<p>Filter Knowledge</p>

A regular briefing for the alternative asset management industry. 

The FCA has issued a discussion paper seeking views on proposed new sustainability disclosure requirements and a sustainability labelling system.

On 22 October 2021, the European Supervisory Authorities (ESAs) published their final report and draft regulatory technical standards (RTS) regarding the content and presentation of taxonomy related disclosures as required by the Taxonomy Regulation and the Sustainable Finance Disclosure Regulation (SFDR).

On 18 October 2021, with just under two weeks to go before the UK hosts COP26, the UN Climate Change Conference 2021 in Glasgow, HM Treasury, the Department for Work & Pensions (DWP) and the Department for Business, Energy & Industrial Strategy (BEIS) published a joint paper entitled Greening Finance: A Roadmap to Sustainable Investing (the Roadmap).

At over 1200 pages, the Trade and Cooperation Agreement (TCA) signed by the UK and EU in December 2020 does not make for an easy read. This guide breaks it down into the key topics of interest to business. Alongside our commentary on each topic, you will also find links to the relevant provisions of the TCA. As our own analysis of the deal progresses, we will be adding further commentary, so please check back in for updates.

We have recently updated our cross-practice area guide to the UK-EU Trade and Cooperation Agreement (TCA), which breaks it down into key topics of interest to business. Our commentary has been fully updated to reflect developments such as the EU's recent data adequacy ruling regarding the UK.

Travers Smith LLP is thrilled to announce that its Fintech, Market Infrastructure & Payments team won the Moving the Market Forward Award at the 2021 Financial Times Innovative Lawyer Awards Europe. Additionally, the firm has been ranked as the 12^th most innovative law firm in Europe in the FT's Innovative Lawyers Europe report.

2021 has seen the UK Government and regulators engage in a blizzard of consultations and draft legislation, proposing reforms across a wide range of areas. The sheer volume makes it difficult for businesses to keep on top of changes that might affect them.

An industry-led Project has been launched with the publication of a standardised set of ESG metrics and a mechanism for comparative reporting.

Travers Smith LLP has advised an investment vehicle backed by the founders, longstanding client Inflexion and all other shareholders, on the sale of Medivet Group Holdings Limited ("Medivet") to CVC Capital Partners VIII.

In this session from the PLSA's inaugural ESG Conference (July 2021), Pensions Partner Andy Lewis, Partner and Head of Financial Services and Markets Tim Lewis and Senior Consultant Simon Witney discuss key questions that can arise for pension schemes looking develop their ESG policies and beliefs and translate these into practical action. How can schemes fit these specific regulations into the bigger picture of their overall duties and operations without getting lost in the detail?

On 6 August 2021 the Financial Conduct Authority (FCA) published CP21/26: A new UK prudential regime for MiFID investment firms.

On 2 August 2021 various amending measures were published in the EU Official Journal which will require EU Alternative Investment Fund Managers, EU UCITS management companies and EU MiFID investment firms (including portfolio managers and adviser/arrangers) to integrate sustainability risks and factors into their policies and procedures.

The FCA, the PRA and the Bank of England have issued a joint Discussion Paper on diversity and inclusion in the financial sector.

The European Commission has published its long-awaited guidance regarding some of the Sustainable Finance Disclosure Regulation's (SFDR) known unknowns. The Guidance provides some additional clarity on the application of the SFDR, but unfortunately does not clearly answer all the outstanding questions.

Firms will need to continue to navigate uncertainty in the absence of clear law, guidance or a developed market practice.

On 26 July 2021 the Financial Conduct Authority (FCA) published PS21/9: Implementation of Investment Firms Prudential Regime.

HM Treasury has issued a consultation paper proposing the creation of a Senior Managers & Certification Regime (SMCR) for financial market infrastructures (FMIs).

As a result of the Covid-19 pandemic, asset managers have found that many members of their workforce (of varying degrees of seniority) have been working for an extended period from abroad, rather than in the UK office. Post-Covid, some of these individuals have expressed a wish to spend all of their time, or a proportion of their time, working from abroad.

The regulatory technical standards supplementing the EU Sustainable Finance Disclosure Regulation (EU SFDR)—which had been expected to apply from 1 January 2022—will be delayed by six months until 1 July 2022.

On 6 July 2021, the European Commission adopted a package of measures intended to help improve the flow of money towards financing the transition to a sustainable economy.