Welcome to the R3 Technical Library, a unique resource for searching technical and specialist information within the sector. The below are available resources for Legislation Consultations.
SoLR Levy Offset Policy Consultation (5 April 2024)
Ofgem is seeking views on a new proposal for a ‘SoLR Levy Offset’. This follows on from proposals first set out in our June 2022 consultation on Strengthening Financial Resilience. The aim is to recover from failed suppliers (including through the insolvency process) some of the costs that failed suppliers cause. Ofgem would create licence and contractual arrangements such that another party would have a legitimate claim for SoLR Levy costs against a failed supplier. The debt would rank as an unsecured claim in supplier insolvencies. View
Ofgem is seeking views on a new proposal for a ‘SoLR Levy Offset’. This follows on from proposals first set out in our June 2022 consultation on Strengthening Financial Resilience. The aim is to recover from failed suppliers (including through the insolvency process) some of the costs that failed suppliers cause. Ofgem would create licence and contractual arrangements such that another party would have a legitimate claim for SoLR Levy costs against a failed supplier. The debt would rank as an unsecured claim in supplier insolvencies. View
Call for Evidence - National Security and Investment Act 2021 (January 2024)
This Call for Evidence is to consider changes to the National Security and Investment Act regime. The UK Government is looking for views from cross economy stakeholders both in the UK and overseas. View
This Call for Evidence is to consider changes to the National Security and Investment Act regime. The UK Government is looking for views from cross economy stakeholders both in the UK and overseas. View
Public consultation - Digital Assets and English Insolvency Law (13 December 2023)
The UK Jurisdiction Taskforce launched a public consultation on the treatment of digital assets in English insolvency law. T he UKJT understands that such practitioners would welcome guidance and certainty as to how various aspects of the English insolvency law regime apply to issues involving digital assets. View
The UK Jurisdiction Taskforce launched a public consultation on the treatment of digital assets in English insolvency law. T he UKJT understands that such practitioners would welcome guidance and certainty as to how various aspects of the English insolvency law regime apply to issues involving digital assets. View
FCA Consultation -Debt packagers: feedback on CP21/30 and further consultation on new rules and perimeter guidance (28 February 2023)
The FCA are proposing to make the rules as set out in CP21/30, with minor amendments. The FCA are reconsulting to allow stakeholders to comment on the analysis of our expanded evidence base, feed back on our proposed implementation period and, given the passage of time since the original consultation, allow the opportunity to raise any new issues or developments of which the FCA should be aware. The FCA are also seeking views on proposed perimeter guidance to clarify the boundary of the regulated activity of debt counselling in relation to activities commonly carried out by unauthorised lead generators. View
The FCA are proposing to make the rules as set out in CP21/30, with minor amendments. The FCA are reconsulting to allow stakeholders to comment on the analysis of our expanded evidence base, feed back on our proposed implementation period and, given the passage of time since the original consultation, allow the opportunity to raise any new issues or developments of which the FCA should be aware. The FCA are also seeking views on proposed perimeter guidance to clarify the boundary of the regulated activity of debt counselling in relation to activities commonly carried out by unauthorised lead generators. View
Implementation of two UNCITRAL Model Laws on Insolvency (5 October 2022)
This consultation proposes the implementation into UK law of two “model laws” adopted by the United Nations Commission on International Trade Law (“UNCITRAL), further developing the international framework for the management of cross-border insolvencies. By being amongst the first countries to consider their implementation, the UK will signal its ongoing commitment to mutual cooperation and international best practice. View
This consultation proposes the implementation into UK law of two “model laws” adopted by the United Nations Commission on International Trade Law (“UNCITRAL), further developing the international framework for the management of cross-border insolvencies. By being amongst the first countries to consider their implementation, the UK will signal its ongoing commitment to mutual cooperation and international best practice. View
Statutory Debt Repayment Plan: Consultation (2 August 2022)
The SDRP will be a new statutory debt solution focussed on repayment of debt, rather than debt relief, addressing a gap in the debt solution landscape. The SDRP will include a broad range of debts, including debts owed to the government and to creditors outside of financial services and will protect debtors from enforcement action, creditor contact, and interest, fees and charges on their debts while they repay them. View
The SDRP will be a new statutory debt solution focussed on repayment of debt, rather than debt relief, addressing a gap in the debt solution landscape. The SDRP will include a broad range of debts, including debts owed to the government and to creditors outside of financial services and will protect debtors from enforcement action, creditor contact, and interest, fees and charges on their debts while they repay them. View
Managing the failure of systemic Digital Settlement Asset (including stablecoin) firms (26 July 2022)
This consultation sets out the government’s proposed approach to managing the failure of a systemic digital settlement asset (including stablecoin) firms, by way of the application to such firms of a modified Financial Market Infrastructure Special Administration Regime (FMI SAR). View
This consultation sets out the government’s proposed approach to managing the failure of a systemic digital settlement asset (including stablecoin) firms, by way of the application to such firms of a modified Financial Market Infrastructure Special Administration Regime (FMI SAR). View
FCA Consultation - FCA’S approach to compromises for Regulated Firms (23 February 2022)
In 2021 the FCA was developing guidance on schemes of arrangements and other compromises, which has resulted in a published consultation. The proposed guidance sets out: how the FCA consider compromises and the factors we consider when assessing them, and the FCA’s role when a firm proposes a compromise. View
