On February 22, 2021, the US Federal Energy Regulatory Commission (FERC) announced its intention to open a new proceeding to examine the threat that climate change and extreme weather events pose to electric reliability.
The dispute settlement process was a sensitive part of the TCA negotiation and given that the Court of Justice of the EU (“CJEU”) has ended up with no role in this process (a point the UK was insistent on), it represents a significant concession on the part of the EU. Adopting a Q&A style, this update will take you on a whistle-stop tour of the important dispute settlement provisions at part six of the TCA.
On February 24, 2021, Acting Chair of the US Securities and Exchange Commission (SEC), Allison Herren Lee, announced that the agency will be focusing on public companies’ climate change disclosures as part of an effort to both assess current compliance with federal securities laws and develop new disclosure requirements for climate change.
The Pension Schemes Act 2021 sets out a framework for new climate risk-related governance and reporting requirements for trustees of larger schemes. The detailed requirements will be set out in regulations and statutory guidance, and the government is currently consulting on draft versions of the regulations and guidance.
On Friday, February 12, 2021, revisions to the European Union (EU) Trade Enforcement Regulation, Regulation (EU) No 654/2014, were published in the EU’s Official Journal. The revised Trade Enforcement Regulation enables the EU to adopt countermeasures when it obtains a favorable ruling from a dispute settlement panel of the World Trade Organization or in bilateral and regional agreements and when the other party fails to cooperate on the adjudication of the dispute.
What are the key legal and practical changes faced by UK/EU suppliers competing for regulated contracts after the end of the Brexit transition period? The UK Government has already published extensive plans to overhaul the UK regime, but those changes are unlikely to be effective for many months to come – so what has changed for suppliers from 1 January 2021?