerns about potential changes to private securitisation definitions, continued template-based reporting requirements, and unresolved third-country reporting issues. They propose an alternative approach focusing on supervisory reporting needs while allowing more flexible investor disclosures.See: LNB News 01/04/2025 71. 31 March 2025 EBA Joint Committee Report on the implementation and functioning of the Securitisation Regulation (Article 44) The Joint Committee...
EU operational resilience—timeline This timeline shows key developments relating to EU operational resilience requirements for financial services firms from January 2024 onwards. For earlier developments, see Operational resilience—timeline [Archived] 2025 Date Source Document Description 15 April 2025 FSB FSB finalises the common Format for Incident Reporting Exchange (FIRE) The Financial Stability Board (FSB) has published its finalised format for incident reporting exchange (FIRE), which aims to standardise and streamline cyber and operational incident reporting. Developed with private sector collaboration, FIRE addresses fragmentation in reporting requirements across multiple jurisdictions and supports phased implementation. It is interoperable with existing systems and applicable to a wide range of incidents, including those involving third-party service providers. The initiative promotes convergence in cyber incident reporting, reduces the reporting burden for firms, and improves communication among authorities.See: LNB News 15/04/2025 37. 24 March 2025 European Commission COMMISSION DELEGATED REGULATION (EU) …/... supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying the elements that a financial...
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Commissions constitute the giving of a financial advantage. Not all commissions will be bribes. The most common occurrence of a commission is where an advantage is paid by a seller or purchaser to a third party or fiduciary for facilitating or brokering the sale of goods or services. They are accepted practice in several sectors, but an expected advantage can give rise to the real risk of improper performance of functions.Commissions may be facilitation payments, where they are paid for the performance (or faster performance) of an existing duty (see Practice Note: Facilitation payments under the Bribery Act 2010).If a commission is a facilitation payment, it will be unlawful. The Serious Fraud Office (SFO) has said it will prosecute where the Code for Crown Prosecutors, Full Code Test is met; that is to say there is a realistic prospect of conviction on the evidence, and it is in the public interest to do so. In cases where prosecution is not appropriate, the SFO may still use powers in the Proceeds...
An agent is a person who performs services for or on behalf of a commercial organisation. The use of agents will principally create risk under section 7 of the Bribery Act 2010 (BA 2010) (failure of a company to prevent bribery).See Failure to prevent bribery—the offence.Commercial organisations are:•bodies incorporated under the law of any part of the UK that carry on a business anywhere•any other bodies corporate that carry on a business or part of a business in any part of the UK•partnerships formed in the UK that carry on a business anywhere, or•partnerships formed anywhere that carry on a business or part of a business in the UKBusiness includes a trade or profession.How an agent may put a commercial organisation at riskAn agent is a person who performs services for or on behalf of a commercial organisation. Agents are therefore associated persons within the meaning of BA 2010.Whether a person is an agent is to be determined by reference to all the relevant circumstances and not merely the nature...
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Policy—regulatory references 1 Introduction 1.1 The Financial Conduct Authority (FCA) and the Prudential Regulation authority (PRA) (together the Regulators) require firms that are authorised by the Regulators (and subject to the Senior Managers and Certification Regime (SM&CR)) to request regulatory references if they are considering:. 1.1.1 permitting or appointing someone to perform a senior management function; 1.1.2 issuing a certificate under the certification regime; and/or 1.1.3 appointing a non-executive board director. 1.2 These regulatory references are designed to assist prospective employers to assess whether an individual applying for an applicable regulated function is fit and proper to hold that role. 1.3 To enable a prospective employer to assess the fitness and propriety of a candidate for a regulated function, organisations that fall within the SM&CR must provide upon request a regulatory reference that covers the individual for the preceding six years (and, in certain circumstances, longer). It is essential that we comply with our regulatory obligations in obtaining and in responding to such requests, as the failure to...
Internal communications briefing 1 Objectives Provide a summary of your key objectives here. For example: To comply with the requirements of the Bribery Act 2010, we need to ensure all our employees have carried out the online training on our anti-bribery and corruption policies and procedures. This needs to be completed by [insert date]. All employees need to understand that they must have completed the online training, including the self-assessment form, by this date. 2 Budget Provide details of any budget you can make available for the project here. For example: We have budgeted £[insert figure] for promotional materials. All training materials have already been commissioned and paid for. Please charge to cost code [insert]. 3 Audience details 3.1 Audiences involved Set out here details of all the people you need to communicate with. Depending on the size of your business and/or project, you may wish to arrange this by individual, by team or by division. Think about whether they will have any special message requirements,...
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Can a charitable incorporated organisation (CIO) amend its constitution with a resolution passed by less than a 75% majority of those voting at general meeting? A charitable incorporated organisation (CIO) is a form of legal entity that is only available to charities. A CIO only comes into existence once it has been registered by the Charity Commission. The CIO form was created in response to requests for a more appropriate legal structure for charities that want to operate using an incorporated entity, but do not want to be subject to dual regulation via company law and charity law. The legal framework for CIOs is set out in the Charities Act 2011 (CA 2011). The Charitable Incorporated Organisations (General) Regulations 2012, SI 2012/3012 set out the details for
What are the pre- and post-trade transparency requirements for UK trading venues in respect of shares and other equity-like instruments? What are the pre- and post-trade transparency requirements in respect of shares and other equity-like instruments under UK MiFIR? Pre-trade Market operators and investment firms operating a trading venue are required to make public current bid and offer prices and the depth of trading interests at those prices which are advertised through their systems for shares and other equity-like instruments traded on a trading venue. This requirement also applies to actionable indication of interests. Information must be available to the public on a continuous basis during normal trading hours. For detailed information, see Practice Note: MiFID II—UK trading venues — Requirements for RMs, MTFs and OTFs — Pre- and post-trade transparency requirements for market operators. Post-trade Market operators and investment firms operating a trading venue are required to make public the price, volume and time of the transactions executed in respect of shares and other equity-like instruments traded on that...
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The European Securities and Markets Authority (ESMA) has published a consultation paper on draft regulatory technical standards (RTS) under the Regulation (EU) 2024/3005 on the transparency and integrity of environmental, social and governance (ESG) rating activities (ESG Rating Regulation). ESMA’s proposals set out the information requirements for applications for authorisation and recognition of ESG rating providers, the measures and safeguards to mitigate conflicts of interest for providers engaging in activities beyond the provision of ESG ratings, and the disclosure obligations to ensure that the necessary information is made available to the public, rated items, issuers and users of ESG ratings. The proposals are designed to enhance the integrity, transparency, comparability, and independence of ESG rating activities, while also aiming to simplify procedures and reduce burdens for smaller providers. Responses are sought by 20 June 2025, with the expectation of publishing a final report in Q4 2025 and submitting the draft RTS to the European Commission by the end of October 2025.
The Irish Data Protection Commission (DPC) has imposed a €530m fine on TikTok Technology Limited (TikTok) for General Data Protection Board (GDPR) violations relating to EEA user data transfers to China. The decision was based on the finding that TikTok had breached Article 46(1) and Article 13(1)(f) of GDPR by failing to ensure adequate data protection levels and transparency requirements. The DPC ordered TikTok to achieve compliance within six months or face suspension of data transfers to China. The decision follows TikTok's admission of providing incorrect information about data storage on Chinese servers during the inquiry.
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