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Government Investigations in Singapore 2025
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
United Kingdom | Publication | November 2023
On November 13, 2023, HM Treasury issued a call for evidence on the exemption for pension funds from the UK EMIR clearing obligations.
As a reminder, under the European Market Infrastructure Regulation (EMIR), there are mandatory clearing obligations typically requiring cash collateral for certain over-the-counter derivative transactions. In recognition of the challenges these requirements caused for pension funds, an exemption provision was made. This exemption has been extended several times on a temporary basis since it was first introduced in 2012, with the latest exemption due to expire on June 18, 2025.
When the last exemption extension was announced, HM Treasury stated that it would review the exemption ahead of June 2025 to explore a longer-term policy approach.
The call for evidence seeks input from industry stakeholders on the clearing exemption, asking questions relating to the way in which pension funds currently make use of the exemption and, without pre-empting policy direction, how pension funds would be affected were the exemption to expire in June 2025. HM Treasury also seeks evidence on whether the exemption affected the LDI crisis and how the situation may have developed had the exemption not been in place.
The call for evidence closes on January 5, 2024.
Publication
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
Publication
The private credit market and direct lending have grown and diversified immensely in the past decade, offering alternative sources and terms of debt compared to those historically provided by the syndicated leveraged loan and public issuance markets. Consequently, they are fast becoming pivotal components in the capital ecosystem, so much so that the Bank of England consider that the private credit market is currently responsible for approximately $1.8 trillion of debt issuance, which is four times its size in 2015. This growth has been particularly pronounced in Europe and the US but there has also been significant activity in Asia.
Publication
The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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