<p>Filter Knowledge</p>

A regular briefing for the alternative asset management industry. 

The FCA has issued CP25/18: Tackling non-financial misconduct in financial services which starts the process of formalising non-financial misconduct in its rules. 

The European Accessibility Act (EAA) can be enforced by Member States from 28 June 2025.  Impacting businesses across a broad range of sectors, the EAA applies to many categories of consumer products and services, particularly digital technologies, which range from payment terminals and smartphones to consumer banking services and online shops. The aim: to make all these products and services accessible to everyone, including people with disabilities.  While the EAA applies to products and services provided within the EU (including by UK-based businesses), as we explore later in this briefing, businesses operating exclusively in the UK market also cannot afford to be complacent about accessibility.

The last 6 months have seen unprecedented turbulence in the field of sustainability regulation. The EU, historically a world leader in environmental standards and responsible business conduct, appears to be backtracking on its leading position and fitting in with the political mood in the US.

On 28 June 2025, Member States can start enforcing the European Accessibility Act ("EAA") – a deadline which may have crept up on some firms in the banking and financial services sector.  The EAA applies to a broad range of financial services and associated digital technologies, from payment terminals to online banking platforms. This means banks, payment services providers, e-money and other providers of financial services to retail customers must review their customer interfaces, products and related documentation to ensure compliance.  If EAA compliance has slipped down your "to do" list, now is the time to act.  As we discuss later in this briefing, businesses operating in the UK market also cannot afford to be complacent about accessibility.

Customers in the EU on the receiving end of (often) one-sided cloud services contracts should see improvements in the terms they are offered around switching – or at least have a strong basis to negotiate better terms. From 12 September 2025, the EU's Data Act will apply directly to the provision of "data processing services", principally cloud and edge services, into the EU.

Welcome to the fourth edition of Travers Smith's Outsourcing Spotlight. In this issue, we look at whether a possible change in the approach to equal pay could undermine incentives to outsource.  We also discuss the implications of the UK Government's Immigration White Paper, new legislation on premises and consumer-facing outsourcings and take an in-depth look at longer term outsourcings.

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In light of the ongoing uncertainty over increases in US tariffs, we look at the contractual implications for both suppliers and customers involved in international trade. This briefing discusses who pays, including the impact of Incoterms, and whether parties can avoid their contractual obligations based on force majeure clauses, material adverse change (MAC) clauses or frustration.

How concerned should franchisors be about the recent trend of attempted claims against franchisors over misconduct by their franchisees, and which areas of law pose the greatest risk?

Our regular round-up of recent and forthcoming developments in law and practice for in-house counsel.

The "Stop-the-Clock" proposal to delay sustainability reporting under the Corporate Sustainability Reporting Directive ("CSRD") and due diligence obligations under the Corporate Sustainability Due Diligence Directive ("CS3D") was approved by the European Parliament on 3 April, with immediate consequences for many large companies preparing CSRD reports.

On 25 March 2025, Green J handed down judgment in Persons Identified in Schedule 1 v Standard Chartered PLC [2025] EWHC 698 (Ch).

The Competition & Markets Authority ('CMA'), alongside other UK regulators, has been under pressure to align with, and advance, the UK Government's 'pro-growth agenda'. Merger control has, in particular, come under fire - with the Government aiming for a more certain, proportionate, transparent and thus more business-friendly approach.

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The UK Government considers ransomware attacks to be the greatest of all serious and organised cybercrime threats. In response, it has launched a consultation on three measures to reduce payments to cybercriminals and increase ransomware incident reporting.

For businesses within the scope of the Online Safety Act, achieving compliance and swiftly adapting to extensive new guidance is a significant challenge. The contrasting approaches in Europe to online safety and the tensions with the US over content moderation further complicate the landscape.