<p>Filter knowledge</p>

A regular briefing for the alternative asset management industry. 

I try to learn from the past, but I plan for the future by focusing exclusively on the present. That's where the fun is.

After months of negotiations, on 14 December, the EU Parliament and Council reached a provisional agreement on the principles that will underpin the Corporate Sustainability Due Diligence Directive ("CS3D").

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.

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Our ESG timeline archive sets out past UK and EU legal and regulatory developments relating to ESG and wider sustainable business topics from January 2023 onwards. As with the main timeline, the timeline archive can be filtered according to your business type or the relevant ESG theme.

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.