<p>Filter Knowledge</p>

On 26 October 2023, the UK's Energy Act 2023 (the "Act") received Royal Assent, becoming one of the largest pieces of energy legislation in a generation. The Act was originally introduced in July 2022 by then Energy Secretary Kwasi Kwarteng as the 'Energy Security Bill'. The Energy Security Bill was reviewed following the resignation of Boris Johnson and Liz Truss before being re-tabled to the House of Lords on 12 December 2022 under its new name, the Energy Act.

Indirect transfer taxes (or non-resident capital gains taxes) are a key issue on secondary transactions. Generally, this issue can be navigated with a combination of early tax advice and contractual risk allocation between Buyer and Seller.

Since the publication of the Government's 2017 white paper "Fixing our broken housing market", there has been much discussion about the Government's plans to reform the housing market especially by means of modernising the leasehold sector. The King's Speech on 7 November 2023 included further announcements about leasehold reform.

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

A regular briefing for the alternative asset management industry. 

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.

Emily Clark (Head of Asset Management) and Ian Zeider (Knowledge Counsel) have recently co-authored a Tax Journal article on the Upper Tribunal's decision in HMRC v BlueCrest Capital Management (UK) LLP relating to the application of the salaried members rules. In its decision, the Tribunal rejected HMRC’s restrictive interpretation of the exclusions from salaried member status.

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.

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.

Funds Partner Jeremy Elmore and Financial Services & Markets Senior Consultant Simon Witney have featured in the latest edition of Private Equity International's Impact Investing Report. In this keynote interview, Jeremy and Simon discuss how greater clarity, precision and standardisation can help the impact investing market reach its full potential.