<p>Filter Knowledge</p>

Having previously been expected earlier this year, the FCA has now published its consultation paper on the proposed new sustainability disclosure requirements (SDR) regime and a set of consumer-friendly sustainability labels. This is, in effect, the UK's answer to the EU Sustainable Finance Disclosure Regulation (EU SFDR), although the proposed UK regime goes further in terms of having formal product labels and is bolstered by rules already in force that require many firms to report climate-related risks and opportunities in accordance with the TCFD guidelines (covered in our 2022 New Year Briefing).

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.

A regular briefing for the alternative asset management industry. 

A regular briefing for the alternative asset management industry. 

Travers Smith Tax Partners Jessica Kemp and Elena Rowlands, and Knowledge Counsel Laura Hodgson have written an article in the latest edition of Tax Journal, examining the UK implementation of BEPS Pillar Two.

The FCA has now published PS22/9, its policy statement on a new Consumer Duty. This sets out feedback to the December 2021 consultation paper (which we covered in our New Year Briefing), and the final rules. Alongside the new rules, the FCA has also published FG22/5, final non-Handbook Guidance for firms on the Consumer Duty (Finalised Guidance). Potentially, a great many firms will be in scope and this will include some firms which would not consider themselves "retail".

This briefing was originally published on 18 November 2021 and was last updated on 7 September 2022.

Funds and Secondaries Partners Ed Ford and Sacha Gofton-Salmond have featured in the latest edition of Private Equity International's Secondaries Report discussing the current macroeconomic conditions impacting the secondaries market and the key considerations for LPs looking to access liquidity. 

Funds and Secondaries Partner Sacha Gofton-Salmond and Finance Partner Katie McMenamin have produced an article for Professional Investor discussing the evolution of the GP-led market. You can read the full article below.

The Government's 2017 white paper "Fixing our broken housing market" contained a number of proposals for improving the private rental sector ("PRS") for renters. In the 6 weeks since the Queen's Speech in May this year, there have been indications that some of these ideas will be taken forwards, including: changes in the way that "contractual controls" are registered at HM Land Registry, the introduction of minimum standards for housing in the PRS, and the abolition of both the section 21 method of obtaining vacant possession and the assured shorthold tenancy.

Funds Partner Sam Kay and Tax Partner Elena Rowlands have featured in the latest edition of Private Equity International discussing the increasing disclosure and transparency requirements fund managers are having to comply with.

Funds partners Sam Kay and Will Normand have featured in the latest edition of Private Equity International discussing the effect of regulatory change on the fundraising market. You can read the full keynote interview below.

It is certainly a busy time for those in the real estate sector with an interest in tax matters. Next month (April) sees the introduction of the residential property developer tax (RPDT), changes to the REIT rules and the introduction of the qualifying asset holding company (QAHC) regime.

In a bid to bolster its attractiveness to the asset management sector, the UK is introducing a new tax efficient vehicle: the qualifying asset holding company (“QAHC”, pronounced “quack”). The elective regime will be introduced in April 2022 and, by providing a simplified basis of taxation and a host of generous tax benefits, should allow the UK to compete with Luxembourg and other competitor jurisdictions.

There is a lot going on in the world of tax which will be of interest to those in the asset management sector. Relevant developments include international projects (such as the ongoing push to implement the OECD’s Pillar One and Pillar Two proposals and the publication of the EU’s shell entity proposals) but the domestic UK position should not be overlooked, with several exciting initiatives in train.

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.

Travers Smith Tax Senior Associate Sophie Lloyd and Associate Rob Smith have written an article in a recent edition of Tax Journal, providing a practical guide on early stage tax disputes with HMRC.

For nearly two years the government has been conducting a review of the UK funds regime (the Review) with the aim of making the UK a more attractive location to set up, manage and administer funds and to support a wider range of more efficient investments better suited to investor needs. This review had already yielded some tangible results, in particular the recent introduction of the Long-Term Asset Fund (LTAF) and the development of the new tax regime for qualifying asset holding companies (QAHCs) which is due to come into force in April.

Tax Knowledge Counsel Laura Hodgson has written an article in a recent edition of Tax Journal, discussing the new EU draft directive (ATAD 3) and how it could subject EU entities to additional reporting and adverse tax consequences.