Sanctions Screening
Checking clients and counterparties against applicable sanctions lists.

Section 178 Notice
The formal notification seeking FCA approval to acquire or increase control of an authorised firm.

Senior Management Function (SMF)
A regulated senior management role requiring FCA approval.

Senior Managers and Certification Regime (SM&CR)
The FCA accountability regime covering senior managers, certified staff and Conduct Rules.

Service Level Agreement (SLA)
Agreed standards for the quality, timing and availability of services.

Service Proposition
The package of advice, reviews, communications and support offered to a client segment.

Share Purchase Agreement (SPA)
A contract for the transfer of shares that sets out the terms of the transaction.

Share Sale
A transaction in which ownership of the company transfers through the sale of its shares.

Simultaneous Signing and Completion
Signing the agreement and completing the transfer on the same day.

Skilled Person Review/Section 166 Review
An independent review commissioned under FSMA to examine regulatory concerns.

Specific Indemnity
Protection relating to a risk specifically identified during due diligence. 

Specific Performance
A remedy requiring a party to perform a contractual obligation rather than merely pay damages.

SPV
A special purpose vehicle, typically a wholly owned subsidiary used to make an acquisition. 

Standardisation vs Flexibility
Balancing consistency across the Buyer's business with appropriate adviser discretion. 

Statement of Responsibilities (SoR)
A document describing the matters for which a Senior Manager is accountable.

Subsidiary
A company controlled by another company within the meaning applicable to the relevant document or legislation.

Succession Plan
Arrangements for transferring leadership, advice relationships and responsibilities.

Suitability Report
The record provided to a client explaining a personal recommendation and why it is suitable.

Synergy Realisation
Delivery of the expected financial, operational or strategic benefits of a transaction.