News UpdatesLockdown: Delhi Bar Association Writes To Delhi CM Seeking Permission For Advocates To Commute To & Fro Their Offices [Read Letter] LIVELAW NEWS NETWORK15 April 2020 10:19 PMShare This – xThe Delhi Bar Association has written to the Delhi CM urging him to permit Advocates to commute from their residence to their offices, while strictly following prescribed norms of social distancing, in view of the exemption granted to self-employed persons under the lockdown guidelines. The letter points out that under the relaxed guidelines issued by the Ministry of Home Affairs,…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Delhi Bar Association has written to the Delhi CM urging him to permit Advocates to commute from their residence to their offices, while strictly following prescribed norms of social distancing, in view of the exemption granted to self-employed persons under the lockdown guidelines. The letter points out that under the relaxed guidelines issued by the Ministry of Home Affairs, select additional activities will be allowed w.e.f. April 20, 2020. These include activities carried out by “Self Employed Persons” such as electricians, IT repairs, plumbers, motor mechanics, carpenters. National Lockdown : MHA Issues Revised Guidelines; Lists Out Activities Permitted After April 20 [Read Guidelines] The Association has urged that this list is merely “illustrative” and the intention of the notification is to permit “all the self-employed persons to resume activities”, provided the norms of Social Distancing are strictly followed. “Delhi Bar Association is of clear view that the office activities of Advocates limited to their office/chambers can be carried on and continued, while strictly following the prescribed norms of Social Distancing. As such, the office/Chamber activities of Advocates are covered under the relaxed guidelines and the same ought to be permitted, while observing social distancing norms,” the Association urged. In view thereof the Association has asked the government to issue necessary and appropriate instructions to the Police force and other concerned Authorities, to permit Advocates to commute from their residences to offices/chambers on verification of their I-cards. States/UTs Cannot Dilute Restrictions Under COVID-19 Lockdown Guidelines : Home Ministry Read Letter Next Story
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EIOPA was commenting in the context of its submission to the European Commission’s consultation about the next phase of its sustainable finance strategy. This closed on Wednesday.One of more than 100 questions posed by the Commission was whether the EU “should explore options to improve ESG integration and reporting beyond what is currently required by the regulatory framework for pension providers”.The IORP II Directive refers to the concept of investment decisions’ impacts on ESG factors, but merely states that pension funds should be allowed to take these impacts into account.Last year EIOPA recommended that national pension fund supervisors “should encourage” IORPs to take into account the potential long-term impact of investment decisions on ESG factors, adding: “in order to support society’s sustainability goals”.It argues that considering the long-term impact of investment decisions on ESG factors could contribute to managing pension funds’ exposures to ESG risks. EIOPA has suggested as a potentially positive step the amendment of EU pension fund legislation to mandate pension funds to take into account the long-term environmental and/or social impact of their investment decisions.According to the European supervisory authority, the change would be in the context of the prudent person rule, set out in Article 19 of the IORP II Directive, and “without prejudice to the objective of providing occupational retirement benefits, also having regard to the principle of proportionality”.It did not explicitly recommend this action be taken, but said that introducing such a mandate for IORPs “may be” a step that could further improve ESG integration by pension funds.An industry insider described EIOPA’s proposal as “a significant departure from the current prudent person rule”. EIOPA in Frankfurt, GermanyIn its consultation submission EIOPA also said that mandating IORPs to take into account the potential long-term impact of their investment decisions on ESG factors “would require further consideration of how IORPs integrate members’ ESG preferences in relation to prudent person rule compliance”.In recent years the narrative around ESG has evolved to explicitly include the notion of investment activity’s sustainability impact, as distinct from the perspective of ESG factors having implications for investment decisions. Some refer to impact as a “third dimension”, after risk and return.In its consultation, the European Commission asked for views about changing rules to directly require asset managers to consider and integrate adverse impacts of investment decisions on sustainability, but it did not mention this idea in relation to IORPs.EIOPA also made another suggestion in relation to IORP II, saying a further improvement would be “to have a standardised ESG quality label presentation to make information more friendly to members and consumers”. It did not further explain this idea.In response to a question about how pension providers could contribute to the achievement of the EU’s environmental goals “in a more proactive way,” EIOPA said “the importance of IORPs’ stewardship role through the Shareholder Rights Directive” should be strengthened.“Large IORPs are more likely to influence investee companies,” said EIOPA. “For small and medium-sized IORPs it is a challenging, if not impossible task: in other words size matters.“Initiatives such as a taskforce or consortium bringing together IORPs with common interests/objectives to influence investee companies or regrouping ESG knowledge/practices, can be encouraged.”PensionsEurope’s Matti Leppäla this week told IPE’s Summer Pensions Congress that EU regulation around responsible investment for pension funds was moving too fast.Looking for IPE’s latest magazine? Read the digital edition here.