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Europe steps up its fight against fraud
European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
United Kingdom | Publication | October 2023
The Pensions Regulator (TPR) has published an update to its guidance on Regulated Apportionment Arrangements (RAAs), replacing its earlier guidance published in 2010 and its subsequent 2017 ‘quick guide’.
An RAA enables an employer facing inevitable insolvency to apportion its liabilities under a defined benefit scheme to another participating employer(s) and cease participation in the scheme, which will then enter the Pension Protection Fund (PPF). There are a number of regulatory requirements to be met including TPR approval and the PPF must not object to it.
The updated TPR guidance, while mostly aligned with TPR’s current approach, is more detailed than earlier guidance and places a stronger focus on the criteria needed for RAA approval.
TPR has emphasised:
The guidance sets out the following principles that will need to be satisfied and how this can be evidenced:
The guidance also states that:
Publication
European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
Publication
The Digital Markets, Competition and Consumers Act (DMCC Act) received Royal Assent on 24 May 2024 and is generally expected to come into force in autumn this year.
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Head of Legal Operations, Stephanie Hamon, will be joining the panel discussion on "Simplifying Legal Tech Adoption and Implementation" at the Legal Tech Talk conference on June 13th (3:30 - 4:15 PM).
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