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In 2016 the Government introduced a requirement for all UK companies to maintain a register of "People with Significant Control", and announced its intention to establish a register of beneficial ownership information for overseas entities that own or buy UK property ("the Register").
Senior Consultant, Simon Witney, and Consultant, Sarah-Jane Denton, explore the effect that environmental reform will have on the alternative asset management industry.
"The CSR Art Programme began after Travers Smith decided to fill its blank walls after a refurbishment of its office spaces in 2015. Instead of simply buying prints from retailers, the firm decided to do something creative which could complement its commitment to CSR."
At the end of last month BEIS published non-binding guidance for large companies and LLPs on the obligation to make climate-related financial disclosures in their annual accounts. In-scope entities will have to prepare for the new obligations and ensure that their governance structure and financial planning and reporting processes are fit for purpose.
On 28 February 2022, the EU Platform on Sustainable Finance (the Platform) published its Final Report on a potential Social Taxonomy. This sets out the Platform's proposals for a structure for a social taxonomy under EU sustainability legislation.
The European Commission recently unveiled its long-awaited proposal for a directive on corporate sustainability due diligence, which is designed to tackle human rights and environmental impacts across value chains (the "CSDD").
Funds partner, Sam Kay, and Tax partner, Elena Rowlands, have featured in the latest Chambers Global Practice Guides, giving an overview of the current investment funds market and discussing alternative investment funds, retail funds and the recent developments relating to legal, regulatory and tax changes.
Earlier this week HM Treasury published the outcome of its UK Prospectus Regime Review. As proposed in the July 2021 consultation paper, the government will be replacing the current prospectus regime it inherited from the EU Prospectus Regulation. The main aims of the reform are simplifying regulation in this area; making it more agile and dynamic; facilitating wider participation in the ownership of public companies and improving the quality of information received by investors.
Early on the morning of 24 February 2022, the Russian military invaded Ukraine. The full scope of the Russian military operation continues to remain unclear.
As outlined in our previous briefing note on the Corporate Insolvency and Governance Act 2020, a new restructuring tool was introduced in June 2020 in the form of the Part A1 free-standing moratorium (the "Moratorium"). The Moratorium was introduced with the intention of providing companies in financial distress breathing space to allow them to explore restructuring options whilst being protected from the majority of creditor action, similar to the protection afforded to a company in administration. A feature of the Moratorium is the appointment of an independent monitor.
The UK’s International Data Transfer Agreement (IDTA) and the Addendum to the new EU SCCs (Addendum), together with accompanying transitional provisions, were laid before Parliament 2 February 2022. Unless Parliament objects (which is unlikely), they will come into effect on 21 March 2022.
Travers Smith Tax Senior Associate Sophie Lloyd and Associate Rob Smith have written an article in a recent edition of Tax Journal, providing a practical guide on early stage tax disputes with HMRC.
The Environmental Protection Act 1990 was a landmark piece of legislation for the real estate sector, establishing legal responsibility for contamination and pollution control for land, air and water, and also regulating waste disposal and statutory nuisances. Our understanding of the threat posed by contamination and climate change has increased significantly in the thirty years that followed, and the long-awaited new Environment Act was finally put onto the statute books in 2021. When it is fully operational, what might the new legislation mean for the UK's real estate industry?
‘Every week two women are killed by their partners and three commit suicide due to domestic abuse.’ With such a chilling opening line, it is no wonder that Travers Smith’s submission for CSR Programme of the Year at the 2021 Legal Business Awards stopped the judges in their tracks.
A regular briefing for the alternative asset management industry.
Early on the morning of 24 February 2022, the Russian military launched a broad military offensive targeting Ukraine. The full scope of the Russian military operation is not immediately clear.
For nearly two years the government has been conducting a review of the UK funds regime (the Review) with the aim of making the UK a more attractive location to set up, manage and administer funds and to support a wider range of more efficient investments better suited to investor needs. This review had already yielded some tangible results, in particular the recent introduction of the Long-Term Asset Fund (LTAF) and the development of the new tax regime for qualifying asset holding companies (QAHCs) which is due to come into force in April.
During the build-up of Russian military forces on the borders of Ukraine over the course of recent months, the UK and other countries have issued firm statements that any further incursion by Russia into Ukraine would result in additional economic sanctions on Russian entities and individuals. Today, following Russia's recognition of the Luhansk and Donetsk regions of Ukraine as independent (and the corresponding movement of Russian forces into these regions), a number of new sanctions and other restrictions have been imposed – with further measures likely to follow depending on Russia's actions over the coming days and weeks.
Tax Knowledge Counsel Laura Hodgson has written an article in a recent edition of Tax Journal, discussing the new EU draft directive (ATAD 3) and how it could subject EU entities to additional reporting and adverse tax consequences.
We are delighted to share with you the 2022 edition of our Public M&A Trends publication.