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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
Pension schemes using certain types of over-the-counter derivatives were previously warned that the temporary exemption under EMIR to centrally clear these trades, which had been extended several times since 2012, was due to end on June 19, 2023.
In our March 2023 update we reported that HM Treasury intended to extend the pension fund clearing exemption for a further period of two years to June 18, 2025. In addition, HMT announced that it would also extend the temporary intragroup exemption regime by a further three years to December 31, 2026.
The relevant extensions will come into force on June 12, 2023, under the Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk Management Obligation Exemptions (Extension and Amendment) Regulations 2023.
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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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