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This article was first published in the January 2025 issue of Butterworths Journal of International Banking and Financial Law.

This article, authored by international secondee Pascal Urban from Gleiss Lutz, was first published in the January 2025 issue of Butterworths Journal of International Banking and Financial Law. The author thanks James Bell, Knowledge Counsel in the Finance Department at Travers Smith LLP, for his helpful assistance on this article.

Our take on what companies and asset managers should know about the omnibus so far, what we can expect to happen next, and what interest groups are saying about the announcement on the ground.  

Travers Smith LLP has advised Ashby Capital on the sale of its UK retail park portfolio to Realty Income Corporation.

Travers Smith LLP has advised longstanding client Inflexion on the financing of its strategic minority investment in Baker Tilly Netherlands, a leading accountancy and advisory firm.

The much-anticipated updated version of the National Planning Policy Framework ("NPPF") was published on 12 December 2024, following a period of industry-wide consultation. The NPPF sets out the Government's high level, national planning policies and carries particular importance as a 'material consideration' which local planning authorities ("LPAs") must take into account when deciding planning applications.

2025 – Challenges and Opportunities

Travers Smith LLP has advised AIM-listed GlobalData Plc (GlobalData), a leading data, analytics, and insights platform, on £340 million of new debt facilities. 

Travers Smith has advised long-standing client Macquarie Capital Principal Finance on its strategic investment in Stark, a leading independent provider of mission critical energy data, metering and infrastructure services.

Head of Derivatives & Structured Products Jonathan Gilmour, Partner Joseph Wren, Senior Associate Nicholas Baines and Associate Nick Morgan have authored a chapter on derivatives at fund level in the latest edition of Global Legal Insights' annual fund finance publication. This chapter highlights some key structuring and legal issues that should be considered by a private capital manager thinking about entering into derivatives transactions at fund level as part of its risk management or investment strategy.

Head of Finance Charles Bischoff, Partners Danny Peel and Laura Smith, and Senior Associate Adam Burk have authored a chapter on rated subscription lines in the latest edition of Global Legal Insights' annual fund finance publication. In this chapter they consider the elements of fund and finance documentation that are likely to be in focus when assigning credit ratings, and explore what their application may mean for the fund finance market in the medium to longer term.

In this short video, Richard Offord, Katie Hindley and Jonathan Rush provide a 5 minute primer on key pricing issues in commercial contracts.  Topics covered include whether suppliers can raise prices unilaterally, how to deal with inflation, cost plus and open book pricing, audit clauses, "best price" or MFN obligations, price-matching clauses and benchmarking.

Travers Smith LLP has advised Greystar on its successful acquisition of two purpose-built student accommodation (PBSA) assets from "The Neighbourhood".

A regular briefing for the alternative asset management industry.

The UK Competition and Markets Authority (CMA) is already conducting a market investigation into cloud service providers, including Amazon and Microsoft.  On 1 January 2025, it gained extensive new powers under the Digital Markets, Competition and Consumers Act 2024 ("DMCC Act").  We look at whether these developments could lead to tougher regulation of major players in cloud services and what that would mean for their customers.

As we noted in our previous CSRD briefing, 2024 saw a dizzying number of changes for companies in scope of this landmark sustainability reporting regulation. Keeping track of these changes is a big enough challenge.

In difficult economic times, company boards (both public and private) are under increasing pressure to demonstrably deliver maximum value for shareholders. One method of unlocking hidden value, particularly in larger corporate groups, is by undertaking a 'carve-out' transaction and creating a win/win for Buyer and Seller.

Parties to a contract often do not give sufficient thought to how they should best resolve their disputes.  For instance, parties might always use a template contract that refers disputes to the local courts, but that might not be the best option for each deal or contract.  Referring disputes to arbitration can be hugely advantageous; this brief article highlights some of those advantages.  However, it is vital that the relevant arbitration clause is drafted properly; an unclear or incomplete arbitration clause is a guaranteed road to preliminary and procedural battles that can be expensive and delay resolution of the substantive dispute.

Travers Smith LLP has advised Bridgepoint Credit on the financing of ECI Partners' acquisition of Insurance Insider, a leading digital platform that provides insights and analysis for the world’s top insurers, distributors, service providers, and investors. 

In its recent judgment in HMRC v BlueCrest Capital Management (UK) LLP, the Court of Appeal has overturned the decisions of the lower tribunals and supported HMRC's narrow interpretation of "significant influence".  In doing so, the Court introduced a new focus on the source of a member's influence, holding that the only influence that counts is that derived from legal rights and duties. In addition, the Court appeared to support HMRC's view that the scope of significant influence is limited to strategic influence over the affairs of the LLP generally.