<p>Filter Knowledge</p>

A regular briefing for the alternative asset management industry.

Early on 15 July 2025, long before the UK Chancellor, Rachel Reeves, had even set foot in Mansion House to deliver the traditional annual over-dinner speech, the UK government and regulators released a smorgasbord of policy announcements on the future of UK financial services regulation.

We welcome today's publication by the FCA of the final version of its new prospectus rules, which will replace the existing UK prospectus regime, and expect that the new rules, when implemented, will increase the speed and efficiency with which listed companies can execute larger fundraises. It is hoped they will provide a much-needed boost to the UK's capital markets and to London's global competitiveness as a listing venue as well as enabling companies to be more competitive in M&A processes.

In October 2024, the Government published the Employment Rights Bill, which paves the way for significant reforms to UK employment law. However, the changes are likely to come into force much later than expected.

With the Football Governance Bill soon to enter law, Private Equity & Financial Sponsors partner Alex Dixon looks at investment into the sport, and the impact that stronger governance might have on clubs for City AM.

This issue focuses on the DC aspects of the Pension Schemes Bill that was recently introduced to Parliament.  The theme running through the DC policy decisions is better outcomes for members, including through value for money assessments and default decumulation solutions.  Investment choices made by consolidated 'megafunds' are also intended to benefit the UK economy.

In a welcome change in policy, HMRC has increased the availability of input tax recovery for defined benefit (DB) pension schemes' investment costs with immediate effect. However, with the detailed information on the reform yet to be published, the extent of the good news is unclear.

The Data (Use and Access) Act (DUAA) was a long time in the making: it finally received Royal Assent on 19 June 2025 after weeks of "ping-pong" between the two Houses of Parliament over transparency measures in relation to AI and copyright - measures that were ultimately dropped.  The DUAA includes a package of data protection and e-privacy reforms, introduces frameworks for smart data and digital verification schemes and puts the National Underground Asset Register on a statutory footing.  Now it is finally here, what happens next?  This briefing sets out key takeaways for businesses in relation to the DUAA's data protection reforms.

The European Securities and Markets Authority (ESMA) has published its Final Report on the integration of sustainability risks and disclosures in the investment fund sector (Final Report).    

On 4 July 2025, the Government issued a consultation asking for input as to how best to implement the sections of the Leasehold and Freehold Reform Act 2024 ("LAFRA 2024") which deal with improving the service charge regime for leaseholders paying both variable and fixed service charges. The Government also seeks to improve the regulation of managing agents, who it acknowledges are crucial for the successful management of both leasehold and commonhold schemes.

The recent Supreme Court decision on the meaning of "sex" in the Equality Act has been widely reported and generated much debate. Whilst the Court provided clarification on what "sex" means in the legal context, on a practical level the decision has given rise to some complex questions and considerations, not least for employers.

On 26 June 2025, the European Securities and Markets Authority ("ESMA") published its Final Report ("the Report") on Technical Advice to the European Commission on the Review of the UCITS Eligible Assets Directive ("EAD"). 

The UK Competition and Markets Authority (CMA) is about to start enforcing new rules designed to prevent the publication of fake or misleading consumer reviews.  Have you considered how you'd respond if the CMA asks what your business has done to comply?

Once a niche corner of alternative lending, private credit has shown, not only its resilience, but also its ability and willingness to collaborate with various stakeholders. While it was once seen as a rival to traditional banks, that narrative is shifting.

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.

In this edition, we look at the UK Government's 10 year Infrastructure Strategy and whether the "Washington effect" has trumped the "Brussels effect" in relation to ESG regulation.  We also provide updates on topics including planning reform, housing, heat networks, national security, pension fund infrastructure investment and carbon markets.

After months of delay,  the UK Government has finally published the long-awaited consultation on the adoption of ISSB sustainability standards as the first UK Sustainability Reporting Standards ("UK SRS"), and on assurance of sustainability-related financial disclosures. At the same time, the Government is consulting on how to implement its manifesto commitment to mandate UK-regulated financial institutions – including banks, asset managers, pension funds, and insurers – and FTSE 100 companies to develop and implement credible transition plans that align with the 1.5°C goal of the Paris Agreement.