In 2021 the FCA was developing guidance on schemes of arrangements and other compromises, which has resulted in a published consultation. The proposed guidance sets out: how the FCA consider compromises and the factors we consider when assessing them, and the FCA’s role when a firm proposes a compromise. View
FCA Consultation - Proposed Rule Changes re. Debt Packagers (December 2021)
The FCA’s proposals aim to reduce the risk that consumers receive non-compliant debt advice that is biased towards debt solutions which may not meet their needs but generate referral fees for the debt advice firm. In this regard, the FCA are proposing new rules which ban debt packagers from receiving remuneration from debt solution providers. View
The FCA’s proposals aim to reduce the risk that consumers receive non-compliant debt advice that is biased towards debt solutions which may not meet their needs but generate referral fees for the debt advice firm. In this regard, the FCA are proposing new rules which ban debt packagers from receiving remuneration from debt solution providers. View
Revision to Statement of Insolvency Practice 3.1 'Individual Voluntary Arrangements'
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View
Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022
This consultation invites views and evidence on the steps that the government proposes to take to amend the Money Laundering Regulations (MLRs). These amendments will allow the government to make some time-sensitive updates to the MLRs, which are required to ensure that the UK continues to meet international standards set by the Financial Action Task Force, whilst also strengthening and ensuring clarity on how the anti-money laundering regime operates, following feedback from industry and supervisors on the implementation of the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020. View
This consultation invites views and evidence on the steps that the government proposes to take to amend the Money Laundering Regulations (MLRs). These amendments will allow the government to make some time-sensitive updates to the MLRs, which are required to ensure that the UK continues to meet international standards set by the Financial Action Task Force, whilst also strengthening and ensuring clarity on how the anti-money laundering regime operates, following feedback from industry and supervisors on the implementation of the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020. View
Financial Conduct Authority - Guidance for Insolvency Practitioners on how to approach regulated firms (January 2020)
The FCA are consulting on non-handbook guidance for insolvency practitioners on how to approach insolvencies of regulated firms. The proposed guidance aims to help IPs comply with our rules and guidance and relevant legislation which aim to achieve better outcomes for consumers and market participants following the failure of a regulated firm. View
The FCA are consulting on non-handbook guidance for insolvency practitioners on how to approach insolvencies of regulated firms. The proposed guidance aims to help IPs comply with our rules and guidance and relevant legislation which aim to achieve better outcomes for consumers and market participants following the failure of a regulated firm. View
Law Commission consultation on consumer sales contracts: transfer of ownership
The Law Commission are conducting a public consultation on a draft Bill to reform the rules on the transfer of ownership of goods as they apply to consumers. The draft Bill seeks to implement recommendations the commission made in their 2016 report, Consumer prepayments on retailer insolvency. View
The Law Commission are conducting a public consultation on a draft Bill to reform the rules on the transfer of ownership of goods as they apply to consumers. The draft Bill seeks to implement recommendations the commission made in their 2016 report, Consumer prepayments on retailer insolvency. View
Ofgem Statutory Consultation – Supplier Licensing Review Ongoing requirements and exit arrangements
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View
Revisions to Statements of Insolvency Practice 3.1, 3.2, 7 and 9
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View
R3 Response to the 'Protecting Your Taxes In Insolvency' consultation (May 2019)
In 2018, the UK Government announced that it would introduce legislation in the Finance Bill 2019-2020 to make HM Revenue & Customs a secondary preferential creditor for certain tax debts paid by employees and customers on the insolvency of a business. View
In 2018, the UK Government announced that it would introduce legislation in the Finance Bill 2019-2020 to make HM Revenue & Customs a secondary preferential creditor for certain tax debts paid by employees and customers on the insolvency of a business. View
R3 Update on the Government's Proposals (Sept 2018)
In August 2018, the Government unveiled a set of proposals which, if introduced, would represent the most significant changes to the UK’s corporate insolvency and restructuring framework since the Enterprise Act 2002. This update outlines the changes the Government is intending to introduce. View
In August 2018, the Government unveiled a set of proposals which, if introduced, would represent the most significant changes to the UK’s corporate insolvency and restructuring framework since the Enterprise Act 2002. This update outlines the changes the Government is intending to introduce. View
The Government’s Corporate Insolvency Reform – A summary of proposals (Aug 2018)
The Government, as part of their focus on delivering a strong business environment in the UK, sought views on ways to reduce the risk of company failure occurring through poor governance or stewardship and improving the insolvency framework in such circumstances. View
The Government, as part of their focus on delivering a strong business environment in the UK, sought views on ways to reduce the risk of company failure occurring through poor governance or stewardship and improving the insolvency framework in such circumstances. View
R3 Response to the SIP 6 Consultation (Oct 2017)
R3 Response to SIP 6 (Oct 2017) - Decision Making in Insolvency Proceedings. View
R3 Response to SIP 6 (Oct 2017) - Decision Making in Insolvency Proceedings. View
R3 Insolvency Code of Ethics response (July 2017)
The UK is an international centre for insolvency and restructuring work and our insolvency and restructuring framework is rated as one of the best in the world by the World Bank. R3 supports the profession in making sure that this remains the case. View
The UK is an international centre for insolvency and restructuring work and our insolvency and restructuring framework is rated as one of the best in the world by the World Bank. R3 supports the profession in making sure that this remains the case. View
Further Information & Articles
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