30 June 2026 was the final day of the first half of the year, and also marked exactly three months until the opening of the FCA's authorisation gateway for firms wishing to carry on regulated cryptoasset activities.

If private equity's arrival in sports feels new, that is because, compared to other asset classes, it is. Most investments have not yet reached maturity, but early examples prove there is significant potential for attractive exits: whether it is another PE buyout, a trade sale, a high-net-worth individual stepping in, or even an IPO, the potential upside is significant.

Welcome to Frontline by Travers Smith – our series addressing the key issues affecting the defence sector. 

The introduction of the Consumer Duty (the Duty) in the UK in July 2023 marked a significant shift in the regulation of financial services activities carried on by UK firms for retail customers. However, perhaps inevitably for a broad, principles-based regime, determining how to apply the Duty in the context of different types of businesses, and particularly in relation to firms that are predominantly active in the wholesale markets, has frequently proved challenging.

The Supreme Court's decision, in HMRC v BlueCrest Capital Management (UK) LLP, has supported HMRC's narrow interpretation of "significant influence". For these purposes, a member's influence only counts if it derives from legal rights and duties and, to be significant, is likely to need to be strategic influence over the affairs of the LLP generally.

Is investment in defence moving from a specialised area to mainstream opportunities in strategic security infrastructure? Recent developments suggest so.

Welcome to the second edition of Travers Smith's Crisis Management and Investigations Circular, providing a bite-size round-up of recent developments in the world of crisis management and investigations.

The Bank of England is having a remarkably productive June, with the publication of the consultation by the Retail Payments Infrastructure Board (RPIB) (the senior advisory group chaired by the Bank) on the design of the future retail payments infrastructure. Feedback is sought by 11 September 2026.

In November 2025, the European Commission published its legislative proposal to update the EU Sustainable Finance Disclosure Regulation (dubbed "SFDR 2.0"), which was preceded a week before by a leaked draft version that was widely discussed in the media.

A regular briefing for the alternative asset management industry 

Over a month ago, on 19 May, Sarah Breeden, Deputy Governor of the Bank of England for Financial Stability, used a speech to give a clear signal: the Bank had decided to rethink some of the more controversial aspects of its proposals for the regulation of systemic stablecoins, especially on holding limits (that is, maximum amounts of a particular stablecoin that an individual or business could hold) and on the composition of the assets used to back the stablecoin and ensure its 1:1 peg to sterling.

The UK government has launched a consultation on plans to reform the income tax payment regime. The key plank of the proposals is that, from April 2029, tax payments for self-assessment income taxpayers will be due in-year, so significantly earlier than under the current rules.  As carried interest is now (since 6 April) within the income tax regime, the reforms have the potential to exacerbate cashflow difficulties for private capital executives.

If a lease contains a contractual renewal option, does this mean that it falls outside the security of tenure regime in the Landlord and Tenant Act 1954 ("the 1954 Act")?  This is the question that the Court of Appeal considered in Caterpillar Property Limited & Anor v Park Cakes Limited [2026] EWCA Civ 575.

Commercial property landlords have been in limbo for over five years as to whether and when the current MEES requirement of an EPC E rating would be increased.  Meanwhile, they learnt from the Warm Homes Plan that residential properties in the PRS must have an EPC C rating by October 2030.

The Upper Tribunal (Tax and Chancery Chamber) (UT) has dismissed Barclays' appeal against the decision of the First-tier Tribunal (Tax Chamber) (FTT) upholding HMRC's refusal to allow a US company, Barclays Services Corporation (BSC), a member of Barclays' corporate group, to join Barclay's UK value added tax (VAT) group. The main reason for refusing the application was that the US company's registered branch in the UK was not a 'fixed establishment'.

A regular briefing for the alternative asset management industry. 

Since 6 April 2026, the UK has had a new regime under which all carried interest is taxed as trading income, regardless of the underlying nature of the return. As it is trading income, the starting position is that it is taxed at rates of up to 47% (45% income tax plus 2% national insurance contributions). However, provided the carried interest is "qualifying", a bespoke effective rate of around 34.1% applies.

The US LLC is a popular business vehicle, particularly in the private capital sector. However, its current UK tax treatment can give rise to effective double taxation for members who are UK resident individuals.