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Articles by Carl Hey
A Halloween Scare: Ambiguity In Loan Terms
A recent decision in the Commercial Division of the Supreme Court, New York County, emphasizes the importance of clear and unambiguous contract drafting in all lending situations, including real estate. Acting Supreme Court Justice Anar Rathod Patel denied a motion to dismiss in BioPharma Credit PLC, et al. v.
Australia Regulator Initiates Greenwashing Suit Against Active Super Over ESG Investing Claims | JD Supra
On August 10, 2023, the Australian Securities and Investments Commission (ASIC) announced its third civil penalty proceeding this year for greenwashing against LGSS Pty Limited, which is trustee for superannuation fund Local Government Super (Active Super).
Australia Regulator Initiates Greenwashing Suit Against Active Super Over ESG Investing Claims
On August 10, 2023, the Australian Securities and Investments Commission (ASIC) announced its third civil penalty proceeding this year for greenwashing against LGSS Pty Limited, which is trustee for superannuation fund Local Government Super (Active Super).
Australia Regulator Initiates Greenwashing Suit Against Active Super Over ESG Investing Claims
On August 10, 2023, the Australian Securities and Investments Commission (ASIC) announced its third civil penalty proceeding this year for greenwashing against LGSS Pty Limited, which is trustee for superannuation fund Local Government Super (Active Super).
Updated Master Mailing List Ensures Delivery of Holiday Greetings
Skip to main content September 25, 2023 Volume XIII, Number 268 Legal Analysis. Expertly Written. Quickly Found. Trending News Preparing for the Holiday Season: A Guide to Streamlining Your Holiday Mailing List Print Mail Download i As the holiday season approaches, there’s one task that tends to loom large on the agenda of law firms: updating holiday mailing lists.
Swiss Citizens Vote in Favor of New Net Zero Law | JD Supra
On June 18, 2023 Swiss citizens voted in favor of a new climate law intended to promote carbon neutrality by 2050. The Federal Act on Climate Protection Targets, Innovation and Strengthening Energy Security, known as the Climate and Innovation Act, aims to reduce pollution and produce more energy for the country. Switzerland imports approximately three quarters of its energy, including all of its oil and natural gas.
National Security and Investment Act 2021, Part 4 – Impact on the Real Estate Finance Market | JD Supra
In this month’s edition of REF News and Views we are going to wrap up our series on the National Security and Investment Act 2021 (the “NSI Act”) and explore the NSI Act’s impact on the real estate finance (“REF”) market. In last month’s edition of REF News and Views we explored the sanctions available under the NSI Act for non-compliance.
Swiss Citizens Vote In Favor Of New Net Zero Law
On June 18, 2023 Swiss citizens voted in favor of a new climate law intended to promote carbon neutrality by 2050. The Federal Act on Climate Protection Targets, Innovation and Strengthening Energy Security, known as the Climate and Innovation Act, aims to reduce pollution and produce more energy for the country. Switzerland imports approximately three quarters of its energy, including all of its oil and natural gas.
National Security And Investment Act 2021, Part 4: Impact On The Real Estate Finance Market - Financial Services - UK
In this month's edition of REF News and Views we are going to wrap up our series on the National Security and Investment Act 2021 (the "NSI Act") and explore the NSI Act's impact on the real estate finance ("REF") market. In last month's edition of REF News and Views we explored the sanctions available under the NSI Act for non-compliance.
Swiss Citizens Vote in Favor of New Net Zero Law
On June 18, 2023 Swiss citizens voted in favor of a new climate law intended to promote carbon neutrality by 2050. The Federal Act on Climate Protection Targets, Innovation and Strengthening Energy Security, known as the Climate and Innovation Act, aims to reduce pollution and produce more energy for the country. Switzerland imports approximately three quarters of its energy, including all of its oil and natural gas.
National Security And Investment Act 2021, Part 3 – Sanctions For Non-Compliance - Real Estate - UK
In this month's edition of REF News and Views, we are going to continue our series on the National Security and Investment Act 2021 (the "NSI Act") and explore the sanctions under the NSI Act for non-compliance. To recap, in last month's edition we discussed the notification and intervention provisions contained within the NSA Act.
