<p>Filter Knowledge</p>

Welcome to the inaugural edition of the Travers Smith Infrastructure newsletter.

This article was first published in Trust Law International (Bloomsbury Professional) at (2022) 3 TLI 103.

As COP27 drew to a close on the afternoon of Friday 18 November, following two weeks of the conference in Sharm el-Sheikh, the first drafts of the COP27 agreement were published, but getting the deal finalised looked to be a difficult task.

A regular briefing for the alternative asset management industry. 

In this briefing we explore the risk that a lender might renege (voluntarily or involuntarily) on its funding commitments. We touch on the different types of lender entities in the market currently and examine why there are often different reasons behind such a failure to fund.

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

Travers Smith LLP is pleased to announce that Kathleen Russ has been elected Senior Partner for a second term, with effect from 1 July 2023.

On 9 November 2022, the Investment Association (the "IA") published its latest version of the IA Principles of Remuneration (the "Principles") and Letter to Remuneration Committee Chairs (the "Letter").

Travers Smith advises Daiwa International Investments G.K. (Daiwa Investments), in connection with the sale of its interests in Daiwa ICP European Infrastructure 1, L.P. in a GP-led secondary backed by Partners Group.

Industry collaborations have been high on the competition law agenda in recent years, with businesses seeking to navigate an ever-growing number of 'horizontal' competitor collaborations, industry initiatives, and bilateral as well as multilateral information exchanges.

Against a background of high inflation and a challenging economic environment, many businesses are looking at whether they can raise prices. However, as we explain below, even where a contract appears to allow for this, much depends on the precise wording and what constraints the courts may decide to impose.

Kyle Rainsford joins Travers Smith's Tax Team as senior associate.

Key employment and business immigration developments for employers.

With COP27 starting earlier this week, all eyes remain on what progress governments and international organisations are able to make to meet climate critical finance targets. Climate finance is a major issue at COP27, as it has been since developed countries initially agreed to mobilise $100 billion per year at COP15 in 2009 by 2020 (later extended to 2025). However, this annual target has never been met.

The Advertising Standards Authority (ASA) is consulting on guidance that would require mid-contract price rises in consumer contracts to be more prominently stated in telecoms advertising. As we explain below, this may also be of interest to other B2C businesses outside the telecoms sector.

In the recent case of Newpier Charity Limited v HMRC [2022] UKFTT 373 (TC), the First-tier Tribunal (FTT) had to decide whether it was obliged to agree to the application by a charity, Newpier Charity Limited (Newpier), for it (the FTT) to require HMRC to close an enquiry into Newpier's tax return.

On 4 November 2022, the Pre-Emption Group published a revised Statement of Principles for the disapplication of pre-emption rights (the "Statement"), together with new template resolutions. The Statement, which has been updated for the first time since 2015, has immediate effect in line with the recommendations of the UK Secondary Capital Raising Review (the "Recommendations") published in July.

Travers Smith LLP has advised Wise Equity on the English aspects of its acquisition of OneTag, an adtech company, from its founders. BonelliErede led on the Italian aspects of the transaction.

Travers Smith LLP has advised long-standing client Social and Sustainable Capital LLP ("SASC") on the successful first closing of Social and Sustainable Housing II LP (the "SASH II"). SASH II has a target of £125 million of commitments by final close.