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View the related checklists about Intermediary

Defective title insurance—checklist

Defective title insurance—checklist A Checklist for use when acting for a buyer who is considering taking out a policy or relying on an existing policy to plug a defect in title revealed during the due diligence process. A title is defective where it is not good and marketable (see Practice Note: What is a good and marketable title?) or where there is a risk that a third party could establish an interest adverse to the title. In the right circumstances, the right policy can be a useful tool which enables the transaction to proceed and the buyer to secure finance. However, care must be taken to ensure that the policy is worth the paper that it is written on. It is important to consider whether insurance might be the best approach as early as possible, particularly as insurance is not normally available where the party with the benefit of the relevant right or covenant has been approached. Insurance distribution—regulatory requirements Solicitors need to be aware of their duties and obligations...

Mandatory Disclosure Rules (MDR) hallmarks—Table

Mandatory Disclosure Rules (MDR) hallmarks—Table This Table sets out the hallmarks for the Mandatory Disclosure Rules (MDR) regulations in effect from 28 March 2023 which implement the Organisation for Economic Cooperation and Development (OECD) model rules in the UK and entirely revoke EU Directive 2018/822 DAC 6 in the UK from the same date. It is designed to be read alongside the main Practice Note: Disclosable cross-border tax arrangements—Mandatory Disclosure Rules (MDR). The generic hallmark for a Common Reporting Standard (CRS) avoidance arrangement is any arrangement where it is reasonable to conclude that it has been designed to circumvent CRS legislation or has been marketed as or has the effect of doing so. Just because an arrangement has the effect of non-reporting does not mean that it circumvents the CRS legislation—it would also need to be reasonable to conclude that the arrangement undermines the intended policy of the CRS legislation. There are also specific hallmarks which identify known features of CRS avoidance arrangements. These specific hallmarks have been...

View the related flowcharts about Intermediary

Flowcharts—Private Client

Flowcharts—Private Client Grant of probate/administration—flowchart Drafting a Will—flowchart Renunciation—flowchart Administrator (entitlement to grant)—flowchart Entitlement on intestacy—flowchart Shariah inheritance—flowchart Intestacy in Scotland (no spouse)—flowchart Intestacy in Scotland (surviving spouse)—flowchart Inheritance (Provision for Family and Dependants) Act 1975 applicant—flowchart Inheritance (Provision for Family and Dependants) Act 1975 procedure—flowchart Lasting power of attorney—flowchart Does the GAAR

Mandatory Disclosure Rules (MDR)—When an intermediary must report to HMRC—Flowchart

Mandatory Disclosure Rules (MDR)—When an intermediary must report to HMRC—Flowchart The Organisation for Economic Cooperation and Development (OECD) published the model Mandatory Disclosure Rules (MDR) for Common Reporting Standard (CRS) Avoidance Arrangements and Offshore Structures in March 2018, aiming to promote country by country consistency in the application of disclosure and transparency to tackle aggressive tax planning at a global level. The model MDR are defined as ‘the model rules’ in The International Tax Enforcement (Disclosable Arrangements) Regulations 2023, SI 2023/38 (MDR regulations), by which the MDR are implemented in the UK. Drawing closely on the model rules, the MDR regulations require promoters, service providers and taxpayers to send information to HMRC about reportable

View the related practice notes about Intermediary

How to appoint a sales and marketing agent

How to appoint a sales and marketing agent This Practice Note is a ‘how to’ guide on appointing a sales and marketing agent. It includes a summary of what agency is, an explanation of alternative routes to market, factors to consider before selecting a sales and marketing agent, and practical guidance on negotiating an agency agreement. It considers the appointment of a sales and marketing agent where the agent promotes the sale of the principal’s products and makes representations about the characteristic properties of the products, as well as acting as sales agent with the authority to conclude binding contracts on behalf of the principal. What is agency? Agency is a relationship under which a principal appoints an agent to act under their direction and on their behalf for specified purposes. In essence, the principal grants authority to the agent to perform certain acts or make certain decisions for which the principal is generally considered liable. Such authority may be express, implied, apparent or ostensible. For more information, see Practice...

Economic tort of unlawful interference

Economic tort of unlawful interference As set out in The economic torts—overview, the law makes provision to protect a person’s trade or business from acts which are considered to be unacceptable. For guidance on claims for: • procuring a breach of contract, see Practice Note: The tort of procuring a breach of contract • intentional violation of rights in a judgment debt, see Practice Note: The Marex tort (interference with a judgment debt) • conspiracy (both by lawful and unlawful means), see Practice Note: Civil conspiracy claims (economic tort) • economic duress, see Practice Note: Economic duress—undue influence—tort of intimidation • intentional violation with the claimant’s rights in a judgment debt, see Practice Note: The Marex tort (interference with a judgment debt) Civil claims involving fraud and dishonesty often rely on pleading one or more of the economic torts, on which see Practice Note: Civil fraud—causes of action (heads of claim). What is the tort of unlawful interference? Causing loss by unlawful means exists where the defendant interferes with...

