Expert Analysis

• Pension Trustee Case Could Lead To Fossil Fuels Divestment

  

  While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.

• What TPR's Guidance On DEI Means For Pensions Industry

  

  The Pension Regulator is one of the first regulators to issue guidance on equality, diversity and inclusion, and employers and trustees should incorporate its advice by developing policies and monitoring progress to ensure that improvements are made regularly, say lawyers at Linklaters.

• Ensuring Construction Project Insurance Cover Is Adequate

  

  There are a number of ways for practitioners to secure appropriate insurance for a construction project, and it is as important to consider who is covered under the policy as it is the specific terms and obligations, say lawyers at Gowling.

• Rebuttal

  2nd Circ. Reinsurance Ruling Correctly Applied English Law

  

  Contrary to a recent Law360 guest article's argument, the Second Circuit correctly applied English law when it decided in Insurance Company of the State of Pennsylvania v. Equitas that concurrent reinsurance certificates required the reinsurer to cover loss in accordance with the law of the policy's governing jurisdiction, say Peter Chaffetz and Andrew Poplinger at Chaffetz Lindsey.

• Reserved Investor Fund Would Plug Gap In UK Finance Market

  

  The reserved investor fund recently proposed by HM Treasury has the potential to be a welcome tax-efficient addition to the U.K.’s canon of products for real estate investments, with attractive features for companies and, in particular, large asset managers, say lawyers at Herbert Smith.

• What Firms Need To Know About The FCA Consumer Duty

  

  The Financial Conduct Authority's new consumer duty, in force from July 31, presents an opportunity for manufacturers and distributors of financial services to understand the importance of fair value for consumers, and the regulator will be taking a close interest in this, say Julie Patient, Mark Aengenheister and Virginia Montgomery at Hogan Lovells.

• Greenwashing Suits May Implicate D&O Policies

  

  As consumers, regulators, and state and local governments seek to use litigation to hold companies responsible for alleged greenwashing, businesses facing such claims have a number of approaches available for seeking insurance coverage under directors and officers policies, say attorneys at Haynes Boone.

• 2nd Circ. Reinsurance Ruling Misconstrues English Law

  

  The Second Circuit's finding in Insurance Company of the State of Pennsylvania v. Equitas Insurance, that London-based reinsurer Equitas owed coverage for losses outside the policy period, stems from that court's misinterpretation of English law on reinsurance policy construction, says Christopher Foster at Holman Fenwick.

• 4 Emerging Risks For US Insurance Markets

  

  Both insureds and insurers in the U.S. must be aware of significant inbound exposures — including the issues arising from opioids, climate change and artificial intelligence — that could lead to continued volatility in insurance markets, say Aidan McCormack and Wes Reichart at DLA Piper.

• How The New UK Digital Markets Bill Will Affect CMA's Powers

  

  The highly anticipated U.K. Digital Markets, Competition and Consumers Bill sets out far-reaching changes in terms of merger control and conduct requirements, but some are skeptical of the Competition and Markets Authority’s enhanced powers and potential for divergence in treatment between firms, say Ben Chivers, Stephen Whitfield ​​​​​​​and Nigel Seay at Travers Smith.

• Key Takeaways From EU Proposal For Greenwashing Rules

  

  If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.

• UK Plan For AI Rules Raises Compliance Questions For Cos.

  

  The U.K. government's proposal for a new, clear and pro-innovation regulatory framework on artificial intelligence diverges from the European Union's approach, which may create incoherence and compliance burdens for businesses operating in both jurisdictions, says attorneys at Akin Gump.

• The FCA's Timely Plan To Reform Asset Management Regime

  

  The discussion paper recently issued by the U.K. Financial Conduct Authority finally addresses how, in the future, asset management regulation will work in totality from an investor, manager and distributor perspective, and its review of the purpose and balance of the regime is welcomed, says Tim Dolan at Greenberg Traurig.

• Questions Raised By UK Plan For ESG Ratings Providers

  

  HM Treasury is taking steps toward regulating environmental, social and corporate governance ratings providers, aiming to ensure adequate protection for U.K. users and level the playing field, but the potential new regime risks imposing undue regulatory burden and overlapping requirements on U.K. and overseas firms, say Ferdisha Snagg and Andreas Wildner at Cleary.

• Review Of Senior Managers Regime Provides Useful Insight

  

  Although the recently launched review of the Senior Managers and Certification Regime suggests a remodel rather than wholesale change, the topics raised illustrate the mindset of the three key stakeholders in the U.K. financial services sector, say Richard Burger and Katy O’Connor at WilmerHale.