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International Funds Legal Update

FCA's supervisory strategy for asset management firms and post-Brexit regulations, the EU's update of AIFMD II, and more

Herbert Smith Freehills advises Joint Lead Managers of ANZ's A$1.5 Billion Capital Notes 8 issue

CN8, which will constitute Additional Tier 1 Capital under Australian Prudential Regulation Authority standards, are mandatorily convertible subordinated perpetual securities issued by ANZ.

GDPR cross-border enforcement cooperation process to be streamlined

A proposed regulation is scheduled to be published some time between the start of April and end of June 2023.

EBA publishes final draft RTS on homogeneity of underlying exposures in on-balance-sheet STS securitisations

The Final RTS will be sent to the European Commission.

Dutch DPA threatens passenger data processing ban over ‘unlawful’ implementation

The court clarified that the system introduced by the PNR Directive can only cover clearly identifiable and circumscribed information listed in its Annex I

Stats suggest value of HMRC penalties for export breaches is increasing

HMRC has indicated that the enforcement of export controls is a high priority, and the rise in value of recent compound penalties evidences that priority.

Investment Business Amendment Act 2022 – Application Deadline

Existing entities brought into scope by the Amendment Act of the requirement to be registered or licensed under the IBA will need to apply to the Bermuda Monetary Authority

Licensing under the new lending, credit and finance law

Any business activity that is within scope of the LCF Law is not permitted without a licence

GDPR guidance for automated driving systems provided in Germany

The Baden Württemberg data protection authority said it had visited Mercedes-Benz and inspected an automated driving system it has developed that uses a range of technologies

English football awaits detail on new regulator

It is a delicate balancing act that the government will have to strike, but implemented successfully

FCA publishes new Discussion Paper on updating and improving the UK regulatory regime for asset management

The DP does not provide any detailed recommendations for discussion, but flags at a high level possible directions of travel across a broad range of areas.

Experts warn UK businesses of imminent changes to anti-money laundering regulations

For dealings with trust entities, businesses subject to the MLRs will have to comply with checks of the trust registration service (TRS) that is maintained by HM Revenue and Customs (HMRC).

Singapore to launch new tax incentive scheme for donors with family offices

The MAS will provide more details by the end of June.

Disputes arising from the energy transition will be many and varied

As requirements are updated and new standards set, and as environmental, social and corporate governance (ESG) issues become more important factors in investor decision-making

Germany ratifies UPC Agreement ahead of 1 June 2023 court start date

The project has been the subject of significant delays, not least due to legal challenges brought against German ratification previously and, more recently, IT issues posed by the court’s electronic Case Management System.

Player contracts: antitrust regulators sharpen tools against no-poach and wage-fixing agreements

National competition authorities in the EU have also launched investigations into no-poach cases and issued fines.

‘Digital pound’ proposals imagine new wave of disruption in UK payments

Based on the proposals on which they are consulting, the UK payments market could be set for a significant shake-up.

Trade Union Act Amendment Bill

If the Amendment Bill is passed during the National Assembly plenary session in June of this year, it is expected to introduce significant modifications to labor relations.

Bill to amend the Danish Aliens Act to strengthen international recruitment now proposed

The bill also proposes to expand the positive list for higher education graduates to include more job titles and make it more predictable.

Updated consumer law guidance for higher education providers welcomed

It said revisions would update the guidance’s references to consumer law and to stakeholders but added that much of the original advice will remain unchanged.

Government Regulation