United Kingdom: Regulator’s draft policy on new criminal offences provides some reassurance to would...

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Following the passing of the Pension Schemes Act 2021 into law, further details outlining how the tougher powers for the Regulator will operate have been published. They include a consultation by the Regulator on a draft policy setting out how it will approach the investigation and prosecution of the new criminal offences (avoiding an employer debt and risking DB benefits). Separately, the Department for Work and Pensions has launched a consultation on two sets of regulations setting out proposals about how the new employer resources test and the Regulator's information gathering powers will operate. The consultations close on 22 April and 29 April respectively.

United Kingdom: Revised guidance on Resident Labour Market Test

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Despite having removed the advertising requirement from the rules when it revised Tier 2 General into the Skilled Worker category, in its revised Appendix D guidance (on keeping documents), UKVI has now included a requirement to keep records of recruitment.

Philippines: More updates on eRehistro from the National Privacy Commission

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On 20 March 2021, the Philippine National Privacy Commission (NPC) answered a new batch of frequently asked questions regarding eRehistro, specifically with regard to the commission’s validation process, user credentials and the certificate of registration.For previous responses from the NPC on this topic, check out our earlier client alert here.

United Kingdom: The Kalifa Review – Reshaping financial services regulation and policy

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In brief The UK's fintech sector is due to get a major boost in reforms suggested as part of the Kalifa Review of UK Fintech (the Review). These reforms are part of a suite of legislative reviews...

Philippines: Financial Institutions Strategic Transfer Act signed into law

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On 16 February 2021, President Rodrigo Duterte signed Republic Act No. 11523 or the Financial Institutions Strategic Transfer Act ("FIST Act"). The FIST Act allows financial institutions (FIs), including the Bangko Sentral ng Pilipinas (BSP), banks, financing companies, investment houses, lending companies, insurance companies, government financial institutions, government-owned or -controlled corporations, and other institutions licensed by the BSP to perform quasi-banking functions and credit-granting activities, to offload non-performing loans and other bad assets to a Financial Institutions Strategic Transfer Corporation (FISTC). The law took effect on 22 February 2021.

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