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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 | March 2022
The Department for Work and Pensions (DWP) is investigating whether the new statutory transfer regulations need amending. This is welcome news for trustees.
The new regulations came into force from November 30, 2021, with the aim of empowering trustees to block transfers where they expect a scam. The main feature of the regulations is the introduction of red and amber flags. Where a transfer raises a red flag it must be blocked, but where an amber flag is raised it can still proceed provided the member first takes scams advice from the Money and Pensions Service (MaPS).
An issue that trustees, administrators and others have been raising with the DWP is that the regulations require schemes to raise an amber flag where the receiving scheme has overseas investments. Since most schemes do to some extent, the concern is that a number of members wanting to transfer to schemes with conventional, low-risk investments will need to be referred unnecessarily to MaPS. MaPS could quickly become overwhelmed.
A Joint Committee of the House of Commons and House of Lords reports that the DWP is investigating the issue with a view to amending the transfer regulations if necessary.
Whilst the timing of any amendment is unclear, it is good news that this unsatisfactory aspect of the new laws is being revisited.
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.
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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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