<p>Filter Knowledge</p>

In the fifth episode of the series, Knowledge Counsel Jonathan Rush looks at the impact of Brexit on UK law. 

There is a lot going on in the world of tax which will be of interest to those in the asset management sector. Relevant developments include international projects (such as the ongoing push to implement the OECD’s Pillar One and Pillar Two proposals and the publication of the EU’s shell entity proposals) but the domestic UK position should not be overlooked, with several exciting initiatives in train.

A regular briefing for the alternative asset management industry. 

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").

In the fourth episode of the series, Senior Associate Richard Offord talks about the impact of Brexit on goods, following the UK's departure from the Single Market and Customs Union.

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. 

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."

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").

Travelling. Seamlessly. podcast series

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.

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.

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.

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?

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.

In the third episode of the series, Senior Associate and Business Immigration Law Specialist Moji Oyediran takes a look at the changes to business travel now that free movement rules no longer apply between the UK and EU. 

A regular briefing for the alternative asset management industry.