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Avoiding legal and regulatory pitfalls in digital transformation projects
This article first appeared in the September 2024 issue of Financier Worldwide.
United Kingdom | Publication | May 2023
The Regulator has published a blog discussing the importance of trustees improving their understanding of environmental, social and governance (ESG), climate and wider sustainability issues.
The blog outlines that whilst there are challenges around certain aspects of ESG issues, including data quality concerns, this should not prevent pension scheme trustees from meeting their ESG duties. The Regulator intends to start a review of a cross-section of statements of investment principles (SIP) and implementation statements (IS) – where trustees need to publish then – in the autumn. Although it notes that the content of SIPs and ISs will vary from scheme to scheme, it is aware that some schemes produce disclosures where the wording is relatively vague and generic. In future, the Regulator expects its review to focus on the extent to which the DWP guidance has been adopted by trustees. This guidance is relevant for those schemes which are subject to the Task Force on Climate-related Financial Disclosures (TCFD) recommendations and the Climate Change Governance and Reporting Regulations which currently apply to schemes with more than £1bn in assets.
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This article first appeared in the September 2024 issue of Financier Worldwide.
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The Digital Markets, Competition and Consumers Act (DMCC Act) received Royal Assent on 24 May 2024 and is generally expected to come into force in autumn this year.
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On 26 July 2024, the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) jointly released revised rules in respect of the investments into China’s financial market through the Qualified Foreign Institutional Investor and Renminbi Qualified Foreign Institutional Investor (collectively, QFII) regime (the New Rules).
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