<p>Filter Knowledge</p>

Earlier this year, we launched a series of webinars on the theme of "Sustainability and alternative asset managers: the new normal".

The International Swaps and Derivatives Association, Inc is the global trade association for OTC derivatives and maintains the industry standard documents for such transactions, namely the 2002 or 1992 Master Agreement, Schedule and credit support documents (the ISDA). 

A regular briefing for the alternative asset management industry. 

What are derivatives?

Derivatives are contracts between two parties where the value of that contract derives from an underlying asset referenced by the contract. This explains why there is a lot of jargon around certain types of derivatives but once you break them down, most derivatives contracts are not particularly complex.

A recent Court of Appeal judgment (Hamida Begum v Maran (UK) Limited [2021] EWCA Civ 326 ("Maran")) may have significant ramifications for the scope of corporate risk faced by UK companies conducting business overseas.

On 22 and 23 April 2021, US President Joe Biden hosted a global two-day international climate summit to formally mark the US' return to the Paris Agreement (the "Climate Summit"). The Climate Summit's focus was on starting conversations around how to address the climate crisis in practice, including emission reductions, carbon trading, finance, innovation and job creation, in advance of more formal talks at COP26 later this year. It was the first time in four years that the US government has hosted a major international climate discussion, sending a strong signal to the rest of the world that the US is serious again about tackling climate change.

We welcome HM Treasury's consultation on how to improve the UK's funds regime, to support existing managers and attract new ones. This response has been prepared by asset management specialists across our funds, regulatory, tax and transaction teams.

The European Commission has issued a Sustainable Finance Package comprising the EU Taxonomy Climate Delegated Act and the legislation integrating sustainability risks into the Alternative Investment Fund Managers Directive Delegated Regulation, the MiFID II Delegated Regulation and Delegated Directive and the UCITS Delegated Directive. 

In this briefing, we highlight the key consequences of Brexit for intellectual property rights and domain names and what businesses will need to consider.

Since 6 April 2016, unlisted UK companies and LLPs have been required to identify individuals who have significant interests in their shares, and publicly disclose their details in a "PSC Register". The Government has been taking steps since then to introduce greater transparency into the ownership of land, such as increasing the remit of 5AMLD to oblige a much wider range of trusts to register with HMRC's Trusts Registration Service, drafting legislation to introduce a register of overseas entities that own land and consulting on a register of contractual arrangements used to exercise control over the buying or selling of land. 

On 12 February 2021 the Supreme Court handed down its long-awaited judgment in Okpabi v Royal Dutch Shell [2021] UKSC 3.

A large and growing part of our practice is advising DB pension scheme trustees on investment matters. Trustees are under increasing pressure to de-risk, especially with the requirement (in the Pension Schemes Act 2021) for trustees to set a long-term funding and investment strategy.

• Agency ISDA: an ISDA negotiated and agreed by an investment manager with a particular counterparty bank which forms a kind of 'umbrella' arrangement applicable to the investment manager's different clients. The Agency ISDA will contain appendices outlining the specific legal and commercial terms which apply to the derivatives transactions the investment manager enters into on behalf of different stakeholders across its entire client book, e.g.

On 20 April the UK Government announced that it would significantly increase its climate ambition, ahead of the COP26 international climate summit in Glasgow in November. The UK's Climate Change Act commits it to net zero by 2050, and it recently adopted a new Nationally Determined Contribution ("NDC") under the Paris Agreement of 68% reduction against 1990 levels by 2030.

The Financial Conduct Authority (FCA) has now published the second of its three Consultation Papers on the Investment Firm Prudential Regime (IFPR).

A regular briefing for the alternative asset management industry. 

With 23 pages of coverage, you'd be forgiven for thinking that the UK-EU Trade and Cooperation Agreement (TCA) does quite a lot for intellectual property. But as we explain below, length does not always equate to substantial benefits for business.

No (corner)stone left unturned in UK and European IPO market

The recent rebound in UK and European Initial Public Offerings ("IPOs") has brought with it a rise in the prevalence of cornerstone investors, something that has been an important feature of Asian capital markets for many years. Issuers to announce recent UK listings backed by cornerstone investors include The Hut Group, Trainline, Trustpilot, Network International, Moonpig, Dr Martens and Auction Technology Group.

In a dispute over whether a punter was owed £1.7 million of winnings from an online casino-style game, the High Court has ruled that Betfred's consumer terms and conditions did not prevent it being liable to pay out. What lessons does this hold for other B2C businesses, particularly where the contract is made online?