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The decision-making body of the local authority consisting of senior councillors with responsibility for council service portfolios.
It can take the form of a leader and cabinet or an elected mayor and cabinet. The executive is responsible for proposing the policy framework and budget to full council and for implementing the local authority's policy framework. Decisions implementing the council's policy framework and budget can be taken collectively by the executive or delegated to individual members of the executive, officers, committees of the executive or devolved structures.
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UK MiFID II regime—timeline This timeline shows key developments relating to the UK provisions which implemented the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and Assimilated Regulation (EU) 600/2014 (UK MiFIR) (together, the UK's MiFID II framework). For earlier developments, see: Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline (2007–2023) [Archived]. For key developments relating to the EU’s MiFID II framework, see: EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline. 2025 Date Source Document Description 23 April 2025 PRA CP9/25 – Markets in Financial Instruments Directive Organisational Regulation The Prudential Regulation Authority (PRA) has published consultation paper CP9/25, which sets out proposals to amend the PRA Rulebook to reflect the planned revocation of the Markets in Financial Instruments Directive Organisational Regulation (MiFID Org Reg) under the Financial Services and Markets Act 2023 (FSMA 2023). The PRA proposes to restate the MiFID Org Reg within the PRA Rulebook without material changes. This approach is intended...
UK operational resilience—timeline This timeline shows key developments relating to UK 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. 6 March 2025 House of Commons Treasury Committee More than one month’s worth of IT failures at major banks and building societies in the last two years The Treasury Committee has published data showing...
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This Practice Note explains the three basic models of governance for local authorities. It covers the distinction between decisions which are executive and non-executive or council decisions. It also covers the strict requirements about the convening of meetings and the notice that must be given, and discusses rules relating to the agenda, minutes and executive meetings.Executive and non-executive decision makingThere are three basic models of governance for local authorities:•the Executive Leader and Cabinet Model:◦the Council, comprising all councillors, elects an Executive Leader, who appoints a maximum of nine other councillors as members of the Executive (or ‘Cabinet’)◦each Cabinet Member has a specific area of responsibility◦the Executive Leader is elected by full council for a term determined by the council, or on a four yearly basis◦certain ‘non-executive’ functions are reserved to Council by the Local Authorities (Functions and Responsibilities) (England) Regulations 2000, SI 2000/2853. These can largely be delegated to committees and to officers◦under the provisions of the Local Government Act 2000, all other functions of the authority fall to the...
Reporting on the findings of the due diligence review in a private equity buyout transaction This Practice Note is part of the Lexis+® UK Corporate private equity buyout transaction toolkit. The reporting process Each adviser engaged to conduct due diligence should both report their key findings (especially any key issues and problems) as they are discovered and also then prepare a due diligence report to highlight material issues arising from their review exercise. The advisers’ engagement letters should set out the agreed timing, form and content of the due diligence report. Draft or interim reports may be prepared and circulated periodically throughout the process, so that material issues can be dealt with as they arise. Often, by the time the final report is submitted to the private equity investor, the investor will be aware of all material issues which may affect the transaction. The purpose of a legal due diligence report is to: • give the investor sufficient information about the target and to summarise that information...
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Consultancy agreement—company and individual—pro-client (short form) [ON HEADED NOTEPAPER OF CLIENT COMPANY] [Insert consultant’s name] [Insert consultant’s address] [Insert date] Dear [insert consultant’s name] [ Consultancy agreement OR Insert name of project ] Further to our recent discussions, I am pleased to confirm the terms of our agreement regarding the provision of your consultancy services to [insert name of client company] (Company). 1 Term 1.1 [Subject to the terms set out in this letter, your engagement [will commence OR commenced] on [insert date] and will continue unless or until either party gives to the other not less than [insert number] [weeks’ OR months’] prior notice in writing. OR 1.2 Your engagement will be for a fixed period of [insert number] months from [insert date], subject to the terms of this letter and subject to the right of either the Company or you to give to the other not less than [number] [weeks’ OR months’] notice in writing during such fixed period terminating the...
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...
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When transferring the business and assets of an unincorporated association with several hundred members to a new limited company, can the newly formed company be incorporated with just a few subscribers with bulk of the membership transferring later or do all the members need to be transferred from incorporation? An unincorporated association is made up of a group of individuals carrying out a common activity. It is generally accepted that an unincorporated association must operate according to rules governed by contractual relations between the individuals who form the association (the association’s members), and be intended to exist indefinitely. These are requirements derived from case law, not a statutory definition. In an unincorporated association, no legal personality exists to hold the assets and liabilities of the business—so they must necessarily be held by, and incumbent upon, the association’s members. It follows from the case law definition above that in a well-managed association, the contractual relationship between the members should be documented in writing (a written constitution, for...
Do I need approval for the owners, officers and managers of my law firm under the Money Laundering Regulations 2017? The requirement for approval Under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, reg 26, as amended, all beneficial owners, officers and managers of relevant firms, including law firms, and relevant sole practitioners must be approved by their supervisory authority. The requirement applies to: • independent legal professionals • auditors, insolvency practitioners, external accountants and tax advisors • estate agents and letting agents • high value dealers • art market participants Not all law firms meet the definition of independent legal professional. For the purposes of the MLR 2017, an independent legal professional is a firm or sole practitioner who by way of business provides legal or notarial services to other persons when participating in (ie assisting in planning or execution of transactions or otherwise acts for or on behalf of a client) financial or real property...
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MLex: The UK cryptoasset industry breathed a collective sigh of relief on 29 April 2025 with sight of long-promised legislation laying the path toward a regulated sector. It broadly met industry expectations and contained a few mostly welcome changes. The announcement of UK-US collaboration on digital assets and a potential trans-Atlantic digital sandbox also brought some reassurance to a UK industry fearing the US running ahead. Critics may remain worried about the pace of developments, however.
MLex: The Prudential Regulation Authority (PRA), the regulatory arm of the Bank of England, is internally debating whether to shift from its tech-agnostic approach, due to the increasing use of artificial intelligence in financial services. UK regulators have so far maintained tech-neutral rules applicable to various technologies.
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