National Security and Investment Act 2021, Part 3 – Sanctions for Non-Compliance | JD Supra
In this month’s edition of REF News and Views, we are going to continue our series on the National Security and Investment Act 2021 (the “NSI Act”) and explore the sanctions under the NSI Act for non-compliance. To recap, in last month’s edition we discussed the notification and intervention provisions contained within the NSA Act.
European Commission Action on Climate Taxonomy and ESG Rating Provider Regulation | JD Supra
On June 13, 2023, the European Commission published “a new package of measures to build on and strengthen the foundations of the EU sustainable finance framework.” The aim is to ensure that the EU sustainable finance framework continues to support companies and the financial sector in connection with climate transition, including making the framework “easier to use” and providing guidance on climate-related disclosure, while encouraging the private funding of transition projects and...
European Commission Action On Climate Taxonomy And ESG Rating Provider Regulation - Clean Air / Pollution - European Union
On June 13, 2023, the European Commission published "a new package of measures to build on and strengthen the foundations of the EU sustainable finance framework." The aim is to ensure that the EU sustainable finance framework continues to support companies and the financial sector in connection with climate transition, including making the framework "easier to use" and providing guidance on climate-related disclosure, while encouraging the private funding of transition projects and...
European Commission Action on Climate Taxonomy and ESG Rating Provider Regulation
On June 13, 2023, the European Commission published “a new package of measures to build on and strengthen the foundations of the EU sustainable finance framework.” The aim is to ensure that the EU sustainable finance framework continues to support companies and the financial sector in connection with climate transition, including making the framework “easier to use” and providing guidance on climate-related disclosure, while encouraging the private funding of transition projects and...
MSCI Publishes Latest Annual Report on Public Company Climate Progress | JD Supra
According to the recently published MSCI May 2023 Net Zero Tracker report, more listed companies are making climate commitments, setting decarbonization targets, and providing related disclosures, but these steps have not resulted in reductions of direct emissions by those companies.
MSCI Publishes Latest Annual Report On Public Company Climate Progress - Oil, Gas & Electricity - UK
According to the recently published MSCI May 2023 Net Zero Tracker report, more listed companies are making climate commitments, setting decarbonization targets, and providing related disclosures, but these steps have not resulted in reductions of direct emissions by those companies.
Carl Hey Real Estate Finance Lawyer London
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National Security and Investment Act 2021, Part 2 – Notification and Intervention Provisions | JD Supra
In this month’s edition of REF News and Views we are going to continue our series on the National Security and Investment Act 2021 (the “NSI Act”) and discuss its notification and intervention provisions. To recap, in last month’s edition of REF News and Views we provided some background on the NSI Act and introduced some of its key features.
National Security And Investment Act 2021, Part 2 – Notification And Intervention Provisions - Real Estate - UK
In this month's edition of REF News and Views we are going to continue our series on the National Security and Investment Act 2021 (the "NSI Act") and discuss its notification and intervention provisions. To recap, in last month's edition of REF News and Views we provided some background on the NSI Act and introduced some of its key features.
Exploring UK Regulatory Reform Amid Global Bank Failures
By Alix Prentice and Carl Hey (May 24, 2023, 12:49 PM BST) -- Given recent stresses in the global financial system and the associated high-profile bank failures, there has understandably been much attention focused on bank liquidity.... Stay ahead of the curve In the legal profession, information is the key to success. You have to know what's happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
MSCI Announces Changes to Its ESG Rating Methodology, Resulting in Downgrades for Most Funds | JD Supra
MSCI has announced significant changes to its ESG investment fund ratings methodology that “aim to raise the requirements for a fund to be assessed as ‘AA’ or ‘AAA’ rated, improve stability in Fund ESG Ratings and add transparency through simpler attribution analysis.” However, these changes will result in downgrades to 31,000 of the funds currently rated by MSCI.
MSCI Announces Changes to Its ESG Rating Methodology, Resulting in Downgrades for Most Funds
MSCI has announced significant changes to its ESG investment fund ratings methodology that “aim to raise the requirements for a fund to be assessed as ‘AA’ or ‘AAA’ rated, improve stability in Fund ESG Ratings and add transparency through simpler attribution analysis.” However, these changes will result in downgrades to 31,000 of the funds currently rated by MSCI.
