<p>Filter Knowledge</p>

The Terrorism (Protection of Premises) Bill, also known as Martyn's Law in honour of Martyn Hett who died in the 2017 Manchester Arena attack, will when enacted improve the UK's security by obliging those responsible for certain premises and events to plan how they would respond to a terrorist attack in or near to their property. Persons responsible for larger premises and events must also take steps to reduce the property's vulnerability to terrorist attacks.

Travers Smith LLP has advised the senior management team of Lomond, a market-leading lettings and estate agent platform, on the investment into Lomond by funds managed by ICG. The closing of the transaction is subject to customary closing conditions.

Since our last briefing, there have been several significant tax developments which affect the real estate sector. The new Labour Government's first Budget included welcome confirmation that it will press on with introducing a new form of investment fund (the RIF) that is expected to be particularly attractive for investment in commercial real estate, and proposals for significant reform to the tax treatment of carried interest.

A regular briefing for the alternative asset management industry. 

The first ever judgment on the UK Government's application of the National Security and Investment Act 2021 ('NSIA') has been handed down. With a focus on the procedural aspects of the review, the High Court upheld the Government's decision to require LetterOne (ultimately owned by Russian nationals, including individuals subject to UK sanctions) to divest the entirety of its shareholding in Upp, a fibre broadband start-up. 

In this edition, we focus on the infrastructure implications of the new Labour Government's first Budget, including for energy, vehicles, telecoms, housing and major projects.  We also look at new initiatives affecting the UK water industry and UK infrastructure investment more generally.  Please get in touch if you would like to discuss any of the issues discussed below.

Many businesses may not have heard of the European Accessibility Act ("EAA").  If it has slipped under your radar, now is the time to take note because this legislation has a broad reach across many sectors, significant implications for product and services design (as well as documentation) and a looming compliance deadline.  The EAA becomes applicable from 28 June 2025 and aims to ensure that many categories of consumer products and services, particularly digital technologies ranging from payment terminals and smartphones to banking services and online shops, are accessible to all, including people with disabilities. 

At the time of our last COP29 update, we were still waiting to hear what the outcomes would be from several key discussion areas, including negotiations relating to the headline climate finance deal. Although it is relatively normal for COPs to overrun, it was not until the Sunday after the official closing that a New Collective Quantified Goal on Climate Finance ("NCQG") was finally unveiled – highlighting the intensity of last-minute discussions and the difficulty in reaching a climate finance figure that would be acceptable to different parties.

Travers Smith is delighted to share that Will Normand was awarded the Editor's Choice Award at the annual British Legal Awards 2024.

The Chancellor's Mansion House speech on 14 November 2024 was almost as hotly-anticipated as her Budget, with the speech's proposals on pension fund consolidation as extensively trailed in advance as the Budget's tax increases.

As alternative lenders scale, most will move from corporate facilities and overdrafts on bank standard forms to consider a "specialty finance" facility.

On 21 November 2024, the Minister of State for Housing and Planning, Matthew Pennycook, issued a written statement setting out the Government's plans for leasehold reform during this Parliament.  As well as passing the regulations needed to implement the Leasehold and Freehold Reform Act 2024 (discussed here), new primary legislation to improve that Act, and strengthening the regulation of property agents, he also announced that the Government intends to make commonhold the default tenure for new-build flats by the end of this Parliament and will also engage on the conversion of existing flats to commonhold.

Travers Smith LLP has announced the appointment of Louisa Chambers as Head of Technology & Commercial Transactions, with effect from 1 January 2025. 

Leading law firm Travers Smith LLP and McCarthy Stone, the UK’s leading developer and manager of retirement communities have authored a report looking at commonhold and the retirement housing sector.

COP29 got underway last week, representing another important event in the global fight against climate change. While it appears that some progress has been made in Baku, including early agreement over standards for a global carbon market, there have also been reports of general dissatisfaction with the pace of decision making – particularly in relation to the set piece negotiations surrounding the 'New Collective Quantified Goal on Climate Finance' ("NCQG"), which is due to be agreed at COP29 (but currently remains elusive).

At the end of last week, the FCA published Primary Market Bulletin 52 (PMB 52) which provides helpful guidance for listed companies on the practical application of  certain aspects of the UK version of the Market Abuse Regulation ("MAR"). While the points covered in PMB 52 are not new, they nonetheless provide some useful reminders for issuers on areas on which the FCA is focusing.

A regular briefing for the alternative asset management industry. 

Travers Smith LLP has advised Shawbrook Bank (Shawbrook) and Hampshire Trust Bank (HTB) on a facility upsize to Newble Commerce.