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June 16, 2022
Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022: Response to the consultation
The changes proposed following the consultation will be enacted in a Statutory Instrument later this year. Changes include allowing AML/CTF supervisors access to the content of the SARs of their supervised population, increased Companies House discrepancy reporting obligations, increased CDD requirements for Trust and Company Service Providers through an extension to the scope of the term ‘business relationship’, and tailoring of the provisions in the Funds Transfer Regulation to the cryptoasset sector.
See here.
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June 10, 2022
Law Commission paper on corporate criminal liability for failure to prevent fraud
See here.
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June 8, 2022
SRA – Law firms required to provide data under new AML requirements
See here.
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June 1, 2022
SRA Risk Outlook report: information security and cybercrime in a new normal
See here.
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May 25, 2022
Competition and Markets Authority (Respondent) v Flynn Pharma Ltd and another (Appellants) Competition and Markets Authority (Respondent) v Pfizer Inc and another (Appellants) [2022] UKSC 14
In the Supreme Court’s judgment, there is no generally applicable principle that all public bodies should enjoy a protected costs position when they lose a case. However, the judgment does not cast any doubt on the position of the SRA in relation to costs following the decision in Baxendale-Walker v Law Society [2007] EWCA Civ 233.
See here.
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May 23, 2022
DC Bar – Ethics Opinion 383 – Disclosure of Client Confidences or Secrets in Compliance With the Outside Counsel Guidelines of Another Client; Advance Agreement to Withdraw from Representation in the Event of a “Midstream” Conflict
The Opinion contains a reminder that, in the absence of informed consent, (1) the D.C. Rules prohibit disclosure of a client’s protected information in connection with such a request or commitment, and (2) agreeing to make such a disclosure or intentionally requesting such information may constitute a violation of the Rules even if no disclosure ultimately is made.
See here.
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May 20, 2022
SRA data collection on firms’ work within scope of the money laundering regulations
See here.
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May 19, 2022
Financial Action Task Force (FATF) – Consolidated assessment ratings (updated 17 May 2022)
See here.
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May 18, 2022
SRA Guidance: Solicitors undertaking regulated claims management and immigration activities
See here.
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May 17, 2022
Professional indemnity insurance – Council for Licensed Conveyancers (CLC) application for Legal Services Board approval to changes in compulsory insurance requirements
This contains a number of measures proposing an automatic 90-day extension of cover to allow an orderly wind-up in the event that a practice is unable to secure renewed cover, greater flexibility in relation to excesses, and administrative provisions to facilitate renewals relating to issue of claims histories and the renewal timetable.
See here.
