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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 | March 2024
On February 23, 2024, the DWP published a consultation paper with proposals facilitating DB scheme surplus extraction and investment of scheme assets in the productive finance proposals outlined in the 2023 Mansion House speech. It also introduces the plan for a public consolidator vehicle operated by the PPF by 2026, which aims to be accessible to smaller, less well-funded schemes unable to secure an insurance buy-out.
The DWP’s core propositions with respect to scheme surplus are:
The consultation also includes a short survey for DB schemes which seeks information on issues such as schemes’ size (in terms of assets, liabilities and membership), whether they would be likely to change investment strategy if surplus were more accessible and if they would anticipate extracting surplus if this were made easier.
The consultation closes on April 19, 2024.
On March 1, 2024, the PPF published its initial view on how the new public consolidator could be structured. The consolidator is to be aimed at schemes which are unattractive to commercial providers, while increasing levels of investment in high-growth UK assets. The PPF acknowledges that it had not set out a complete or definitive solution, but it hopes that sharing its early thinking will support effective debate helping the refinement of the proposals.
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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