Domestically, the CBI announced the countercyclical capital buffer rate is to be maintained. At European level, the EBA has launched a consultation on draft regulatory technical standards to identify extraordinary circumstances to derogate from certain requirements in the area of market risk.
FinanceThe Office of Government Procurement has introduced monetary caps on liability in the forms of public works contracts PW-CF1 to PW-CF8s.
ConstructionIn Eternity Sky Investments Ltd v Mrs Xiaomin Zhang [2023] EWHC 1964 (Comm), the English Commercial Court has refused an application to set aside an order for enforcement of an arbitration award on the grounds of public policy.
DisputesThe European Commission published Guidance in March 2021 in which it indicated that it intended in certain circumstances to encourage and accept Article 22 referrals where the referring Member State(s) did not have the power to review the transactions concerned under national rules.
EU, Competition & ProcurementEuropean Sustainability Reporting Standards, EU-US data privacy, MMFs, interconnectedness among EU investment funds, MiFID II guidelines, AML/CFT/FS.
Asset Management & Investment FundsCBI issues questionnaire: First phase of engagement in ESMA’s CSA on sustainability and risk disclosure, ELTIFs, IF guidance on depositary oversight principles and ESG investment.
Asset Management & Investment FundsThe Central Bank’s Administrative Sanctions Process (the ASP) is the regulator’s key enforcement tool. The ASP is being reformed alongside a package of changes to investigations in the financial services sphere. The Central Bank recently published a consultation paper and draft guidance setting out how they propose to commence and progress enforcement investigations under the ASP going forward.
Financial RegulationThe Central Bank’s Administrative Sanctions Process (the ASP) is the regulator’s key enforcement tool. The ASP is being reformed alongside a package of changes to investigations in the financial services sphere. The Central Bank recently published a consultation paper and draft guidance setting out how they propose to commence and progress enforcement investigations under the ASP going forward.
RegulatoryThe Central Bank has published an engagement update on its review of the Consumer Protection Code following feedback on its discussion paper. It plans to introduce an updated Code in 2024.
ESG & SustainabilityThe Home Secretary recently announced plans to increase fines for employers and landlords who facilitate illegal migrants to live and work in the UK.
BelfastThe Competition (Amendment) Act 2022 (Act) is a landmark statute which will introduce significant changes to the Irish competition law regime, including the ability for civil fines to be imposed in respect of breaches of competition law, an updated leniency regime and amended merger control provisions.
EU, Competition & ProcurementOn 15 December 2022, the Finance Act 2022 (the Act) was signed into law. In doing so it introduced the Defective Concrete Products Levy (DCPL). The Government introduced the DCPL to fund the redress scheme for homeowners affected by defective concrete products used in the building of homes.
Construction