As discussed in our previous article in September 2023, late last year, the UK government launched a two-month consultation on whether the UK should join the Hague Judgments Convention 2019 (HJC). This consultation closed on 9 February 2023, with the outcome following on 23 November 2023 that the UK looks set to join the HJC “as soon as practicable”[1].
DisputesEarlier in the year, we reported on the progress of the EU General Product Safety Regulation (GPSR) published in 2021, and the ongoing negotiations between the European Union (EU) institutions to finalise this significant new legislation intended to replace the General Product Safety Directive (Directive 2001/25) (GPSD).
DisputesTransparency allows for the detection of discrimination, raises awareness and stimulates debate around why such pay differences exist. Read more here.
EmploymentOn 4 December 2023, the European Supervisory Authorities published their Final Report on draft Regulatory Technical Standards on the review of PAI and financial product disclosures in the SFDR Delegated Regulation.
Asset Management & Investment FundsOn 20 December 2023, the Minister of State for Business, Employment and Retail announced major changes to the employment permits system which will take effect in January 2024.
EmploymentOn 27 July 2023 the Department of Finance published its second feedback statement the draft legislation to implement the OECD’s Pillar 2 Rules.
TaxOn 31 March 2023 the Department of Finance published its first feedback statement the draft legislation to implement the OECD’s Pillar 2 Rules.
TaxReducing migration – both legal and illegal - remains a key policy for the government. Unannounced visits designed to stop illegal working increased by 50% in 2023 and 2024 will bring significant increases in civil penalties for employers found to be facilitating illegal working. With the maximum fine tripling to £60,000 per worker, it is crucial that employers familiarise themselves.
The Competition Consumer Protection Commission has been recently allocated with increased resources and new powers which will enable it to expand its role in regulating the digital economy. Read more here.
EU, Competition & ProcurementThe Central Bank of Ireland (CBI) has reprimanded and fined GlobalReach Multi-Strategy ICAV (ICAV), a UCITS ICAV, €192,500 pursuant to the European Union (European Markets Infrastructure) Regulations 2014 (EMIR Regulations).
Regulatory Risk & InvestigationsIn the International Fintech Review 2023/24, our Financial Regulatory Advisory team provide an insight into key developments and latest trends in fintech.
FinTechThe European Union’s Artificial Intelligence Act (AI Act) is one of the first attempts from a major regulator to address the growing prevalence of AI technologies. Businesses that develop, use and supply AI systems will be impacted. Importantly, this includes insurance sector firms and service providers.
Insurance & Reinsurance
