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Funds Annual Briefing 2021

Funds Annual Briefing 2021


Our annual briefing highlighting the key 2020 legal developments which impact the funds' industry and previews what can be expected in 2021.

Timeline of upcoming events

Download timeline as PDF or view below. If you require any further information, please get in touch

  • Tax

    UK VAT rules change so that the input tax associated with most VAT exempt supplies of financial services (but not fund management) to the EU can be recovered

  • Bearer Certificates

    Prohibition for collective investment schemes comes into force

  • Tax

    Start of the "30 day" window for making the first reports under the new DAC6 regime

  • Financial Reporting

    Issuers may voluntarily file their financial reports for financial years starting on or after 1 January 2021 in European Single Electronic Format

  • Performance Fees

    ESMA guidelines on performance fees in UCITS and certain types of AIFs come into effect

  • Listings Review

    Early 2021

    Lord Hill to report to HM Treasury on his UK Listings Review following the 2020 Call for Evidence

  • National Security

    Early 2021

    HM Treasury intends to consult on the proposed power to block listings on national security grounds

  • ESG / UK Taskforce on Climate-related Financial Disclosures

    Early 2021

    FCA intends to consult on proposed new disclosure rules for asset managers, and BEIS intends to consult on proposals to require UK registered companies to make disclosures in their strategic reports which are aligned to the Taskforce on Climate-related Financial Disclosures' recommendations.

  • Open-ended Funds

    Early 2021

    FCA proposed notice periods for authorised open-ended property funds to address liquidity mismatch forecast to come into effect 'as soon as possible' in 2021

  • Reporting

    FCA expects to upgrade the National Storage Mechanism to accept European Single Electronic Format

  • Shareholder meetings

    The Institutional Shareholder Services' updated UK proxy guidelines will apply

  • Tax

    By this date, each EU member state had to have decided whether it wants to apply the rule for detached workers set out in the EU/UK protocol on social security coordination

  • ESG

    The European Commission consultation on a possible sustainable corporate governance initiative closes

  • EU Cross-Border distribution of Funds Directive and Regulation

    Feedback due for ESMA Consultation Paper on guidelines for funds' marketing communications

  • Tax

    Consultation closes on new UK tax privileged regime for asset holding companies in alternative fund structures

  • Tax

    Budget to be held – possibly including revenue raising measures as a result of the Government's Covid-19 related spending

  • ESG/EU Sustainable Finance Disclosure Regulations

    Majority of the Sustainable Finance Disclosure Regulations obligations apply: sustainability-related disclosures on the website for in-scope entities and relevant pre-contractual information for products in market

  • Covid-19

    Government's relaxation of company meeting requirements (relating to virtual company meetings and flexibility in holding AGMs) due to expire

  • Stewardship

    Deadline for asset managers wishing to be included on the first list of signatories to the UK Stewardship Code 2020 to apply to the FRC

  • Tax

    April 2021

    Introduction, with retrospective effect to 6 April 2019, of 10% holdings threshold before the non-resident CGT rules apply in relation to certain disposals involving non-resident funds and insurance companies

  • Tax

    April 2021

    New off-payroll working rules come into force

  • Financial Reporting

    Q1 2021

    The FCA will adopt a new DTR 5 notification protocol. Instead of emailing TR-1 forms to the FCA, investors will need to complete an electronic TR-1 form which will be sent via an online portal.

  • Tax

    Mid 2021

    Target time for consensus solution to be reached on OECD's Pillars One and Two tax proposals

  • EU Market Abuse

    During 2021

    The European Commission will use the technical advice from the ESMA MAR review to inform its own report on MAR

  • Beneficial ownership

    During 2021

    Government intends that the new beneficial ownership register of overseas entities that own UK property will go live

  • Brexit

    During 2021

    HM Treasury to launch second consultation of its Future Regulatory Framework review

  • Tax

    April 2021

    New off-payroll working rules come into force

  • ELTIF Regime

    Q3 2021

    The European Commission aims to publish legislative proposal following review of the ELTIF regime

  • EU Cross-Border Funds Distribution Directive and Regulation

    August 2021

    • Member states are required to apply measures implementing the Directive and the main provisions of the Regulation start to apply

    • Final ESMA guidelines for funds' marketing communications expected

    • European Commission is due to report to the European Parliament and Council on reverse solicitation
  • ESG/EU Taxonomy Regulation

    Delegated acts on four remaining environmental objectives to be adopted & Commission to publish a report on extension of the Taxonomy Regulation's scope

  • Libor

    Libor expected to be discontinued

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