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 | October 2023
On October 2, 2023, the DWP launched a public consultation on the proposed changes to the structure and rates of the General Levy on registrable occupational and personal pension schemes.
The General Levy recovers funding provided by the DWP in respect of the activities of the Pensions Regulator, the Pensions Ombudsman and the pensions-related activities of the Money and Pensions Service. They all receive grant-in-aid from the DWP, which is reimbursed by levy income.
The levy is payable by the trustees of registrable occupational and personal pension schemes and is calculated according to the number of members.
The consultation draws attention to the ongoing deficit in levy funding and seeks views on options for mitigating this over the next three tax years from 2024 to 2025 through to 2026 to 2027. The DWP is seeking the industry’s views on the three options previously agreed by ministers, the options are:
Some commentators have noted that option three would unfairly penalise the very significant number of smaller schemes and could accelerate moves towards consolidation. The consultation runs until November 13, 2023, and responses must reach DWP by 11.55pm on that date, as any replies received after this may not be considered.
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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