EC Will Not Introduce Minimum Criteria for Sustainability Funds Under SFDR | JD Supra
The European Commission has rejected suggestions that it introduce minimum environmental standards for Article 8 or Article 9 funds under the EU Sustainable Finance Disclosure Regulation (SFDR). On April 14, 2023, the Commission confirmed that it will not provide a definition for “sustainable investment,” nor will it introduce minimum qualifying sustainability criteria.
EC Will Not Introduce Minimum Criteria for Sustainability Funds Under SFDR
The European Commission has rejected suggestions that it introduce minimum environmental standards for Article 8 or Article 9 funds under the EU Sustainable Finance Disclosure Regulation (SFDR). On April 14, 2023, the Commission confirmed that it will not provide a definition for “sustainable investment,” nor will it introduce minimum qualifying sustainability criteria.
National Security and Investment Act 2021, Part 1 – Background and Key Features | JD Supra
In a series of articles in the coming months we will consider the National Security and Investment Act 2021 (the “NSI Act”) and its impact on the real estate finance market. In this month’s article, we will provide some background on the NSI Act and introduce some of its key features. In the following months, we will discuss the notification and intervention provisions, sanctions for non-compliance, and impact on the real estate finance market in respect of the NSA Act.
National Security and Investment Act 2021, Part 1 - Background and Key Features
In a series of articles in the coming months we will consider the National Security and Investment Act 2021 (the “NSI Act”) and its impact on the real estate finance market. In this month’s article, we will provide some background on the NSI Act and introduce some of its key features. In the following months, we will discuss the notification and intervention provisions, sanctions for non-compliance, and impact on the real estate finance market in respect of the NSA Act.
FCA Delays Introduction of Sustainability Disclosure Requirements | JD Supra
The UK Financial Conduct Authority (FCA) has announced that its widely-anticipated Policy Statement in response to the Sustainable Disclosure Requirements (SDRs) and investment labels consultation will now be published in Q3 2023 instead of H1 2023, and that the proposed effective dates will be adjusted accordingly.
FCA Delays Introduction of Sustainability Disclosure Requirements
The UK Financial Conduct Authority (FCA) has announced that its widely-anticipated Policy Statement in response to the Sustainable Disclosure Requirements (SDRs) and investment labels consultation will now be published in Q3 2023 instead of H1 2023, and that the proposed effective dates will be adjusted accordingly.
Investors Accuse Large Asset Manager of Not Adequately Addressing Climate Risk | JD Supra
More than 1,400 individual investors have signed a letter asserting that a large U.S.-based asset manager is violating its fiduciary duty to mitigate climate-related investment risks.
Investors Accuse Large Asset Manager of Not Adequately Addressing Climate Risk
More than 1,400 individual investors have signed a letter asserting that a large U.S.-based asset manager is violating its fiduciary duty to mitigate climate-related investment risks.
Basel 3.1 – Implications for the Real Estate Finance Market | JD Supra
On 30 September 2022, the Prudential Regulation Authority (the “PRA”) published Consultation Paper 16/22 (the “Consultation Paper”) proposing for the implementation of Basel 3.1 standards in the UK. The consultation closes on 31 March 2023, with the proposed implementation date beginning 1 January 2025 (with a transition period of five years from that date for most provisions). This article sets out a summary of the key changes of interest to those in the real estate finance (“REF”) market.
UK Budget 2023 – Sovereign Wealth Funds Not Subject to Corporation Tax | JD Supra
As part of the Spring 2023 Budget, Chancellor Jeremy Hunt has scrapped plans to require sovereign wealth funds to pay corporation tax on property and commercial enterprises. The United Kingdom (“UK”) government had launched a consultation on 4 July 2022 to “modernise and improve the tax treatment it provides to foreign sovereign investors, such as heads of state and sovereign wealth funds.” In connection with the consultation process, Treasury had planned to introduce these changes in April 2024.
