The Standard Formula Podcast | Solvency II Back to Basics: Third Country Branches and Cross-Border Provision of Services
The Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025 (SI 2025/670) have been published, alongside an explanatory memorandum. The regulations amend the UK version of Regulation 2012/648 (UK EMIR) and...more
In 2021, shortly after Brexit became effective, the UK Intellectual Property Office (IPO) established the “UK+ regime” on the exhaustion of intellectual property (IP) rights with regard to the European Economic Area (EEA)....more
As we approach 2025, both the UK and the European Union are intensifying their efforts to reduce greenhouse gas emissions through their respective emissions trading schemes. Understanding the similarities and differences...more
European Commission Imposes Fine for Restrictions on Cross-Border Sales of Clothing - On 28 November 2024, the European Commission (EC) announced a fine of €5.7 million on Pierre Cardin and its licensee Ahlers for...more
On October 23, the UK Government’s House of Lords had its first reading of a new proposed data protection bill, the Data (Use and Access) Bill (“DUA Bill”), as sponsored by the Department of Science, Innovation, and...more
A draft version of the Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 has been published, alongside a draft explanatory memorandum. The...more
The draft Securitisation (Amendment) (No. 2) Regulations 2024 have been published, together with an explanatory memorandum. At present, U.K. investors in U.K.- or EU-origin Simple, Transparent, and Standardized...more
As Jersey is considered from a UK and an EU perspective to be a "third country", it is outside the scope of full compliance with the AIFMD and can take advantage of the NPPR marketing routes. A Jersey domiciled AIFM will...more
The Financial Conduct Authority has updated its webpage on the Overseas Funds Regime to confirm that it will open the gateway to new schemes on September 30, 2024. From that date, new schemes (schemes not in the Temporary...more
On 17 July 2024, the Financial Conduct Authority (FCA) published a policy statement (PS24/7) setting out the final rules and guidance necessary to implement the UK’s Overseas Funds Regime (OFR). This follows the FCA’s...more
Quick Hits Schrems II Recap Most people are now familiar with the Schrems II requirements to “know your transfers” and to protect personal data when such information is subject to processing (including remote access to...more
The Financial Services and Markets Act 2000 (Overseas Funds Regime) (Equivalence) (European Economic Area) Regulations 2024 (SI 2024/635) were made on May 13, 2024 and enter into force on July 16, 2024. Established by the...more
The text of the Directive amending the Alternative Investment Fund Managers Directive (AIFMD) (AIFMD II) was published on 26 March 2024 and will enter into force on 15 April 2024. AIFMD II introduces, among other changes,...more
At a time of significant geopolitical challenges, many jurisdictions are looking at their investment screening regimes to ensure that they can adequately safeguard national security and public order. Within this context,...more
The Home Office has updated its guide on right to work (work authorization) checks for employers in the UK. Changes coming into effect this month include a less flexible approach to late applications to the EU Settlement...more
To address the limitations of the current temporary marketing permission regime (“TMPR”), which permits EEA funds marketed in the UK before Brexit to continue to access the UK market, the UK government introduced the overseas...more
On 30 January 2024, the UK government published a written statement (Statement) granting an equivalence decision for European Economic Area (EEA) undertakings for the collective investment in transferable securities (UCITS...more
On 30 January 2024 the Economic Secretary to HM Treasury issued a statement to MPs on the long-awaited first equivalence assessment under the Overseas Fund Regime ("OFR"). Following a 'detailed assessment', European Economic...more
(Re)insurance is a global business. It is common for (re)insurance groups to operate in a range of jurisdictions via: i. locally incorporated and authorised subsidiaries, ii. local branches of third country...more
EU’s 12th Sanctions Package - On 19 December 2023, the Council of the European Union (EU) together with the Commission published its 12th round of sanctions....more
The Development: The Screening of Third Country Transactions Act 2023 (the "STCT Act") was signed into law on October 31, 2023, introducing a new investment screening regime in the Republic of Ireland ("Ireland") with a...more
Welcome to our monthly update on current legal issues for trustees of DC pension schemes, designed to help you stay up to date with key developments between trustee meetings, and to support the legal update item on your next...more
We would like to bring to your attention that there are new “address for service” rules coming into effect on 1 January 2024 at the UK Intellectual Property Office (UKIPO) which may have an impact on your trade mark...more
Effective July 10, 2023, the EU-U.S. Data Privacy Framework (“EU-U.S. DPF”) replaced the invalidated EU-U.S. Privacy Shield framework (“Privacy Shield”). Participating U.S. organizations can now receive personal data...more
Welcome to your weekly update from the Allen & Overy Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions. This week we cover the following topics: International...more