generally any payments made, or for which a liability to pay has been incurred, by a CLC regulated individual or body to a third party on behalf of a Client.

disbursements are deemed to include: stamp duty land tax; Land Registry fees; Local Authority and any other applicable search fees.

Discipline and Appeals Committee (DAC)

committee established under s.25 of the 1985 Act to hear and determine appeals and cases referred to it by the Adjudication Panel.


the procedure set out at Part 5 schedule 13 of the 2007 Act, by which the CLC may apply to the High Court for an order for sale of all, or some of the shares held by the holder of a material interest in a CLC Licensed Body who is not an authorised person.

Durable Medium

the method by which information is stored in a way accessible for future reference (for no less than the period prescribed by the CLC) and which allows the unchanged reproduction of the information stored.