| 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. | 
