In this blog, we will highlight some of the new jargon and important terms you may encounter in trading and industry discussions in the coming months.
Trade and export finance
Uniform rules regarding transferable electronic payment obligations (Ultepo)
URTEPO is published by the International Trade and Forfaiting Association.ITFA) aims to provide the trade and abandonment industry with a robust framework within which they can operate with confidence, enabling the modernization of traditional abandonment markets. URTEPO allows the creation of payment obligations in question by any means possible, as long as they are digitally transferable. This regulation is part of the UK's Electronic Transaction Documents Act 2023 (ETDA).
Otzi
Establishment of a new Trade Sanctions Enforcement Authority (Otzi) was announced in December 2023 and is scheduled to start in the first half of 2024 under the auspices of the Ministry of Commerce and Trade (DBT). This will build on the UK Government's existing efforts to ensure compliance with UK trade sanctions. The committee will be responsible for implementing, investigating and civil enforcement of new and existing trade sanctions in the UK, and will also have additional powers to escalate sanctions breaches to HMRC for criminal enforcement purposes. The introduction of comprehensive trade sanctions against Russia over the past year justifies the creation of the new office and signals the UK government's desire to crack down on trade sanctions breaches and evasion. It has become.
be careful OTSI is not to be confused with OFSI (Office for Financial Sanctions Enforcement), which already exists and was established some time ago through the UK Treasury for the enforcement of 'financial' sanctions.
regulation
The Assimilation Act and the EU Maintenance (Revocation and Reform) Act 2023 (Leurula)
REULRRA, which received Crown assets on 29 June 2023 and came into force on 1 January 2024, made significant changes to what was known in the UK as 'current EU law'. Here are some important changes to be aware of.
- Current EU law is currently called “assimilation method”. This law restores EU law, which is already part of national law derived from EU law.
- Certain EU-related legislative instruments have been revoked. However, the effect of these instruments on certain EU-derived laws has not been revoked. Other provisions of the Assimilated Act remain in place but may be revoked, replaced, amended or updated at various dates.
- The amended supremacy principle of EU law and the retained general principle of EU law have been repealed. In practice, this means that a UK court will no longer give priority to her EU law over conflicting UK law and will no longer need to interpret such assimilated law in accordance with its EU equivalent law. means.
- REULRRA allows the Supreme Court and Court of Appeals to depart from their own domestic case law if they believe it is “right to do so.'' Lower courts can now refer points of EU and UK case law that they hold to higher courts.
It is important to be careful when dealing with laws and events that occurred before the end of 2023. The provisions amended by the original European Union (Withdrawal) Act 2018 and the European Union (Withdrawal Agreement) Act 2020 may and may continue to apply. Must be enforceable in certain circumstances.
Financial Services and Markets Act 2023 (FSMA 2023)
FSMA 2023 received Crown property on June 29, 2023, but is being implemented in stages, with some provisions due on July 11, 2023, some provisions on August 29, 2023, Some provisions become effective on January 1, 2024. Other provisions will take effect at a later date. Financial services and regulatory regimes are being reformed thematically and should be decided as a whole.
FSMA 2023 heralds the most significant regulatory reform for the financial services industry in recent years and is part of the UK Government's Future Regulatory Framework Review for Financial Services (FRF review) and central trading partner regime (Communist Party of China). FSMA 2023 also sets new secondary objectives for the Financial Conduct Authority and the Prudential Regulation Authority, and provides enhanced oversight and accountability for the regulator and the Treasury.
Hague Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters (The Hague 2019)
The UK joined The Hague 2019 on 12 January 2024, with consultations ending in November 2023. The Hague 2019 aims to provide a global framework of common rules to facilitate the recognition and enforcement of judgments from one jurisdiction to another, even in the absence of exclusive jurisdiction clauses. .The Hague 2019 will come into force and apply in the UK 12 months after ratification only It applies to judgments rendered in proceedings commenced on or after that date. This means that judgments rendered in UK courts in relation to cross-border disputes will be recognized and enforced by the courts of other countries that are party to the Convention. As of this writing, The Hague 2019 has been ratified by the EU, Ukraine and Uruguay.
Economic Crime and Corporate Transparency Act of 2023 (ECCTA)
As well as taking steps to tackle corporate crime and prevent the abuse of corporate structures, ECCTA also makes a number of changes to the powers of Companies House and the role of the Registrar. March 2024 will bring a range of changes to companies, including increased powers for registrars to query, scrutinize and reject information, including enhanced company name checks and new rules for registered addresses, as well as a range of new filing obligations for companies. Introduced into Congress. and confirm the information.
ECCTA also introduces new strict liability corporate offenses. Failed to prevent fraud and expands the scope of the identity principle for economic crimes. However, these and other reforms are not expected to take effect until 2025.
