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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 | January 2022
The Department for Work and Pensions (DWP) has confirmed the final rules requiring occupational pension schemes to give members a “stronger nudge” towards Pension Wise guidance. From June 1, 2022, scheme trustees will need to ensure that members have taken or opted out of Pension Wise guidance before they flexibly access or transfer out their defined contribution (DC) benefits.
As we reported last month, the Financial Conduct Authority (FCA) has just finalised its own “stronger nudge” rules which will apply to contract-based DC schemes (personal and stakeholder pensions) from June 1, 2022.
Industry feedback stressed that it would be confusing to members if there were discrepancies between the two sets of rules. The DWP has attempted to address this. For example, the two regimes now have the same start date (the DWP rules were originally going to apply from April) and members of trust-based schemes wanting to opt out of guidance on a transfer will no longer have to give a separate, special notification.
Trustees will also be pleased that the DWP has tried to make the requirement to book Pension Wise appointments for members less cumbersome than under the original proposals.
Although there is now a longer lead time to prepare for “stronger nudge”, trustees should liaise with their administrators now to make sure their scheme’s administration processes will be updated in good time. The Pensions Regulator has also promised guidance on these new requirements. Trustees and administrators should review this when available.
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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