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In ESG

United Kingdom: FCA issues guiding principles for funds on compliance with ESG obligations

by and 4 Mins Read

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.

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In Europe

United Kingdom: HMT confirms introduction of new financial promotions gateway

by , and 7 Mins Read

On 22 June 2021, HM Treasury (HMT) confirmed that it will take forward legislation to introduce a gateway for the approval of financial promotions of unauthorised persons. Once the gateway is in place, only firms which have successfully applied to the FCA to approve financial promotions will be permitted to approve the financial promotions of unauthorised persons.

In AML & Financial Services Regulatory

United Kingdom: National Security and Investment Act to enter into full force on 4 January 2022

by , and 14 Mins Read

On 20 July 2021, the UK Government announced that the National Security and Investment Act will enter into full force on 4 January 2022. To help businesses prepare for commencement of the regime, the Government also published alongside this announcement a series of further guidance notes and materials.

In Asia-Pacific

Bite-size Briefings: Environmental, Social and Governance (ESG) regulation

by , , , , , , , , and 2 Mins Read

This edition takes a bite-size look at the different rates of progress of environmental, social and governance (ESG) regulation and voluntary standards across the European Union, Hong Kong SAR, Japan, Singapore, the United Kingdom and the United States.

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In Asia-Pacific

United Kingdom & Vietnam: New circular to implement the UK-Vietnam FTA’s rules of origin

by , , and 4 Mins Read

The UK-Vietnam Free Trade Agreement entered into force as a replacement for the Vietnam-EU Free Trade Agreement due to Brexit, to leverage Vietnam-UK trade relations. To implement preferential tariff treatment under the UKVFTA, the Ministry of Industry and Trade issued Circular No. 02/2021/TT-BCT that will regulate the origin issues and take effect on 27 June 2021.

In Antitrust / Competition

United Kingdom: New subsidy control regime

by , and 3 Mins Read

Since the end of the Brexit transition period on 31 December 2020, there has been significant uncertainty regarding the practical application of the UK’s international commitments on subsidy control. However, on 30 June 2021, the Government outlined its main legislative proposals for a new UK subsidy control regime. It introduced its long-awaited Subsidy Control Bill to Parliament, published a number of policy papers and provided a response to the public consultation that ran from 3 February to 31 March this year.

In ESG

EU and United Kingdom: UK Implements New “Right to Repair” Rules for Household Products to align with EU Ecodesign Requirements

by , and 5 Mins Read

On 1 July 2021, the majority of the provisions in the UK’s Ecodesign for Energy-Related Products and Energy Information Regulations 2021 came into force ensuring the UK’s Ecodesign regime remains aligned to the EU’s regime post-Brexit. It introduces tighter rules for how much energy white goods, such as washing machines, can use and sets out new ‘right to repair’ rules which impose a legal obligation on manufacturers to make spare parts and repair and maintenance information for particular appliances available in order to facilitate repairs. Manufacturers will have to incorporate ‘reparability’ into their designs and processes to ensure compliance with the new rules.

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In Covid-19

United Kingdom: Introduction of NHS COVID Pass and its implications on international travellers

by , , , , and 2 Mins Read

The UK Government has introduced the NHS COVID Pass. The NHS COVID Pass allows you to show others the details of your COVID-19 vaccine (or vaccines) when travelling. It is a secure way to share your coronavirus (COVID-19) vaccination records or test COVID-19 status. In England and at places that use the service, you may be asked to demonstrate your COVID-19 status in order to gain entry to a venue or event.

In Employment

United Kingdom: Lack of protection from detriment for participating in industrial action breaches Article 11 ECHR

by , and 4 Mins Read

The Employment Appeal Tribunal (EAT) has held that the lack of protection from detriment for participating in industrial action under section 146 of the Trade Union and Labour Relations (Consolidation) Act 1992 (TULRCA) was a breach of Article 11 of the European Convention of Human Rights (ECHR) which guarantees the right to freedom of assembly and the right of workers to form and join trade unions. The EAT held that it was possible to read such protection into section 146.

In Employment

United Kingdom: Government to introduce duty to prevent sexual harassment in the workplace and protection from third party harassment

by , and 3 Mins Read

The government has published its response to its consultation on sexual harassment in the workplace, which closed in October 2019. When parliamentary time allows, the government will legislate to introduce a new duty on employers to prevent sexual harassment in the workplace and introduce explicit protections for harassment from third parties such as customers and clients.

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