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 | June 2023
On June 19, 2023, the Bank of England announced the launch of its first system-wide exploratory scenario (SWES) exercise and published a new webpage setting out relevant information.
The Bank has asked a group of banks and non-bank financial institutions (NBFIs) to provide information on how they react to turbulence in financial markets, such as the gilts crisis in autumn 2022.
The Bank hopes to enhance its understanding of the risks to and from NBFIs, and the behaviour of NBFIs and banks in stress, including what drives those behaviours. It also hopes to investigate how those behaviours and market dynamics can amplify shocks in markets and potentially pose risks to UK financial stability.
Participating entities include large banks, insurers, central counterparties and a variety of funds (including pension funds, hedge funds and funds managed by asset managers). It will publish a list of participants later in 2023.
The Bank has worked with the FCA and the Regulator on the SWES, which is not intended to be a test of the resilience of the individual participants. Instead, the Bank is focusing system-wide and aims to examine the resilience in times of stress of important UK financial markets, such as the gilt market, gilt repo market, sterling corporate bond market and associated derivative markets.
The initial information gathering phase of the SWES will help the Bank in designing and executing an effective stress scenario. Later in 2023, it will ask those involved to evaluate the impact of a severe but plausible stress to global financial markets.
A full list of participants is due to be published later in 2023, with a concluding report due in 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.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023