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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 2023
When calculating the future pension losses for a successful claim for unfair dismissal, the Employment Tribunal ruled in Jhuti v Royal Mail Group that it was appropriate to use the Ogden tables 3-18 (multiplier for loss of earnings).
These are the tables used to help actuaries, lawyers and others calculate the lump sum compensation due in personal injury and fatal accident cases but are also used to calculate the cost of lost pension rights.
The case involved a DC scheme, and the Tribunal held that if it simply added up the value of all future contributions, without applying the discounts catered for by the multipliers in the Ogden tables (which considered the factors relevant for calculating future loss of earnings such as mortality and accelerated receipt), overcompensation could result.
Although for DC pension schemes it is not necessary for either party to produce any actuarial or other expert evidence to support the submissions which are made, where a party seeks to persuade the Tribunal that it should depart from the standard approach envisaged by the Employment Tribunals: Principles for Compensating Pension Loss guidance, it is likely that that party will require some such evidence to persuade the Tribunal to do so.
Publication
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Publication
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 private credit market and direct lending have grown and diversified immensely in the past decade, offering alternative sources and terms of debt compared to those historically provided by the syndicated leveraged loan and public issuance markets. Consequently, they are fast becoming pivotal components in the capital ecosystem, so much so that the Bank of England consider that the private credit market is currently responsible for approximately $1.8 trillion of debt issuance, which is four times its size in 2015. This growth has been particularly pronounced in Europe and the US but there has also been significant activity in Asia.
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