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Government Investigations in Singapore 2025
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
United Kingdom | Publication | September 2023
On August 29, 2023, the Pensions Regulator published a blog on climate scenario analysis under the Taskforce on Climate-related Financial Disclosures (TCFD) reporting framework for trustees of large occupational pension schemes.
Trustees of schemes with at least £1bn in assets are obliged to undertake scenario analysis "as far as they are able", addressing the potential impact of climate change on scheme assets and liabilities, and the resilience of the scheme's investment and funding strategies. Scenario analysis is required in the first scheme year to which the requirements under the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 apply and then at least every three years thereafter.
In intervening years, trustees are obliged to consider whether new analysis is appropriate to ensure they have an up-to-date understanding.
While the blog assures trustees they do not need to be climate science experts, it says it is "essential trustees … feel confident to question and challenge their advisers and the output from climate scenario analysis". They should ensure their analysis "addresses a fuller range of real-world risks and uncertainties". To this end, trustees should:
The blog reports that around 90 schemes had published TCFD reports by July 31, 2023, and a further 180 are expected to publish by November 6, 2023. It suggests that if trustees have completed scenario analysis but not finalised their TCFD report, they could add additional commentary to the report on how they expect the analysis to develop. If the report is completed, additional comments could be recorded in board minutes.
The Regulator hopes to encourage more debate in this area in advance of the DWP’s review of the statutory requirements under the regulations later this year.
Publication
We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
Publication
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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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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