The following Financial Services practice note produced in partnership with Philippa List of Dechert and Mikhaelle Schiappacasse of Dechert provides comprehensive and up to date legal information covering:
This one minute guide, written in partnership with Philippa List, professional support lawyer, and Mikhaelle Schiappacasse, partner at Dechert, analyses the scope and impact of the Taxonomy Regulation, and considerations for asset managers.
In December 2019 the European Council and the European Parliament reached political agreement on the text of a proposed Regulation on the Establishment of a Framework to Facilitate Sustainable Investment—the so-called ‘Taxonomy Regulation’. The Taxonomy Regulation (Regulation (EU) 2020/852) was published in the Official Journal of the EU on 22 June 2020, following its adoption by the European Parliament on 18 June 2020, and entered into force on 12 July 2020.
The Taxonomy Regulation establishes an EU-wide classification system or ‘framework’ intended to provide businesses and investors with a common language to identify to what degree economic activities can be considered environmentally sustainable. It aims to ‘provide clarity and transparency on environmental sustainability to investors, financial institutions, companies and issuers thereby enabling informed decision-making in order to foster investments in environmentally sustainable activities’.
While the majority of the Taxonomy Regulation will impact asset managers who make available a “financial product” which either (a) has environmental sustainability as its objective; or (b) promotes environmental characteristics, the Taxonomy Regulation also states that financial market participants The Taxonomy Regulation refers to the definition in Article 2 (1) of
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Facilitating the performance of a duty by public officialsFacilitation payments, also known as facilitating or grease payments, are generally small amounts of money paid to public officials or others as a means of ensuring that they perform their duty, whether more promptly or at all. In some
The Public Private Partnership (PPP) models are a popular way for governments to involve private investment, expertise and risk in procuring infrastructure, with the potential to deliver a project more efficiently and economically. One of the most popular PPP models for procuring infrastructure
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their services will need to be
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