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2nd Circuit defers to executive will on application of sovereign immunity
The Second Circuit recently held that federal common law protections of sovereign immunity did not preclude prosecution of a state-owned foreign corporation.
PPF confirms new bespoke discount rate option in section 143 valuation assumptions for smaller schemes
United Kingdom | Publication | November 2024
On October 29, 2024, the PPF published a response to its March 2024 consultation, confirming that it would proceed with its proposal to give actuaries the option of using a bespoke discount rate assumption in s. 143 valuations of smaller pension schemes.
This addresses the PPF’s concern that its standard assumptions could lead to marginally overfunded smaller schemes being unable to obtain affordable buyout quotations for PPF levels of compensation.
The bespoke discount rate easement is due to apply to schemes with liabilities of £50 million or less. The changes will apply to valuations under ss. 143, 152 and 158 Pensions Act 2004 with effective dates on or after May 31, 2024. No changes are being made in relation to s. 179 valuations.
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Key takeaways from the G7 Competition Summit on Artificial Intelligence
Facing the fast-growing development of AI across the globe, particularly Generative AI (GenAI), the G7 competition authorities and policymakers (Canada, France, Germany, Japan, Italy, the UK and the US) and the European Commission met in Italy on 3-4 October 2024 to discuss the main competition challenges raised by these new technologies in digital markets.
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