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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 | March 2024
The PPF has published a blog sharing its experience of working with overfunded schemes (that is, on a PPF basis) that enter the PPF’s assessment period and how it is helping them to achieve the best possible outcomes for members.
Written by PPF Chief Customer Officer Sara Protheroe, the blog acknowledges that more than half of the schemes that enter PPF's assessment period are now overfunded. Ms Protheroe details how in 2022 the PPF set up its PPF+ Advisory Panel, which specialises in supporting overfunded schemes and has been able to help support 26 schemes working towards securing deals outside the PPF over the past two years.
In a press release published on March 14, 2024, the DB pensions superfund Clara announced that all 10,400 members of the Debenhams Scheme are to be transferred to Clara from PPF assessment, with the scheme beginning its journey over the next 5-10 years to an insured buyout.
Clara will provide £34m of new capital to increase the security of members’ benefits and will provide £4m in back-payments to be paid to members who received reduced pensions during assessment, when member benefits were aligned to PPF Compensation levels.
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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