Publication
Government Investigations in Singapore 2025
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
United Kingdom | Publication | April 2022
The Bank of England has warned PRA-regulated firms not to structure deficit reduction transactions so as to “limit the regulatory capital impact that would otherwise result.”
The press release, issued on April 13, 2022, says that the Bank is aware that some PRA-regulated firms have conducted or may be considering conducting such transactions with their DB pension schemes. It warns them against this and points to the risks of such transactions, including that “(…) they can have the effect of overestimating eligible capital or reducing capital requirements, without commensurately reducing the risk in the financial system, thus undermining the calibration of minimum regulatory capital requirements.”
This is a reminder to banks and insurance companies to tread carefully when seeking to optimise their accounting treatment for DB pension assets and liabilities. The Bank of England clearly disapproves of any payment structure that could be seen as trying to artificially reduce or defer regulatory capital requirements.
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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