UK Budget 2023 - Sovereign Wealth Funds Not Subject to Corporation Tax
As part of the Spring 2023 Budget, Chancellor Jeremy Hunt has scrapped plans to require sovereign wealth funds to pay corporation tax on property and commercial enterprises. The United Kingdom (“UK”) government had launched a consultation on 4 July 2022 to “modernise and improve the tax treatment it provides to foreign sovereign investors, such as heads of state and sovereign wealth funds.” In connection with the consultation process, Treasury had planned to introduce these changes in April 2024.
Basel 3.1 - Implications for the Real Estate Finance Market
On 30 September 2022, the Prudential Regulation Authority (the “PRA”) published Consultation Paper 16/22 (the “Consultation Paper”) proposing for the implementation of Basel 3.1 standards in the UK. The consultation closes on 31 March 2023, with the proposed implementation date beginning 1 January 2025 (with a transition period of five years from that date for most provisions). This article sets out a summary of the key changes of interest to those in the real estate finance (“REF”) market.
EU Publishes Green Bond Standard | JD Supra
On February 28, 2023 the Council of the European Union and the European Parliament reached a deal to draw up European Green Bonds Standards (“EUGBS”). The aim of the EUGBS is to establish the leading global framework for green bonds.
EU Publishes Green Bond Standard
On February 28, 2023 the Council of the European Union and the European Parliament reached a deal to draw up European Green Bonds Standards (“EUGBS”). The aim of the EUGBS is to establish the leading global framework for green bonds.
Turning to Fall September 2022: Sustainability-Linked Loans Series, Part 5 - Application of Sustainability-Linked Loans Principles to Real Estate Finance Transactions | Cadwalader, Wickersham & Taft LLP - JDSupra
September 30, 2022 To embed, copy and paste the code into your website or blog: In our August edition of REF News and Views, we continued our deep dive into the Sustainability-Linked Loan Principles (“SLLP”) core components (“Core Components”) and looked at loan characteristics, reporting progress against sustainability performance targets, and verification. As a reminder, the SLLP set out a framework, enabling all market participants to clearly understand the characteristics of a SLL.
Action Required August 2022: Sustainability-Linked Loans Series, Part 4 – SLLP Core Components in Detail (Continued) | JD Supra
In our July edition of REF News and Views we began our deep dive into the Sustainability-Linked Loan Principles (“SLLP”) core components (“Core Components”). As a reminder, the SLLP set out a framework, with the aim to enable all market participants to clearly understand the characteristics of a SLL.
Action Required August 2022: Economic Crime (Transparency and Enforcement) Act 2022 – Register of Entities | JD Supra
August 31, 2022 To embed, copy and paste the code into your website or blog: The Economic Crime (Transparency and Enforcement) Act 2022 (the “ECA”) came into force on 1 August 2022 and places new obligations on overseas entities holding real estate in the United Kingdom.
What's the Use (Clause)? July 2022: Sustainability-Linked Loans Series, Part 3 – The SLLP Core Components in Detail | JD Supra
July 29, 2022 To embed, copy and paste the code into your website or blog: In our June edition of REF News and Views, we further explored the growing field of sustainability-linked loans (“SLLs”) by introducing and outlining the Sustainability-Linked Loan Principles (“SLLP”) and the SLLP core components (“Core Components”).
Sustainability-Linked Loans Series, Part 3 – The SLLP Core Components In Detail - Real Estate - United States
In our June edition of REF News and Views, we further explored the growing field of sustainability-linked loans ("SLLs") by introducing and outlining the Sustainability-Linked Loan Principles ("SLLP") and the SLLP core components ("Core Components"). As a reminder, the SLLP were published to provide a framework of principles to help market participants understand and identify the key components in establishing sustainability-linked loans.
ABCD ... ROFR and SLL June 2022 - Sustainability-Linked Loans Series, Part 2 – The Sustainability-Linked Loans Principles | JD Supra
In our May edition of REF News and Views, we provided an introduction to sustainability-linked loans (“SLLs”). As a reminder, SLLs emerged alongside green loans as a result of the movement towards greater awareness and improving environmentally and socially beneficial outcomes in the way corporates and lenders effect their lending, investment and other business decisions.
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