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Glencore has indicated that it will plead guilty to seven counts of bribery in connection with its oil operations in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, and South Sudan. The Serious Fraud Office opened its investigation into Glencore's activities in 2019 and alleges that the commodities giant approved the payment of over $25m in bribes for preferential access to oil.
On 25 May 2022, the European Commission (Commission) issued its response to the European Supervisory Authorities' (ESAs) questions on the interpretation of the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation (Taxonomy Regulation) of 13 May 2022.
The Queen's speech delivered on 10 May 2022 announced the intention of strengthening the protection and support for victims of human trafficking and modern slavery as well as increasing the accountability of organisations in driving out modern slavery from their supply chains through the implementation of a Modern Slavery Bill (the "MSA Bill").
The European Parliament has issued its draft report (Report) on the European Commission's proposals to amend the existing Alternative Investment Fund Managers Directive (AIFMD II). The Report forms part of the legislative process and includes the European Parliament's suggested amendments to the draft directive issued by the European Commission in November 2021. The draft directive proposed a number of changes to the Alternative Investment Fund Managers Directive, largely in respect of delegation, loan origination, liquidity risk management, data reporting and depositaries and it is those areas which are the main focus of the Report.
On 13 May 2022, the European Supervisory Authorities (ESAs) submitted a number of questions to the European Commission relating to the interpretation of the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation (Taxonomy Regulation). Separately, the ESAs have also been asked by the European Commission for their input on possible amendments to the SFDR Delegated Regulation.
The UK Government has confirmed that it plans to introduce significantly stronger powers for the Competition and Markets Authority (CMA) to enforce consumer law, including the ability to impose fines of up to 10% of global turnover. This is a major change for consumer-facing businesses, although question marks remain over the exact timing.
The EU has published a draft directive designed to help address the perceived bias in favour of debt funding companies as compared with equity and, accordingly, promote financial stability.
Key employment and business immigration developments for employers.
A regular briefing for the alternative asset management industry.
ESG and sustainability issues continue to be a priority for policy makers and regulators globally. The impact of the Ukraine conflict on energy policy and the recent publication of the IPCC's (Intergovernmental Panel on Climate Change) "state of the union" report on the slender window we have to take action in order to meet our climate targets both highlight the scale of the global challenge we face on climate issues.
The UK Government has announced that new border controls on imports from the EU scheduled for July 2022 are being postponed. In the short term, many (but not all) businesses are likely to welcome this move, as it reduces the risk of disruption to supply chains and will ease cost pressures.
The European Commission published a draft Data Act on 23 February 2022 ("Data Act"), as part of the implementation of its February 2020 strategy for data. This proposed regulation, which will have direct effect in members states, is intended to set standards at an EU-wide level to facilitate and create a fairer, more competitive digital environment for the sharing and re-use of data (both personal and non-personal). This briefing looks at who the Data Act impacts, what it does and how it fits into the EU's vision for a single European market for data.
With claimants around the globe continuing to bring novel and ambitious climate change-related cases before common law Courts, some judges are hesitant to be drawn into what may be perceived as a political debate.
In pursuit of its commitment to prevent all avoidable plastic waste by the end of 2042, the UK Government has recently begun to impose a tax on the manufacture and import of significant volumes of plastic packaging which does not contain a minimum amount of recycled content. The aim of the tax is to increase demand for recycled plastics, creating an incentive to collect and recycle plastic waste and divert it away from landfill and incineration.
Following lengthy debate, the Government has published details of the way in which it will reform the UK competition law landscape. However, with many aspects requiring legislative change, it is as yet unclear when these will be given teeth. Our briefing discusses the key changes to the merger, markets and competition law regimes. We will comment separately on the overhaul of the consumer law regime.
In this case, the High Court rejected the defendant's application for its expert and factual witnesses, who were both based in Kenya, to give evidence via video link, or for there to be a hybrid trial which the witnesses could attend remotely.
The Russian invasion of Ukraine presents issues for pension scheme trustees to consider. Alongside clear implications regarding investments and the need to comply with sanctions, these may include questions about covenant, funding, cyber security and scam risks.
This briefing addresses the issues most likely to arise, some of which are also noted by the Pensions Regulator in its guidance.
A guide to future employment and immigration law.
A regular briefing for the alternative asset management industry.