Knowledge

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Knowledge

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GLI Fund Finance 2024 - Rated subscription lines: An emerging solution to the liquidity crunch?

Head of Finance Danny Peel, Partner Charles Bischoff and Senior Counsel Laura Smith have authored a chapter on rated subscription lines in the latest edition of Global Legal Insights' annual fund finance publication. In this chapter they consider the elements of fund and finance documentation that are likely to be in focus when assigning credit ratings, and explore what their application may mean for the fund finance market in the medium to longer term.

GLI Fund Finance 2024 - Derivatives at fund level

Head of Derivatives & Structured Products Jonathan Gilmour, and Partners Peter Hughes and Joseph Wren have authored a chapter on derivatives at fund level in the latest edition of Global Legal Insights' annual fund finance publication. This chapter highlights some key structural and legal issues that should be considered by a private capital manager thinking about entering into derivatives transactions at fund level as part of its risk management.

Sanctions January Update: new UK enforcement unit, further guidance on ownership and control and OFSI's Annual Review

This update provides a brief summary of some notable recent developments from a UK sanctions perspective, including the introduction of the Office of Trade Sanctions Implementation ("OTSI"), which will be tasked with trade sanctions implementation and enforcement in the UK, along with further guidance on a potentially wide interpretation of the "ownership and control" test, and the Office of Financial Sanctions Implementation's ("OFSI") 2022-2023 Annual Review.

Government drops proposal to reform VAT fund management exemption

As part of the Edinburgh Reforms announced last December, the government launched a consultation on reforming the fund management exemption. Currently, funds are within the exemption if they are either on a UK domestic statutory list of exempt funds or can rely on "direct effect" of EU law (by falling within the EU law concept of "special investment fund").  In the consultation, the government proposed introducing a characteristics based test based on (its view) of the EU law position, with the domestic statutory list being retained but not updated.

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