A regular briefing for the alternative asset management industry.

The FCA is consulting on improvements to the UK transaction reporting regime under UK MiFIR, inviting feedback from market participants by 20 February 2026. This consultation follows client and industry input highlighting the complexities and inefficiencies in the current reporting framework across various regulations, including UK EMIR and UK SFTR.

The European Parliament, the Council and the Commission concluded negotiations late on 8 December on the Sustainability Omnibus, the highly politicised proposal to amend the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive. Though the agreed text is not available at the time of writing, the Council and the Parliament issued press releases with key details.

On 4 December 2025, the European Commission published three legislative texts, known collectively as the "Market Integration Package" (MIP). The MIP legislation forms part of the EU's wider Savings and Investments Union initiative, which in turn is a product of the EU's current drive to improve competitiveness and encourage growth.

The government yesterday, 4 December 2025, published an updated draft of the legislation implementing the UK's new carried interest tax regime coming into force from 6 April next year. The key principles of the regime have not been changed – broadly, all carried interest will be taxed as trading income (with a bespoke effective rate of around 34.1% being available for so-called "qualifying carried interest") - but there have been some helpful amendments to the mechanics. 

It's been a long time since a UK Budget and especially its behind-the-scenes mechanics (leaks, briefings and uploads) caused such a row. Looking behind those headlines, there was lots in the Budget of potential value to venture capital, but with a tax raising sting in the tail which we'll come to at the end. 

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In our first COP30 article we highlighted the difficult challenges facing the conference, amidst a backdrop of a general sense of retreat and pessimism in the international climate community. With an energetic presidency and aims of focusing on climate implementation and nature protection, COP30 was seen by many to be pivotal.

In October 2024, the UK Government published the Employment Rights Bill, which paves the way for significant reforms to UK employment law. The Bill is in its final stages of Parliament and the reforms are expected to be phased in starting from April 2026.

A regular briefing for the alternative asset management industry.

Find the latest news, views and our analysis of all the key announcements.

Less red tape and a simpler path to compliance - particularly for smaller businesses. Fostering innovation, AI, and data-driven growth, while not compromising fundamental rights.

The London Stock Exchange’s (LSE) November 2025 Feedback Statement signals a new phase for AIM, focusing on proportionality, flexibility, cost reduction, and reaffirming AIM’s risk/reward profile, as well as efforts to reposition AIM for the future as a distinct founder- and growth-focused market that can be competitive with private equity. Immediate changes have been confirmed, while more substantial reforms are on the horizon.

Following the publication of the Immigration White Paper and the government’s recent emphasis on reforming both legal and illegal migration, significant changes have been proposed to the process by which individuals can obtain settlement or Indefinite Leave to Remain (ILR) status in the UK. These proposals aim to reshape long-term settlement options for overseas workers and their families, with a focus on contribution, integration, and compliance with immigration rules.

On 20 November 2025, the European Commission published its final legislative proposal to update the EU Sustainable Finance Disclosure Regulation (SFDR), commonly known as SFDR 2.0. 

The UK Competition and Markets Authority has launched its first consumer investigations using the tough new enforcement powers it acquired in April 2025 – which include the ability to impose fines of up to 10% of turnover. We look at why it's chosen to focus on pricing and what B2C businesses can do to reduce their risk of being next on the CMA's "hit list".

The OECD has updated its model double tax convention (the Model Treaty), and in doing so, has amended its guidance on when a home office of a team member can generate a taxable presence of the foreign business for which they work. Businesses with remote workers will want to ascertain whether the relevant tax authorities will change their practices in line with the new guidance and, if so, confirm that their policies on remote working remain appropriate.

The UK government has recently introduced the Cyber Security and Resilience (Network and Information Systems) Bill to Parliament, with the objective of strengthening the UK’s defences against cyber threats to systems most critical to daily life. Once in force (many of the substantive reforms will require secondary legislation to be brought into effect), this legislation will extend direct regulation to a broader range of organisations underpinning essential services and key digital services in relation to cyber compliance – including data centres, managed service providers and specifically designated "critical suppliers".

This article was first published on Global Investigations Review in October 2025; for further in-depth analysis, please visit GIR The Practitioner’s Guide to Global Investigations - Edition 10.”