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The Pensions Regulator (the "Regulator") has updated the questions for Defined Benefit ("DB") and Hybrid schemes to answer in this year's Scheme Return (which will need completing by 31 March 2024).
A regular briefing for the alternative asset management industry.
Head of Finance Danny Peel, Partner Charles Bischoff and Senior Counsel Laura Smith 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.
Head of Derivatives & Structured Products Jonathan Gilmour, and Partners Peter Hughes and Joseph Wren 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 structural 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.
After much delay, the UK is finally introducing full border controls on imports of goods from the EU. We look at what's changing over the course of the next 12 months.
The Court of Appeal has ruled that the previous decision of the High Court to sanction a restructuring plan ("Plan") that had been proposed by the Adler Group ("Adler") should be set aside. The decision marks the first appeal in relation to a restructuring plan under Part 26A of the Companies Act 2006 ("Companies Act") and the decision offers clarity on the approach to restructuring plans, particularly when considering issues of "fairness".
The Pensions Regulator has published its General Code of Practice, setting out its expectations for good governance in occupational, personal and public service pension schemes. The Code has been laid before Parliament and is expected to take effect on 27 March 2024.
Travers Smith has advised one of Sweden's leading advisors and intermediaries of insurance and financial products Söderberg & Partners on the acquisition of the independent financial advisory company Timothy James & Partners from current owner Waverton Investment Management Group.
Travers Smith LLP has advised long-standing client Macquarie Capital Principal Finance (Macquarie Capital) on the refinancing of Matrix Networks Group (Matrix), a leading provider of specialist utility infrastructure in the UK.
Travers Smith LLP has advised Patron Capital, a pan-European real estate private equity specialist (Patron), on the acquisition of B16 Edgbaston, a purpose built student accommodation ("PBSA") scheme, through its joint venture with Curation Capital (Curation).
Travers Smith LLP has obtained the ISO 50001 for its energy management system following an independent audit by international certification body, Certification Europe.
Following the entry into force of the Financial Services and Markets Act 2023 ("FSMA 2023"), the Bank of England, FCA and PRA (the "Regulators") are consulting on new rules and a joint Supervisory Statement on their new powers to regulate critical third parties ("CTPs") which are designated by HM Treasury because of their systemic importance to authorised firms and financial market infrastructures ("FMIs"). This significant expansion of the Regulators' supervisory remits will usher in an entirely new era for CTPs, which (including those that are not based or even incorporated in the UK) will need to comply with a range of rules on governance, operational continuity and regulatory engagement as well as other areas.
It is relatively rare for contractual limitations of liability to fall foul of the Unfair Contract Terms Act 1977 (UCTA) – so you could be forgiven for thinking that businesses don't need to be too concerned about UCTA. But a recent ruling by the Court of Appeal challenges some commonly held assumptions about the legislation and may mean that it becomes more of an issue in future – particularly for suppliers using standard terms.
Key employment and business immigration developments for employers.
The EU Data Act (EDA), which sets out new data sharing rules that will apply in respect of connected products, came into force on 11 January 2024. While its provisions will not be applicable for a while yet, businesses are likely to need the intervening period to scope out, and plan for, the impact that the EDA will have on their product designs, commercially sensitive information, terms and conditions, costs and GDPR compliance.
Travers Smith LLP has advised the Trustee of the Guilbert UK Retirement Benefits Plan on a £140m bulk annuity deal with Aviva.
Travers Smith LLP has advised PineBridge Benson Elliot, a pan-European real estate private equity specialist (PBBE), on the financing of Mitheridge Capital Management's (Mitheridge) acquisition of a co-living development site in Hackney Wick.
A regular briefing for the alternative asset management industry.
Featured in Practical Law, Senior Counsel Kyle Rainsford explores the various tax issues, duties and regimes that are likely to arise in the construction industry.