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B2C marketing: CMA calls for businesses to disclose how "green" their products really are

The Competition and Markets Authority (CMA) has recommended legislating to impose a positive obligation on consumer-facing businesses to disclose information about the environmental impact of their products. It has also recommended changes designed to make it easier to enforce consumer law against companies making misleading environmental claims, to allow orders to be made requiring businesses to make redress payments for environmental harm and to increase supply chain transparency.

HMRC provides comfort to credit funds (and others) on scope of trading prohibition for QAHCs

In April, the UK introduced a new tax privileged regime for qualifying asset holding companies (QAHCs). However, many in the industry felt that the original guidance on the regime published by HMRC did not provide sufficient clarity as to when the activities of an asset holding company (AHC) would constitute a trade. This was important because a QAHC is almost completely prohibited from trading (trading activities must be both ancillary to the company's main investment business and not substantial). 

New ESMA supervisory briefing and ESA clarifications on the ever-changing SFDR regime

On 31 May 2022, the European Securities and Markets Authority (ESMA) published a supervisory briefing (the Supervisory Briefing) addressed to EU national competent authorities (regulators) to promote "common supervisory practices" on the EU Sustainable Finance Disclosure Regulation (SFDR) and other pieces of EU legislation concerning financial sustainability. This was closely followed on 2 June 2022 by a publication of the European Supervisory Authorities – one of which is ESMA - (ESAs) which sets out clarifications (the ESA Clarifications) on the draft regulatory technical standards (RTS) under SFDR.

Sanctions Update: UK's Office of Financial Sanctions Implementation sets out new enforcement guidance in advance of enhanced powers coming into force

On 15 March 2022, the UK's new Economic Crime (Transparency and Enforcement) Act (the "ECA") received Royal Assent. The legislation contained a number of important provisions, including the introduction of a new 'Register of Overseas Entities' and reforms to unexplained wealth orders.

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