The £450bn additional (!) pensions deficit
The European Insurance and Occupational Pensions Authority (EIOPA), the European Union’s technical level body for pensions and insurance supervisors, this week published its preliminary assessment of the quantitative impact on the funding of defined benefit (DB) pension schemes of applying EIOPA’s proposals for Solvency II type funding requirements to DB pension schemes. EIOP…
Financial Services Bill receives Royal Assent
The Financial Services Bill received Royal Assent on 19 December 2012. The Bill has now become an Act of Parliament and will be known as the Financial Services Act. The new Act will come into force on 1 April 2013, and sets out a new regulatory framework for financial regulation in the UK. The Act provides regulators with comprehensive powers to counter future risks to financia…
ESMA consults on its prospectus recommendations for mineral companies
On 1 October 2012, the European Securities and Markets Authority (ESMA) published a consultation paper proposing amendments to its recommendations (Recommendations) on the consistent implementation of the European Commission’s Regulation on Prospectuses as they impact on mineral companies. ESMA updated the Recommendations for mineral companies in March 2011 (see our April 2011 …
Scottish Court provides guidance on availability of damages for mis-selling of interest rate agreements
A recent decision issued by Lord Hodge in the Court of Session in Scotland (on 21 August 2012) suggests that the circumstances in which corporate borrowers will be able to claim damages for allegedly mis-sold interest rate hedging products will be limited and, for those customers, recourse to the FSA may be the only course of action. As Banks look to stay litigations pending th…
The Equator Principles explained
The Equator Principles (EPs) are a voluntary set of principles that have been adopted by certain banks in connection with project finance deals. In particular, the EPs are aimed at ensuring that social and environmental issues are considered when banks and other financial institutions are providing debt finance for infrastructure projects. The banks and other financial instit…
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