<p>Filter Knowledge</p>

Welcome to the inaugural edition of our investigations newsletter, bringing you up-to-speed on the latest trends and developments in this ever-evolving area. 

Last week the Quoted Companies Alliance (the "QCA") published its revised Corporate Governance Code (the "Revised Code"). The Revised Code will apply in respect of financial years beginning on or after 1 April 2024 and there will be a 12-month transition period (from 1 April 2024) during which companies will have additional flexibility to adjust to the provisions of the Revised Code.

Benchmarking mechanisms in commercial agreements are intended to help customers to assess whether they are getting a good deal. But both suppliers and customers can sometimes end up feeling that the whole process is more trouble than it's worth.

Our regular round-up of recent and forthcoming developments in law and practice for in-house counsel.

On 10 November 2023, the text of an Amending Directive that will make amendments to the EU Alternative Investment Fund Managers Directive (EU AIFMD) was published. This set of changes is referred to as "AIFMD II".

In this edition, we highlight the key regulatory and policy developments this Autumn which will impact investors in and operators of energy and infrastructure assets in the UK. Please get in touch if you'd like to discuss any of the issues discussed below.

Travers Smith LLP has advised long-standing client Inflexion on the refinancing of Times Higher Education (THE), a leading provider of university data, rankings and content.

Key employment and business immigration developments for employers.

A regular briefing for the alternative asset management industry. 

On 16 March 2023, the EU Commission announced plans for the "Critical Raw Materials Act" (the "CRMA"): a "comprehensive set of actions" designed to ensure long-term access in the EU to a secure and sustainable supply of critical raw materials. The proposal forms part of the Green Deal Industrial Plan, adopted in February 2023, which aims to create a regulatory environment which supports the net-zero transition.

On 27 October 2023, the Takeover Panel released an amended version of its Practice Statement 5 ("PS5") on invocation of conditions to takeover offers.

Practice Statement 5 now provides guidance on how bidders can both retain a "No Phase 2"  condition, yet still have the protection of a materiality condition if the parties choose/are forced to proceed to a Phase 2 review.

On 27 October 2023, the Takeover Panel published amendments to Rule 21 and the associated guidance that will take effect from 11 December 2023. 

Our "Smart AI Regulation?" series of briefings looks at emerging regulatory frameworks for AI in the EU and the UK and AI's intellectual property and data protection implications.

Travers Smith LLP has announced today the election of Andrew Gillen as the firm’s new Senior Partner with effect from 1 January 2024. Andrew will succeed Siân Keall who has held the post of Acting Senior Partner since early 2023.

The Supreme Court has provided welcome clarity for insolvency practitioners in confirming that administrators of a company appointed pursuant to the Insolvency Act 1986 ("IA 1986") will not be criminally liable for a failure by the company to comply with redundancy notification requirements.

This update provides a brief summary of some notable recent developments in the UK sanctions world, including interesting commentary from the Court of Appeal on a potentially wide interpretation of the "ownership and control" test, which was rapidly followed by a statement from the Government suggesting such an interpretation should be limited, and the Office of Financial Sanctions Implementation's ("OFSI") first use of its public disclosure enforcement power.

On 1 October 2023, the EU's Carbon Border Adjustment Mechanism ("CBAM") regulation officially entered into its transitional period, which will run until 31 December 2025. The CBAM is effectively an import tax on carbon-intensive products, such as cement, steel, iron, aluminium and electricity.

Travers Smith LLP has advised Ascential plc ("Ascential"), a longstanding client of the firm, on the proposed sale, subject to shareholder approval, of its product design business ("WGSN") to funds advised by Apax Partners LLP. The sale is for consideration of up to £700 million (subject to customary closing adjustments and contingent consideration). 

Travers Smith LLP has advised longstanding client ICG on an agreement to sell digital transformation consultancy, 6point6, to Accenture.