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Pensions De-risking

We are pleased to present the first edition of "Pensions De-risking", our periodical update on developments in the pensions de-risking marketplace. This first edition includes topical content on illiquid investments in the context of de-risking activity and links to other Travers Smith content on the increasingly recurring theme of pension scheme surpluses.

Meta hit with record €1.2 billion fine for data transfers to the US

Ireland's Data Protection Commission (DPC) has published its decision following its inquiry into Meta Platforms Ireland's transfer of personal data from the EU/EEA to the US for Meta's Facebook service. The corrective steps it has ordered and €1.2 billion fine, the largest ever issued under GDPR, are a substantial, albeit expected, blow for Meta.

Getting ready for pensions dashboards

In this "Getting ready for pensions dashboards" series (recorded in February 2023), we discuss what actions schemes need to take to prepare for pensions dashboards.

London calling - reform of UK capital markets

Now that the FCA has published its proposals for a radical overhaul of the listing regime, we take stock of the wider package of reforms affecting the UK listing, prospectus and secondary fundraising regimes. The reforms are aimed at making London a more attractive and trusted place to list and at striking a balance between achieving transparency and market integrity, whilst removing some of the complexities and key frictions that are often seen as too burdensome.

European Commission refuses to let the dust settle on the EU Taxonomy

On 5 April 2023, the Commission launched a consultation on its draft of the long-awaited technical screening criteria ("TSC") for the four remaining Taxonomy objectives, sometimes known as "TAXO4"1.  The TAXO4 TSC were initially intended to be in place by 1 January 2023, a year after the TSC for the first two environmental objectives, but have been significantly delayed. Therefore, the draft's publication finally provides a fuller picture of the Taxonomy and gives those with ambition to align to the remaining environmental objectives an idea of the scale of that task.

Court of Appeal upholds decision that tax silk advising investment scheme promoter owed no duty of care to investors: McClean & Ors v Andrew Thornhill [2023] EWCA Civ 446

In its recent decision in McClean & Ors v Thornhill, the Court of Appeal found that a leading tax silk appointed to advise the promoter of three tax avoidance schemes did not owe a duty of care to investors, notwithstanding that the silk had consented to his advice being shared with the investors. The decision provides useful guidance as to the circumstances in which professionals, particularly legal professionals, may be found to have adopted a duty of care to prospective claimants by whom they have not been directly instructed.

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