| New OFSI General Licence INT/2023/3744968 for Legal services to replace current licence INT/2023/2954852 from 29 October 2023. The main changes are : The professional legal fees caps have been reset. Users will be able to make use of the legal fees caps (500,000 inc. VAT) under Parts A and B of the General Licence. The expenses caps have been reset and increased from 5% of the legal fees (up to 25,000) to 10% of the legal fees (up to 50,000) under Parts A and B. This means if expenses are required for work carried out in satisfaction of a prior obligation (50,000 limit) and for work undertaken post-designation (50,000 limit), up to 100,000 (inc. VAT) in expenses could be paid. Reporting is now due within 14 days of the Law Firm, Legal Adviser, Counsel, or a provider of Expenses receiving payment. The reporting requirement makes clear that the relevant letter of engagement sent to OFSI must be unredacted. The reporting form makes clear that the Group ID of the DP must be provided to OFSI. General Licence INT/2023/3744968 takes effect from 00:01 on 29 October 2023 and expires at 23:59 on 28 April 2024 and may be varied, revoked, or suspended by HM Treasury at any time. | 