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
Global | Publication | March 2022
In the information note 22/5 dated 10 March 2022, the Luxembourg Commissariat aux Assurances (CAA) requested that all entities under its supervision carry out an impact assessment in the short and medium term and should implement enhanced due diligence measures following Russia's military aggression against Ukraine.
The enhanced due diligence and analysis of potential impacts undertaken should cover at least the following areas:
In the event that all of the above analyses have identified the need for an entity to produce a new own risk and solvency assessment (ORSA) (e.g. as a result of an adjustment to the business plan or the development of new scenarios), the entities concerned are invited to send this amended ORSA to the CAA.
Notwithstanding the above paragraph, the results of the analysis, reviews and revisions must be made available to the CAA.
In the event of the emergence of a material risk, the entity is invited to contact the CAA as soon as possible.
(* These areas are only relevant for insurance and reinsurance undertakings)
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
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023