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Business development and marketing strategy

Business development and marketing strategy 1 Market strategy 1.1 What is our market strategy? What market are we addressing? [Insert details eg commercial or consumer?] Do we need to have a geographic market focus? ☐ Yes [Insert details]☐ No Do we need to focus on any particular segment of the market? ☐ Yes [Insert details]☐ No Are we clear on who we want to promote our services to? ☐ Yes [Insert details]☐ No [Complete the matrix of markets and services section then revisit this question] 1.2 Matrix of existing markets and services Enter details of the commercial and consumer markets served and the services provided by the firm. Commercial Consumer Market 1 [insert details of market, eg, Banking & Finance] Market 2 [insert details of market] Market 3 [insert details of market] Market 1 [insert details of market, eg Private client] Market 2 [insert details of market] Service 1 [insert details of service 1, eg, Tax planning] [insert a ‘X’ if this...

Financial crime prevention—agents and intermediaries FAQs

Financial crime prevention—agents and intermediaries FAQs We run our business[es] with integrity. All of us must work together to ensure our business[es] remain[s]. untainted by financial crime, including bribery and corruption, tax evasion facilitation and fraud. This FAQ document, which is integral to that effort, guides us on how we can best achieve our business goals in a way that is consistent with this commitment. 1 Who are agents and intermediaries? Agents and intermediaries are third parties engaged to provide services for or on behalf of [insert organisation’s name] or represent our interests. They may include: —business consultants; —sales agents; —third parties retained in relation to government business or actions; —introducers, facilitators or other third parties who may provide services for or on behalf of [insert organisation’s name] in any capacity. [insert, eg Our Agents and intermediaries policy] further describes and provides examples of agents and intermediaries. 2 How can an agent/intermediary put [insert organisation name] at risk? Agents and intermediaries are ‘associated persons’...

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If an offer of settlement is made by an employer to an employee via an Acas conciliation officer, and the offer is unconditionally accepted by the employee, does it become legally binding when the employee communicates their acceptance to the Acas conciliation officer, or when the Acas conciliation officer communicates the acceptance back to the employer?

If an offer of settlement is made by an employer to an employee via an Acas conciliation officer, and the offer is unconditionally accepted by the employee, does it become legally binding when the employee communicates their acceptance to the Acas conciliation officer, or when the Acas conciliation officer communicates the acceptance back to the employer? For detailed information on Acas’s duty to conciliate under sections 18A–18C of the Employment Tribunals Act 1996 (ETA 1996), see Practice Note: Acas conciliation. Normal contractual principles will apply in respect of a conciliated agreement, ie there needs to be an offer, acceptance and consideration. See the section of Practice Note: Acas conciliation entitled ‘Consideration’. While the more prudent course is for an agreement to be reduced into writing, provided that a conciliation officer has taken action to bring about a settlement under ETA 1996, s 18(2), no particular formality is required and an agreement may be reached orally (Gilbert v Kembridge Fibres, Duru v Granada Retail Catering). In Gilbert v Kembridge...

If an individual who provides their services through a personal service company (PSC) falls within the IR35 regime, does this mean that the end client is also responsible for paying the individual statutory sick pay (SSP)?

If an individual who provides their services through a personal service company (PSC) falls within the IR35 regime, does this mean that the end client is also responsible for paying the individual statutory sick pay (SSP)? IR35 The off-payroll IR35 regime applies where: • from 6 April 2017, a public authority, and • from 6 April 2020, a private sector entity (other than one that is ‘small’) engages a worker via an intermediary such as a personal service company (PSC). The relevant legislation has effect in relation to payments made on or after the dates mentioned above even if such payments relate to services provided prior to those dates. Broadly, the effect of the off-payroll IR35 regime is, in relevant situations, to shift the responsibility for assessing whether IR35 applies from the PSC to the end client and, in the event IR35 does apply, to shift the obligation to make deductions in respect of income tax and National Insurance contributions (NICs) onto the party that is closest...

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FTT finds that provision of ‘leads’ to independent financial advisors constituted VAT exempt financial intermediary services (Performance Leads Ltd v HMRC)

Tax analysis: In Performance Leads, the First-tier Tax Tribunal (FTT) allowed the taxpayer’s appeal that supplies of ‘lead generation’ services to independent financial advisors (IFAs) fell within the exemption from VAT for intermediary services in relation to financial services transactions.

MDCG issues guidance on regulatory responsibilities for online platforms hosting medical device software apps

The Medical Device Coordination Group (MDCG) has published guidance clarifying the regulatory responsibilities of app platform providers facilitating the availability of medical device software (MDSW) apps on the EU market. Chaired by a European Commission representative and composed of Member State delegates, the MDCG set out obligations under Regulation (EU) 2017/745 (MDR), Regulation (EU) 2017/746 (IVDR), and Regulation (EU) 2022/2065 (EU Digital Services Act, EU DSA). The guidance distinguishes between platform providers acting as intermediary service providers and those qualifying as distributors or importers.

View the latest UK Parliament Acts documents on Intermediary

141 Subsidiary acting as authorised dealer in securities

(1)     The prohibition in section 136 (prohibition on subsidiary being a member of its holding company) does not apply where the shares are held by the subsidiary in the ordinary course of its business as an intermediary.(2)     For this purpose a person is an intermediary if he—(a)     carries on a bona fide business of dealing in securities,(b)     is a member of or has access to a [UK regulated market], and(c)     does not carry on an excluded business.(3)     The following are excluded businesses—(a)     a business