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 | September 7, 2018
Welcome to Essential Corporate News, our weekly news service covering the latest developments in the UK corporate world.
On September 4, 2018 the European Commission’s Implementing Regulation (EU) 2018/1212 of September 3, 2018 laying down minimum requirements as regards shareholder identification, the transmission of information and the facilitation of the exercise of shareholders’ rights under the amended Shareholder Rights Directive 2007/36/EC was published in the Official Journal.
The European Commission previously published a draft of the Implementing Regulation and invited comments by May 9, 2018.
Changes to the draft Regulation are mainly to clarify existing rules, rather than to introduce new regulations. Changes include the following:
The Annex to the final Implementing Regulation is in largely the same form as under the draft Regulation, but a few minor changes to the requirements for the different types of requests, notices and confirmation required have been made.
The Implementing Regulation will apply from September 3, 2020.
(Commission Implementing Regulation (EU) 2018/1212 – 03.09.18)
On September 5, 2018 the draft EEA Passport Rights (Amendment, etc, and Transitional Provisions) (EU Exit) Regulations 2018 (Exit Regulations) were laid before Parliament. The Exit Regulations create a “temporary permissions regime” whereby EEA firms currently operating in the UK via an EEA financial services passport are guaranteed UK authorisation for a limited time after the UK exits the EU until the Prudential Regulation Authority and the Financial Conduct Authority determine their applications for UK authorisation.
The Exit Regulations make changes to the Financial Services and Markets Act 2000 (FSMA), as well as to other legislation, including to regulation 4 of each of the Companies (Authorised Minimum) Regulations 2008 and the Companies (Authorised Minimum) Regulations 2009.
The amendment to regulation 4 of the 2008 and 2009 Authorised Minimum Regulations removes the ability to obtain a certified spot rate for a currency conversion from a firm, nominated by the company, which has permission to carry on the activity of accepting deposits in the UK by virtue of Schedule 3 of FSMA (EEA passport rights).
The draft Exit Regulations are subject to affirmative resolution by each House of Parliament. If approved, the changes to the Authorised Minimum Regulations will take effect on exit day.
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
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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