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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 | April 2023
The Regulator has published a blog in which it discusses why it is putting extra emphasis on compliance with environmental social governance (ESG) and climate change reporting duties in 2023. The Regulator wants trustees, as well as their advisers, to be aware of its expectations and to understand why the focus on ESG is important, so they will be better motivated to meet those expectations.
The Regulator intends to check that trustees of schemes with 100 or more members give detail in their statement of investment principles on how they consider financially material ESG factors including, but not limited to, climate change. These trustees must also publish an implementation statement (IS) which shows how the principles in the SIP have been implemented.
Since 2022, the Regulator has requested that trustees provide a web address via their scheme return so their SIP and IS can be accessed. Of the 220 DC pension schemes that should have provided such web details through last year’s scheme return, only 180 have provided the information as required, and the Regulator expects to see an improvement in compliance.
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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