Publication
Avoiding legal and regulatory pitfalls in digital transformation projects
This article first appeared in the September 2024 issue of Financier Worldwide.
United Kingdom | Publication | April 2022
The Government is consulting on a proposal to switch ERI restrictions for large master trusts over to investments in the scheme funder or scheme strategist.
This forms part of a larger Department for Work and Pensions (DWP) consultation on facilitating investment in illiquid assets (see Further DWP proposals for DC schemes to invest in illiquid assets).
The proposed changes would only apply to the largest master trusts (500 employers or more).
Changing the restrictions so that they no longer apply to the many employers in a master trust would remove the significant burden of having to track investment in each of the employers. This also recognises that when the ERI rules were originally implemented it was not with master trusts in mind.
However, trustees of master trusts should note the proposal to include the scheme funder or strategist within the ambit of the restrictions for the first time. Depending on the profile of the funder or strategist, some master trusts may find there is a still a need for careful tracking of investments.
The DWP proposes that these changes would come into force from October 1, 2022. Trustees of master trusts should monitor developments and update processes if necessary once any new regulations are settled.
Publication
This article first appeared in the September 2024 issue of Financier Worldwide.
Publication
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.
Publication
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).
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023