The Pensions Regulator's powers and policy in practice: what do the new criminal offences mean for you?

Serious concerns had been raised about the impact that the Regulator’s earlier proposals would have on corporate restructurings and distress scenarios – and the welcome news is that, to a large extent, the Regulator has responded to those concerns.

There are still some gaps in the guidance, and further changes to come, but this is a good moment to take stock: 

• What do the new criminal offences mean in practice for banks and other lenders, private equity investors and corporates?
• What impact will they have on restructuring activity (in distress scenarios and otherwise)? 
• What are the practical implications for risk management and due diligence?