Employer-related investments meaning

This marks the first stage of the regulator’s climate‑related financial disclosure regime to be enforced, covering all FCA‑authorised firms, with rules on the labelling and marketing of investment products arriving later this year from July (see FCA, PS23/16: Sustainability Disclosure Requirements (SDR) and investment labels, 28 November 2023). The regime extends to regulated activities undertaken by private enterprises, listed companies and public sector bodies alike. These measures are intended to ensure that statements made by regulated entities about the sustainability credentials of supposedly green products and services are fair, clear, not misleading, and consistent with the sustainability profile of the product or service. Yet are the new rules sufficient to resolve the problem of misleading information about a company’s green credentials and its products and services? Are these anti‑greenwashing provisions anything more than a greenwashing exercise themselves? They play well in public relations, signalling that government agencies are acting to shape corporate behaviour on climate change. The problem is that, when examined more closely, they are still likely to deliver...

EU financial services developments Commission seeks views on EU banking competitiveness The European Commission has opened a call for evidence to review overall competitiveness within the EU banking sector, examining structural hurdles to cross‑border operations and the degree of financial market integration more broadly. The exercise will assess whether the existing prudential, supervisory and crisis management frameworks remain fit for purpose in light of shifting market dynamics, ongoing digitalisation and worldwide competitive pressures. Submissions are requested by 11 March 2026. Under the Savings and Investments Union (SIU), the Commission intends in 2026 to release a communication on the Single Market in banking, featuring an appraisal of the sector’s competitiveness and related issues. The Commission notes that ten years of reforms have greatly reinforced financial stability, yet the EU banking landscape is still segmented along national borders, characterised by a highly complex regulatory framework and notably varying national implementation of certain rules and market structures...

Mergers The Commission has been notified of CDPE/Trilantic/Agri Holding (M.11880) under the simplified merger procedure. Commitments were submitted in M.11253 involving Safran and part of Collins Aerospace’s actuation and flight control business. For live merger reviews, see EU mergers—ongoing cases tracker. Antitrust Meta Platforms and Meta Platforms Ireland have filed Case T–66/25 before the General Court, contesting the Commission’s decision in Meta (Facebook Marketplace) (AT.40684). For live antitrust appeals, see General Court appeals—ongoing cases tracker. Foreign Subsidy Regulation The Commission has received a concentration notification in Omnicom/IPG (FS.100190). For live Foreign Subsidies Regulation probes, see Foreign Subsidies Regulation—ongoing cases tracker. State aid Under EU State aid rules, the Commission approved a Czech scheme (€90m) to support building, refurbishing, and acquiring affordable rental homes—see Midday Express. For live State aid decisions and investigations, see EU State aid decisions—ongoing cases tracker. Russian’s invasion...

The general prohibition Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), no person may undertake regulated activities in the UK unless they are authorised or fall within an exemption. This is referred to as the general prohibition. For guidance on the territorial reach of this restriction, see Practice Note: Territorial scope of the prohibition. Under FSMA 2000, s 31, an authorised person is one who: has been granted permission by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) under FSMA 2000, Pt 4A to carry on specified regulated activities; or is a Gibraltar-based person with a Schedule 2A permission to carry on one or more regulated activities. Please note that this latter provision, inserted by section 22(1), (2) of the Financial Services Act 2021, is not yet in force...

Scope of the regime (NSIA 2021) took full effect on 4 January 2022. From that point, the UK Government gained powers to scrutinise and intervene in a broad array of investments in entities operating in the UK, and in purchases of related assets, with the goal of stopping deals that might threaten the UK’s national security. The regime is run by the Investment Security Unit (ISU) within the Cabinet Office, while the formal decision‑maker is the Chancellor of the Duchy of Lancaster (described in the Act, and here, as the ‘Secretary of State’). Beyond handling notifications and associated proceedings, the ISU may issue guidance on the regime and how it applies to particular transactions. Under NSIA 2021, certain investments in business entities active across 17 specified UK sectors must be notified to the ISU by the investor and cleared by the Secretary of State before completion. This notification duty applies whether the investor is UK‑based or overseas, and also to investments in foreign entities active in these sectors in...

Use of terms ‘connected’ and ‘associate’ in pensions Although initially coined within the insolvency/bankruptcy regime set out in the Insolvency Act 1986 and underlying regulations, the notions of ‘association’ and ‘connection’—together with the allied idea of ‘control’—have, over time, been adopted and applied across various parts of the UK’s pensions legislation framework for practical purposes in appropriate cases. Examples include: Moral hazard powers — the terms are employed in the moral hazard provisions of the Pensions Act 2004, in practice to assess the degree of distance or proximity of entities from sponsoring employers of occupational pension schemes, and whether such entities might be susceptible to the Pensions Regulator’s moral hazard powers, for example the issue of financial support directions and contribution notices — for further information, see Practice Notes: Contribution notices and Financial support directions Employer-related investments — the terms are used in the employer-related investment framework in relation to the capacity of trustees of occupational pension schemes to enter into dealings with the schemes’...

This Deed is entered into on [ insert date ] 20[ insert year ]. Parties THE COMPANIES named in Schedule 1 (each a Chargor and, collectively, the Chargors); and [ insert name of security agent ], as security agent and trustee for the Finance Parties, on the terms and conditions set out in the [ Facilities Agreement OR Intercreditor Agreement OR Security Trust Deed ] (the Security Agent). Recitals: (A) The Finance Parties have agreed to make available loan facilities on the terms and conditions contained in the Facilities Agreement (as defined below). (B) It is a condition precedent to the availability of the loan facilities that each Chargor executes this Deed for the purpose of granting security in favour of the Security Agent in respect of the Secured Obligations (as defined below)...

This precedent is produced on the assumption that the drafter acts for the buyer and on the footing that the target company (the Company) is a subsidiary of the Seller. You are strongly encouraged to engage a pensions specialist at the earliest opportunity. 1 Definitions For the purposes of paragraphs 2 to 9 (inclusive): Employee means any current or former employee, officer or director of the Company [ or of any Group Company ] [ and any other person involved in managing the affairs of the Company ]; Pension Scheme[s] means [ [ name(s) of scheme(s) ] OR an arrangement or practice for the payment of, or contribution towards, an annuity, pension, lump sum, gratuity or similar benefit to be provided on retirement, ill-health, death or change in service status, or pursuant to a pension sharing order, in relation to the service or historic service of an Employee or any other person, or for the benefit of that individual’s dependants ]. ...