<p>Filter Knowledge</p>

On 5 April 2023, the Commission launched a consultation on its draft of the long-awaited technical screening criteria ("TSC") for the four remaining Taxonomy objectives, sometimes known as "TAXO4"¹.  The TAXO4 TSC were initially intended to be in place by 1 January 2023, a year after the TSC for the first two environmental objectives, but have been significantly delayed. Therefore, the draft's publication finally provides a fuller picture of the Taxonomy and gives those with ambition to align to the remaining environmental objectives an idea of the scale of that task.

At the start of the 2023/24 financial year, we focus on 5 focal points of interest to the real estate sector: regulatory change, updates to real estate taxation, some proposed changes to the planning regime, ongoing reform to construction law and some caselaw reports from real estate disputes.

In November 2022, HM Treasury (HMT) published its response to the Solvency II consultation, setting out its final package for reforming the prudential regulation of the UK insurance sector. 

As the world moves towards net zero, the development of new environmentally friendly technology is increasing in importance. The introduction of green tax incentives in the United States is beginning to impact where green tech developers locate their businesses and where investors spend their capital.

The Pensions Regulator (the Regulator) has recently published a review of the industry's first wave of pension scheme climate change disclosure reports, revealing some interesting examples of good practice as well as potential areas for improvement in the industry.

Funds partner, Sam Kay, and Tax partner, Elena Rowlands, have featured in the latest Chambers Global Practice Guides, giving an overview of the current investment funds market and discussing alternative investment funds, retail funds and the recent developments relating to legal, regulatory and tax changes.

Further information on the Electricity Generator Levy ("EGL") has recently been published, including a revised technical note (here), explanatory note (here) and draft legislation (below). Although certain areas remain under consideration, the materials provide much needed clarity on the EGL.

Jonathan Gilmour, Peter Hughes and Joseph Wren have co-authored a chapter in the latest edition of Global Legal Insights' annual fund finance publication highlighting the key structural and documentary legal issues that should be considered by a private capital manager thinking about entering into derivatives transactions at fund level. This chapter was first published in GLI - Fund Finance 2023 (Seventh Edition).

Travers Smith's Head of Incentives and Remuneration Mahesh Varia and Senior Associate Claire Prentice have contributed the United Kingdom chapter in the latest Legal 500 Employee Incentives Guide. The guide provides its readers with a pragmatic overview of the laws and regulations of Employee Incentives practice across a variety of jurisdictions.

Travers Smith's Head of Asset Management, Emily Clark and Tax Knowledge Counsel, Ian Zeider have written an article in a recent edition of Tax Journal, discussing the government consultation on the VAT treatment of fund management services.

Pensions Partner, Andy Lewis, and Head of Derivatives & Structured Products Partner, Jonathan Gilmour, have jointly contributed to the recently published International Comparative Legal Guide on Environmental, Social & Governance Law 2023. 

Funds Partner Will Normand and Senior Counsel Leigh Stockey have featured in the latest edition of Private Equity International's Democratisation Report. In their keynote interview, Will and Leigh discuss the current status of the market and the likely evolution of the sector. 

Danny Peel, Katie McMenamin, Charles Bischoff and Kirsty Emery have co-authored a chapter in the latest edition of Global Legal Insights' annual fund finance publication assessing the current fund finance market and newer liquidity solutions available to alternative asset fund managers. This chapter was first published in GLI - Fund Finance 2023 (Seventh Edition).

For a long time, the regulated, uncertain and public nature of takeovers curbed the enthusiasm of financial buyers looking for a slick M&A process and low execution risk. More recently, competition for overpriced assets forced international and domestic private equity bidders into the public markets, where they discovered they could, in fact, play the game rather well.

Read the full PMI Environmental, Social & Governance (ESG) Report 2022 here: Environmental, Social & Governance (ESG) Report - The Pensions Management Institute (pensions-pmi.org.uk)

In this article, first published in the November 2022 edition of Butterworth's Journal of International Banking and Financial Law, Partner John Lee considers a key potential value proposition of smart contracts and its limits.

Travers Smith has written the UK chapters of the Practical Law and Chambers global outsourcing guides. The chapters cover the latest legal information and many of the key issues to consider on UK outsourcing.

This article was first published in Trust Law International (Bloomsbury Professional) at (2022) 3 TLI 103.

Private Equity & Financial Sponsors Partner George Weavil and Financial Services & Markets Senior Counsel Henriika Hara have featured in the latest edition of Private Equity International's Impact Investing Report discussing the private equity model and how it is suited to impact investing. 

Funds and Secondaries Partner Ed Ford has written a special report article for Financier Worldwide, examining the conflicts of interest in the GP-led secondary market.