Publication
UK Carbon Border Adjustment Mechanism: how will it work?
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Australia | Publication | August 2023
This article was co-authored with Abhi Ravishankar and Joel McKay
In a much anticipated development, Treasury has released for consultation its exposure draft on Australian financial service (AFS) license exemptions for foreign financial services providers (FFSPs) (the exposure draft Bill and explanatory memorandum can be found here). This consultation comes off the back of the previous Federal Government’s Bill which was tabled in Parliament in early 2022 (please see our article here) and lapsed with the calling of the Federal election in May 2022.
The draft Bill introduces a new condition on FFSPs relying on the proposed licensing relief to do all things necessary to ensure that the financial services are provided efficiently, honestly and fairly. This is subject to certain exceptions for financial product advice, dealing in a financial product or making a market or providing custodial or depository services in certain circumstances. ASIC will have the power to cancel any relevant exemption on the grounds that it reasonably believes the FFSP has contravened this efficiently, honestly and fairly condition.
In line with the previous Bill, the professional investor exemption allows FFSPs to conduct marketing visits to Australia of up to 28 calendar days each financial year.
The consultation period closes on 8 September 2023 and the draft Bill is expected to come into force on 1 April 2024. Please contact a member of our team if you have any queries about the draft Bill legislation or to discuss available options.
Publication
In February, we reported on the Department of Energy Security and Net Zero’s confirmation that a UK Carbon Border Adjustment Mechanism (CBAM) would be bought into force by 2027
Publication
Last November the Financial Conduct Authority (FCA) published Policy Statement 23/16 (PS23/16) containing final rules and guidance on sustainability disclosure requirements (SDR) and investment labels (UK SDR regime).
Publication
International financial markets have started to show significant interest in nature and biodiversity. Whilst climate change and greenhouse gas emissions have made the headlines in recent years, there has been much less focus on their equally important counterparts, nature and biodiversity. However, that has started to change.
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