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The Government has laid before Parliament the final regulations concerning the funding and investment strategy requirements to be introduced by the Pension Schemes Act 2021 (the "Regulations").
A regular briefing for the alternative asset management industry.
Introduction
A recent judgment of the Court of Appeal has clarified four important principles relating to the scope of legal professional privilege.
Following a lengthy consultation period, the Financial Reporting Council (the "FRC") recently unveiled its revised UK Corporate Governance Code (the "Code"). As expected from its policy statement in November 2023, the FRC has dropped many proposals that were originally floated, in light of both the Government's withdrawal of the Companies (Strategic Report and Directors' Report) Amendment Regulations 2023 and feedback received during the consultation. As a result, the revised Code is, in the FRC's words, a "limited revision", with the key changes focusing on internal controls.
The EU Regulation on Digital Operational Resilience (DORA) will apply from 17 January 2025 to most financial entities in the EU. DORA's increased focus on third-party risk management includes detailed requirements for provisions that must be included in existing and new ICT contracts.
A regular briefing for the alternative asset management industry.
The Pensions Regulator has published its General Code of Practice, setting out its expectations for good governance in occupational, personal and public service pension schemes. The Code has been laid before Parliament and is expected to take effect on 27 March 2024.
Following the entry into force of the Financial Services and Markets Act 2023 ("FSMA 2023"), the Bank of England, FCA and PRA (the "Regulators") are consulting on new rules and a joint Supervisory Statement on their new powers to regulate critical third parties ("CTPs") which are designated by HM Treasury because of their systemic importance to authorised firms and financial market infrastructures ("FMIs"). This significant expansion of the Regulators' supervisory remits will usher in an entirely new era for CTPs, which (including those that are not based or even incorporated in the UK) will need to comply with a range of rules on governance, operational continuity and regulatory engagement as well as other areas.
Key employment and business immigration developments for employers.
The EU Data Act (EDA), which sets out new data sharing rules that will apply in respect of connected products, came into force on 11 January 2024. While its provisions will not be applicable for a while yet, businesses are likely to need the intervening period to scope out, and plan for, the impact that the EDA will have on their product designs, commercially sensitive information, terms and conditions, costs and GDPR compliance.
A regular briefing for the alternative asset management industry.
I try to learn from the past, but I plan for the future by focusing exclusively on the present. That's where the fun is.
After months of negotiations, on 14 December, the EU Parliament and Council reached a provisional agreement on the principles that will underpin the Corporate Sustainability Due Diligence Directive ("CS3D").
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A regular briefing for the alternative asset management industry.
The UK government has announced far-reaching changes to the UK's immigration system which are set to be introduced in Spring 2024 as part of a five-point plan. These announcements follow the release of the net migration numbers at the end of November 2023 which showed levels were at an all-time high.