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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
United Kingdom | Publication | February 2022
Schemes may need to change how they calculate their statutory money purchase illustrations (SMPIs). This may mean tweaking member communications.
The Financial Reporting Council (FRC) has proposed changes to its technical memorandum that sets out how SMPIs have to be produced. It is looking to standardise the assumptions used. This is because, in order for Dashboards (see item 1. above) to be able to maximise member engagement, illustrations from different schemes will need to be consistent so as to be more easily compared.
If the proposals are confirmed, trustees may want to check with their SMPI providers that the illustrations will be updated in line with the new guidance and in good time for use in annual statements and on the Dashboard. They should also consider what (if anything) to communicate to members about this in order to reassure members and pre-empt queries if the illustrations will be changing.
Publication
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Publication
On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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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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