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Pensions Regulator announces changes to the DC scheme return for 2024
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
Global | Publication | August 2023
On August 24, 2023, the National Hydrocarbons Commission (CNH) published Agreement CNH.30.06/2023, whereby it issued the Abandonment, Decommissioning and Relinquishment Guidelines (the Guidelines). These Guidelines are mandatory and came into effect on the business day following their publication.
The purpose of the Guidelines is to regulate the procedures and responsibilities that petroleum operators must follow in relation to the abandonment, decommissioning and disposal of materials associated with exploration and hydrocarbon extraction activities, as well as to the relinquishment and delivery of contractual and asignación areas.
Among other things, these Guidelines regulate:
It is important to highlight that contractors who do not yet have an abandonment trust have a period of 90 calendar days from the date of entry into force of the Guidelines to submit their proposals to the CNH. In addition, those who have already entered into abandonment trust agreements under terms different from those established in the Guidelines can submit new contracts or modifications that align with the new Guidelines.
In the case of contractors who, at the date of entry into force of the Guidelines, fall under the conditions for relinquishment as per the corresponding exploration and extraction contract, they must notify the CNH within a maximum period of ten business days from the entry into force of the Guidelines.
For more information regarding the content of the Guidelines and the obligations set forth thereunder, please contact César Fernández and José Luis Romo Trujano.
Publication
The Regulator has issued an online announcement about upcoming changes to its DC scheme return.
Publication
On July 30, 2024, the Regulator published its market oversight report on how trustees are complying with their environmental, social and governance (ESG) duties, including in respect of climate change.
Publication
We reported last month that the Court of Appeal had agreed with the High Court’s previous judgment that all rule amendments to contracted-out DB schemes between 1997 and 2013 require written actuarial certification. Three pensions professional bodies have now issued a joint statement on the effect of the ruling.
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