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Facial recognition technology relies on the process of identifying or verifying a person's identity using their facial features. Software known as facial verification can be used to establish someone’s identity, for instance as a way to unlock electronic devices and to help with passport checks at airports.
A regular briefing for the alternative asset management industry.
This consultation is on the second "tax measure" announced by the Treasury ("HMT") in the March Budget – a new Gateway 2 Levy on high rise residential developments during the pre-construction stage. This is part of a package of measures intended to help pay for the remediation of certain buildings impacted by the cladding crisis, following the Grenfell Tower tragedy (the "Building Safety Levy").
In a dispute between two partners to a joint venture (JV) agreement, the Court of Appeal ruled that despite not having performed all of its obligations under the agreement, a JV partner was still entitled to its share of the profits. What lessons does this hold for businesses when drafting and negotiating JV agreements, particularly where the JV partners are acting both as investors and suppliers to the JV?
On 2 August 2021 various amending measures were published in the EU Official Journal which will require EU Alternative Investment Fund Managers, EU UCITS management companies and EU MiFID investment firms (including portfolio managers and adviser/arrangers) to integrate sustainability risks and factors into their policies and procedures.
While in recent months the approaching COP26 has been occupying the bulk of government and media attention, the 15th meeting of the UN Conference of the Parties ("COP15") to the Convention on Biological Diversity ("CBD") is also due to take place in 2021, which is seen by many as being just as critical to the future of the planet.
The FCA, the PRA and the Bank of England have issued a joint Discussion Paper on diversity and inclusion in the financial sector.
Originally published 12 March 2021
On 26 July 2021 the Financial Conduct Authority (FCA) published PS21/9: Implementation of Investment Firms Prudential Regime.
Updated on 22 November 2021
A regular briefing for the alternative asset management industry.
The FCA has set out an ambitious vision for transformation in its Business Plan for 2021/22, the first under Nikhil Rathi's leadership since he was appointed CEO in October 2020.
With 92 UK REITs already in existence and more anticipated, following extensive industry discussions, the government is keen to ensure that the rules facilitate use of the regime and make it more attractive by removing certain constraints and administrative burdens.
On 22 February 2021, the UK Government published its original "Roadmap out of Lockdown" for England, which was initially due to see a "cautious but irreversible" lifting of all legal limits on social contact by 21 June (if certain strict conditions were met) (the "Roadmap"). Following a delay in the introduction of Step 4, from 19 July the majority of remaining COVID-19 restrictions in England have been lifted, including no longer instructing people to work from home wherever possible. Step 4 has, however, coincided with an increase in the prevalence of the COVID-19 'Delta' variant across the UK, leading to increasing numbers of infections and cases of individuals being required to self-isolate.
Last week, the EU unveiled its 'Fit for 55' proposals, which if adopted would substantively revise the EU's climate and energy policies in order to enable a net greenhouse gas emissions reduction by at least 55% by 2030, compared to 1990 levels.
HM Treasury has issued a consultation paper proposing the creation of a Senior Managers & Certification Regime (SMCR) for financial market infrastructures (FMIs).
Hot on the heels of HM Treasury's consultation on the prospectus regime, on 5 July the FCA published a consultation on the effectiveness of the primary markets. The consultation firstly looks at ways of improving the efficiency of the listing regime and secondly proposes targeted changes to remove barriers to listing. The FCA seeks to address, and build upon, the proposals of the Kalifa Review of UK FinTech and Lord Hill's UK Listing Review.
Read the latest on Asset holding companies.
Welcome to the first in our series of podcasts focusing on international employment law.