Suzanne Burrell is joined by Adam Davis, Managing Director of K3 Advisory, and Becky Wood, Trustee Director at Vidett, to discuss recent risk transfer market experience, preparing for buy in or buy out, and some common issues in those projects. Last year, 2022, saw the completion of around 200 risk transfer transactions, representing around £30bn in liabilities moving from pension schemes to insurers ...
On 10 July 2023 in his Mansion House speech, Chancellor Jeremey Hunt announced the government’s plans to transform the UK’s financial services sector. The announcement was followed the next day by a raft of consultation documents from the DWP addressing a range of pension reforms aimed at boosting outcomes for pension savers and supporting growth across the wider economy ...
As the Procurement Bill reaches its final stages before royal assent, we take a look at some of the changes made since its introduction in May 2022. Whilst the Bill has not undergone radical changes, between the Commons and the Lords, there have still been some interesting additions. We will revisit these changes following consideration of Commons amendments scheduled for September 2023 ...
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On June 7, 2023, the Minister of Finance of Quebec tabled and presented Bill 30 before the National Assembly, an omnibus bill entitled An Act to amend various provisions mainly with respect to the financial sector (hereinafter the ?Bill?). The Bill includes certain amendments to the provisions of the Insurers Act (?IA?) and the Act respecting the distribution of financial products and services (?DA?) ...
Following the adequacy decision, as outlined in our previous article, personal data may be transferred from the EU/EEA to companies in the US that are listed on the «Data Privacy Framework List«. The EDPB confirms in their information note that in these cases, there is no need to establish other transfer tools ...
On July 3, 2023, Ohio’s biennial budget bill[1] was signed into law by Governor Mike DeWine. In addition to major budget provisions, the bill also includes notable changes to Ohio’s Medical Marijuana Control Program (“MMCP”), the state program that regulates and licenses cultivators, processors, testing laboratories, dispensaries and medical marijuana cardholders. Beginning January 1, 2024, the MMCP will be under new management ...
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A summary of the key takeaways from a recent webinar Charities legal and regulatory preview. "Prevention rather than cure: understand and embrace the quiet revolution in charity regulation" Not our words, but those of the Chief Executive of the Charity Commission back in April when she spoke of the potential of My Charity Commission Account being rolled out for all charity trustees ...
Patterson Belknap Webb & Tyler LLP is pleased to announce that the firm has been recognized by Chambers High Net Worth 2023 in the following practice areas: Art and Cultural Property Law – USA Private Wealth Law – New York Chambers rankings are based on extensive research and interviews with peers and clients around the country ...
In this article we highlight the most significant employment law cases since April 2023 and the lessons that employers should take from them. Pregnancy discrimination In dismissal situations, the motivation of the decision-maker to dismiss is key rather than the motivation of other employees who may be indirectly involved, as the case of Alcedo Orange Ltd v Ferridge-Gunn demonstrates ...
The Financial Conduct Authority (FCA) published a letter to Cryptoasset firms on the 4 July confirming that qualifying cryptoassets will now fall within the scope of the financial promotions regime. From the 8 October 2023, all firms marketing cryptoassets to UK consumers, including firms based overseas, must comply with the financial promotions regime. What is a Financial Promotion? A financial promotion is a broadly defined term, with no technological boundaries ...
The National Consumer Service ("SERNAC") initiated a citizen consultation aimed at consumers to learn about their opinions on how protected they feel in consumer matters and how they perceive the current role and powers of the Service. In order to gather the opinion’s of the citizens, a form with 12 questions will be available on its website until July 23 ...
Please be informed of the adoption of a number of legislative and regulatory acts that impose restrictions on the use of foreign programs and products in the government and financial sectors ...
On July 16, 2023 the President of the Russian Federation signed Decree 'On Amendments to the List of Movable and Immovable Property, Securities, Shares in the Authorized (share) Capital of Russian Legal Entities and Property Rights, in respect of which Interim Administration is introduced, approved by the Decree of the President of the Russian Federation dated April 25, 2023 No. 302' No. 520 (“Decree No. 520”)1. Decree No ...
Buchalter Client Alert July 17, 2023 By: Melissa Richards Florida has enacted its own Commercial Financing Disclosure Law (“CFDL”) that is similar to California and New York’s disclosure laws. The Florida CFDL applies to covered “Commercial Financing Transactions” consummated on or after January 1, 2024 that are $500,000 or less and originated by a covered “Provider ...
Today's judgment from the European Court of Justice ("ECJ") in the case Commission v CK Telecoms (C-376/20 P) provides insight into how the EU merger control provisions should be assessed in consolidated markets, such as telecommunications. Understanding the judgment may be relevant for consolidation plans in many industries with tendencies towards oligopoly ...
Did you know? A pilot program providing Hong Kong applicants with the opportunity to expedite their patent applications filed in China has been in place since 1 Jan 2023. The scheme allows Hong Kong permanent residents and entities legally registered in Hong Kong to request prioritized examination for their patent applications before the China National Intellectual Property Administration ...
Shoosmiths’ mobility head, Jonathan Smart, was a speaker at the SMMT International Automotive Summit 2023, hosted in London. Jonathan moderated a panel discussion focused on the competitive challenges facing the UK’s automotive manufacturing sector. The summit was aimed at addressing the challenges facing the automotive sector, including building resiliency, international collaboration, unlocking potential, competitiveness and innovation ...
Many billions of assets under management have already been tokenised. High profile managers such as Franklin Templeton, Abrdn, KKR, Mitsui and Hamilton Lane have already launched tokenised products. Whilst there is no doubt that this is a nascent space, and these assets still represent a tiny percentage of the funds industry, we expect this area to grow exponentially in the coming years. What is tokenisation? Tokenisation is the digital representation of "traditional" financial assets (e.g ...
Acting as a director of a company or incorporated body (whether incorporated in or under the laws of the Bailiwick of Guernsey or elsewhere) by way of business[1] is a regulated activity under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 as amended (the "Fiduciaries Law") ...
On 25 April 2023, Guernsey introduced the Preferred Debts (Insurance Policyholders) (Bailiwick of Guernsey) Amendment Ordinance, 2023. That Ordinance effects changes to the Preferred Debts Law, 1983, which accords priority to certain preferred creditors in the event of insolvency. Full details of Guernsey's insolvency regime can be found here ...
Vikas Shah MBE chats to Adam Wagner on the rule of law. Susanna Reid from ITV’s Good Morning Britain calls him “the barrister who kept the legal receipts”. Put simply, Adam knows more about the Covid regulations which upended our lives from March 2020 onwards than arguably anyone else in the country ...
The European Commission has adopted revised Horizontal Block Exemption Regulations on research and development agreements and specialisation agreements, as well as revised Horizontal Guidelines. This follows a thorough review of the existent rules ...
On 16 June 2023 the High Court handed down its first instance decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others, dealing with the impact on amendments affecting contracted out rights of failing to obtain a section 37 certificate ...
