On 12 May 2022, the CSSF published Circular 22/810 on the procedures to be followed by Luxembourg-based undertakings for collective investment in transferable securities (UCITS) and investment fund managers in order to notify pre-marketing or cross-border marketing of units or the discontinuation of such activities. The circular follows the introduction of an additional notification procedure for the discontinuation of cross-border marketing of sub-funds of UCITS and alternative investment funds (AIFs) and new requirements for alternative investment fund managers (AIFMs)...

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With the renewed threat of the UK Government legislating domestically to undermine the Northern Ireland Protocol of the EU-UK Withdrawal Agreement, the EU and the UK Government accused each other of “showing flexibility” and undermining the province’s economic and political cohesion.  In their first talks since the Sinn Féin’s win in the Northern Ireland Assembly elections and Tuesday’s Queen’s Speech which didn’t include the rumoured legislation on Northern Ireland, European Commission Vice-President Maroš Šefčovič warned over his continued “serious concern...

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The modern workplace is made up of diverse groups of people from a variety of backgrounds who possess an eclectic mix of skills and interests. Gone are the days when everyone in an office tended to look and sound the same. Today, you will find a variety of people sharing a workspace, each with their own unique blend of experiences and beliefs. In response to this new landscape, the archetype of the “modern employee” has evolved significantly. There are...

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Key insights Don’t gloss over the Federal Trade Commission’s updated Safeguards Rule just because you’re not a bank or credit union. Under GLBA, “financial institutions” is defined in broad context — and it can impact organizations across many industries. Check your data handling practices ahead of the December deadline, to help keep customer information confidential and secure and get in compliance. Protecting customers’ personal information isn’t just good business, it’s often a requirement. Now, an updated rule may mean some...

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On 10 May 2022, the United Kingdom (UK) Government announced its intention to introduce a reform bill that will implement extensive changes to the existing domestic data protection framework. In the Queen’s Speech, the Prince of Wales unveiled the UK's planned Data Reform Bill, which expects to create ''a more flexible, outcomes-focussed approach to data protection that helps create a culture of data protection, rather than 'tick-box exercises.''' If implemented, the proposed changes will see the UK deviate from...

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LATEST MATTERS FROM THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) The following is a summarised update of key matters arising from the discussions and decisions taken by the IASB at its meetings on the following dates: 25 January 2022 25 February 2022 24 March 2022 The full update, as published by the IASB, can be found here. Primary Financial Statements The IASB continued discussions on proposals in the exposure draft General Presentation and Disclosures published in 2019. This exposure draft seeks to improve...

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What does ESG really mean for corporates in 2022? We have teamed up with leading ESG advisors at Cardano, Georgeson and Kekst CNC to draw together our insights in a guide that provides a 360° response to this question, and to help clients respond holistically to the ESG issues and opportunities they currently face. ESG Perspectives: A 360° view of key ESG issues and opportunities for corporates in 2022 Environmental, social, and governance (ESG) considerations are increasingly central to every aspect...

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Today, the European Commission and the European Investment Bank (EIB) signed an ambitious Guarantee Agreement through which the European Commission will support up to €26.7 billion of EIB financial operations to enable crucial public investments in sectors like clean energy, digital and transport infrastructure, health and education over the next seven years, rolling out Global Gateway worldwide. Commissioner for Neighbourhood and Enlargement, Olivér Várhelyi, said: “Today’s landmark guarantee agreement with the European Investment Bank will enable to finance the implementation of our...

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