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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 | September 2023
On August 24, 2023, the Regulator updated the following guidance:
The guidance has been updated to help DC pension schemes comply with new regulations designed to ensure they consider all the investment opportunities available to achieve best value for savers.
On the first occasion when the SIP is updated after October 1, 2023, trustees will have to state their policy on investing in illiquid assets in the default SIP. They will also be required to disclose the asset class breakdown for each of their scheme’s default arrangements in the Chair’s statement for the first scheme year ending after October 1, 2023.
Trustees have also been able to exclude certain performance-based fees from the default fund charge cap since April 6, 2023, where they consider this is in members’ interests. Exempted fees are to be disclosed the in Chair’s statement.
The Regulator intends to monitor closely the impact of these changes and trustees’ approach to delivering the best outcome for pension savers.
These changes are an interim update while the Regulator waits for Parliamentary time to scrutinise the new General Code (hopefully this Autumn) which will replace 10 existing Codes of Practice, including the DC Code.
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.
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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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