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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 | October 2023
On September 28, 2023, the Pensions Regulator (TPR) reported that it has issued its first fine against a pension scheme for failing to publish its climate change report on time.
Under the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021, which came into force in October 2021, the trustees of certain schemes are required to publish a climate change report on a publicly available website. The reporting duty is coming into effect in stages and first applied to schemes with assets of £5bn or more.
Failure to comply with this requirement on time carries a mandatory penalty, with a minimum of £2,500. The maximum penalty is £5,000 where a trustee is an individual, or £50,000 where the trustee is a corporate body.
In this case, the report was produced on time, but was not published before the deadline due to an administrative error (but was published six days after the trustees became aware of the administrative error). TPR issued a mandatory penalty of £5,000 in May 2023. In its report, TPR highlighted that:
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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