Explore our key resources and stay abreast of market developments and trends in the corporate power purchase agreement space.
In July of 2017, Andrew Bailey, the chief executive of the UK Financial Conduct Authority (FCA), announced in a speech that after 2021 the FCA would no longer use its power to compel panel banks to submit rate information used to determine the London Interbank Offered Rate (LIBOR). Mr. Bailey encouraged the market to develop robust alternative reference rates to replace LIBOR.
The world of work after COVID-19 is not the same as before. The pandemic has triggered a change in employment law and created new challenges.
This article contains the latest updates from the Energy and Sustainability sector in Italy. Updates include; EUR 1.1billion has been allocated to the development of agrivoltaics by the Italian NRRP, the Ministry of Economic Development has signed a decree implementing an IPCEI fund, and the Bank of Italy has adopted its Responsible Investment Charter to foster ESG finance.
Due to the number of new developments and regulatory rules included in several different laws, which apply to multiple services, it can be difficult not to lose track of all requirements. Therefore, Baker McKenzie associates started a series that covers the most relevant requirements and to whom they apply, including the impact of the EU country of origin principle. Updates have been made to areas such as social media, search engines, app stores, video-sharing platforms, media compilation apps and services, and smart devices/connected devices.
On 16 July 2021, the Order of the Ministry of Economy of Ukraine No. 913-21 approving the templates of employment agreements on home and distance work came into effect.
Indirect sex discrimination claims about working patterns and hours are sometimes based on the premise that women are less able than men to comply with an employer’s requirements because they are more likely to have childcare responsibilities.
The FCA recently published a consultation paper (CP21/24: Diversity and inclusion on company boards) setting out a number of proposals to enhance diversity-related reporting by certain listed companies. Proposals include creating new requirements in the Listing Rules for certain premium and standard listed companies to publish (in their annual report and accounts) a “comply or explain” statement on whether they have achieved proposed targets for gender and ethnic minority representation on their board, as well as preparing further numerical data on the gender and ethnic diversity composition of the company’s board, key board positions, and executive management team. The consultation will close on 20 October 2021, with the proposed rule changes expected to come into force for financial years starting on or after 1 January 2022.
The FCA has written a letter to the chairs of authorised fund managers on improving the quality and clarity of authorised ESG funds, setting out guiding principles on compliance with ESG obligations. The FCA’s letter is driven by concerns about the number of poor quality applications for funds marketed with a sustainability and ESG focus making claims that do not hold up under scrutiny. In the letter, the FCA criticises “the number of poor-quality [ESG/sustainable] fund applications we have seen and the impact this may have on consumers”, and requires material improvements to be made.
On 30 June 2021, the largest amendment to the Act of 12 May 2011 on Reimbursement of Medicinal Products, Foodstuffs Intended for Particular Nutritional Uses and Medical Devices (“Reimbursement Law”) was published for public consultations until the end of August (“Draft”). The Draft is intended to enter into force within three months of its publication; however, it is difficult to predict how long the legislation process will last.