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In their expert analysis chapter for the latest edition of the International Comparative Legal Guides for Alternative Investment Funds, Travers Smith Funds Partner Jeremy Elmore and Associate Rory Page discuss the opportunities that effective ESG engagement may provide for asset managers, existing ESG regulations and the basis on which it can provide a competitive advantage to GPs. 

Travers Smith Funds Partner Jeremy Elmore and Head of Asset Management Emily Clark have produced the England & Wales chapter for the latest edition of the International Comparative Legal Guides for Alternative Investment Funds.

In our new Talking. Secondaries. series, we will seek to demystify the secondaries and synthetic secondaries markets and provide insights into the variety of tools available to GPs when looking to provide liquidity to their limited partners and their portfolios.

Audit clauses can be a useful tool for verifying compliance with contractual obligations, especially on compliance, pricing and payment issues. But what are the key drafting considerations?

Our round-up of recent and forthcoming developments in UK law and practice for our international stakeholders.

In the first warranty & indemnity insurance ("W&I") claim to be decided by the Commercial Court, the Defendant insurers succeeded on every issue, with the Court finding that there had not been a breach of the relevant warranties and indeed no loss as the buyer would have paid the full purchase price in any event.

The Retained EU Law (Revocation and Reform) Act (REUL Act) has recently received Royal Assent. Here we consider the impact of the REUL Act on employment law, including a range of employment rights derived from EU law, and the impact on equality law.

Major fashion brands are increasingly making efforts to capitalise on growing ESG consciousness by consumers. At the same time however, brands are also aware of activity by regulators and campaigners that seeks to hold businesses accountable for "greenwashing" and human rights risks present in their value chain.

In their recent "In Practice" article, "The initial margin "big bang": the aftermath", Derivatives & Structured Products Partner Joseph Wren and Derivatives & Structured Products Associate Nick Morgan consider the key issues and challenges that remain for buy-side entities following the final phase-in of initial margin requirements under EMIR and UK EMIR. If your business is impacted by any of the topics considered in this briefing, please do get in touch with the authors or your usual Travers Smith contact.

A regular briefing for the alternative asset management industry. 

In The University of Dundee v Chakraborty [2023] CISH 22, the Scottish Court of Session considered the privilege status of an early unpublished version of an internal investigation report, which had been amended and reissued following the receipt of legal advice, and then disclosed in its final form in Employment Tribunal proceedings. The Court held, in a decision which, albeit Scottish, is binding on all UK Employment Tribunals, that the early version of the report was not privileged.

Even the CEOs of the big AI firms, like Sam Altman of OpenAI (the developers of ChatGPT), say that AI needs regulating, but there is very little consensus about how to go about regulating it. Governments across the globe are grappling with how to balance promoting innovation and economic growth with protecting citizens' privacy, safety and other human rights.

As businesses invest more heavily in AI, what intellectual property challenges are they likely to encounter? How do we avoid AI have a "chilling" effect on human creativity and enable rightsholders to guard against their intellectual creations being scraped to train AI without their consent?

• Following the Home Secretary's statement on 23 May 2023, if an international student's course start date is on or after 1 January 2024, they are no longer permitted to bring dependants unless the course is a PhD, other doctoral qualification, or a research-based higher degree. The ability for international students to switch out of the student route into work routes before their studies have been completed has also now been removed.

The Building Safety Act 2022 overhauls the existing health and safety regulations for residential buildings and is intended to give residents more rights, powers and protections. One aspect of this new regime is that owners of higher-risk residential buildings must register them with the Building Safety Regulator by 1 October 2023.

On 29 June 2023, having completed its passage through parliament, the Financial Services and Markets Bill received Royal Assent.

Key employment and business immigration developments for employers

The doctrine of separability under English law means that an arbitration clause is separate from the underlying agreement. In turn, this means that the law governing the obligations of the underlying contract can be different to the law governing the arbitration agreement.