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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 | October 2023
On September 28, 2023, the Pensions Regulator (TPR) reported that it has issued its first fine against a pension scheme for failing to publish its climate change report on time.
Under the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021, which came into force in October 2021, the trustees of certain schemes are required to publish a climate change report on a publicly available website. The reporting duty is coming into effect in stages and first applied to schemes with assets of £5bn or more.
Failure to comply with this requirement on time carries a mandatory penalty, with a minimum of £2,500. The maximum penalty is £5,000 where a trustee is an individual, or £50,000 where the trustee is a corporate body.
In this case, the report was produced on time, but was not published before the deadline due to an administrative error (but was published six days after the trustees became aware of the administrative error). TPR issued a mandatory penalty of £5,000 in May 2023. In its report, TPR highlighted that:
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We have contributed the Singapore chapter of Getting the Deal Through, Government Investigations 2025.
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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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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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