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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
United Kingdom | Publication | August 2022
The FCA has been clear that implementing the new Consumer Duty will require a cultural shift at many firms. This new package of rules and guidance raises the bar both for firms and individuals in connection with the provision of financial services and products to retail customers. In its policy statement, the FCA has maintained its approach to the calibration of the new Duty in many areas, with a small number of significant changes in approach.
The implementation timetable is one such change. Whilst the FCA has extended the timetable, there are two new key milestones. By 31 October 2022, a firm’s board or equivalent management body must have approved its implementation plan for the new Consumer Duty. This will be challenging for many firms to meet, particularly those which are larger in scale, with more complex organisational structures or more expansive ranges of in-scope products and services.
Our briefing note: ‘The new Consumer Duty: implementation milestones and what they mean for your firm’ has more information.
We have assembled a Toolkit to assist firms to meet the FCA’s expectations around the approval of an implementation plan by 31 October.
To receive more information on the Toolkit, please use the link below, and our team will be in touch.
Register here to receive more information on our Implementation Toolkit
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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The EU’s Artificial Intelligence Regulation, commonly referred to as the AI Act, is expected to come into force during the summer of 2024 (the AI Act). The AI Act will be the first comprehensive legal framework for the use and development of artificial intelligence (AI), and is intended to ensure that AI systems developed and used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly.
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