Publication
Ireland
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
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
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
Publication
The EU Foreign Subsidies Regulation, or FSR, is intended to prevent or remedy distortions of the EU internal market caused by “foreign” – meaning non-EU – subsidies benefitting companies active in the EU.
Publication
The conventional wisdom is that ‘securitisation caused the great financial crisis’ (GFC). A further piece of conventional wisdom is that this was due to the misalignment of incentives between securitisation originators and securitisation investors . This conventional wisdom in turn drove much of the regulation of securitisation we now have.
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