Suzanne Conticelli

Sep 13, 2024 | farrer.co.uk | Martin Blake |Suzanne Conticelli

On 12 September 2024, the Bank of England’s Prudential Regulation Authority (PRA) published its second near-final policy statement (PS9/24 – Implementation of the Basel 3.1 standards near-final part 2 (see here) (PS9/24)) on implementing the Basel 3.1 standards for credit risk, the output floor, reporting and disclosure requirements. The first near-final policy statement was published on 12 December 2023 (PS17/23: see here).

Jul 19, 2024 | farrer.co.uk | Bethan Waters |Suzanne Conticelli

Elon Musk said, “it’s okay to have your eggs in one basket as long as you control what happens to that basket”. This is not only relevant to metaphorical ‘eggs’ but also, perhaps surprisingly, to fixed charges being reclassified as floating charges, as demonstrated in the recent case of Re UKCloud Ltd (in liquidation) [2024] EWHC 1259 (Ch) (24 May 2024).

Nov 30, 2023 | farrer.co.uk | Anthony P. Turner |Sophie Giblin |Suzanne Conticelli

The Economic Crime and Corporate Transparency Act 2023 (ECCTA) received Royal Assent on 26 October 2023. It is the second part of the legislative package aimed at preventing the abuse of UK corporate structures and tackling economic crime. It follows the introduction of the Economic Crime (Transparency and Enforcement) Act 2022, which provides for the creation and maintenance of a register of beneficial owners of overseas entities that own property in the UK. Read more about this here and here.

Sep 26, 2023 | farrer.co.uk | Suzanne Conticelli |Sophie Giblin |Christina Tennant

It has now been just over a year since the Register of Overseas Entities (ROE) was launched on 1 August 2022 pursuant to the provisions of the Economic Crime (Transparency and Enforcement) Act 2022 (ECTEA). The ROE was established with the aim of combatting global economic crime by increasing transparency in the ownership of overseas entities (OEs) that hold UK property.