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Public Affairs Committee

Welcome to AREF's Public Affairs Committee page.  Here you will find details of what the Committee are currently working on, along with other useful information. 

The aim of the Committee is to develop relations between AREF and policy makers, regulators and other industry bodies in order to support the real assets funds industry, informing, influencing and lobbying these groups with a view to creating the optimum environment for the real assets funds industry to thrive. 

Please note, the information on this page is for AREF Members Only - you will require a password to access the information.  If you have forgotten your password or require a new one please email:

Use link for more information on Members of the Public Affairs Committee.


Cross-borders distribution of investment funds across the EU

AREF have responded to the European Commission’s consultation on the main barriers to the cross-borders distribution of investment funds across the EU. Please click here to read AREF’s response.


  • The Public Affairs Committee are considering the effect of MiFID II on AREF members. One of the areas that is particularly relevant to AREF member funds that are Non UCITS Retail Schemes (NURS) is whether such funds should be regarded as “complex” or “non-complex”. - for more information click here.
  • In light of the MiFID II changes that took effect from 3 January 2018, intermediaries, who act for investors in institutional real estate funds, should ensure they have reviewed their policies and processes for executing client orders in the context of secondary trade sales and purchases. Click here to see an article giving more detail on this subject by Melville Rodrigues from CMS, a member of the AREF Public Affairs Committee.

Real Estate Lending


Authorised Contractual Schemes


The Public Affairs Committee have been working on a number of issues around AIFMD, including External Valuers, Passporting and Reporting.  Click here to view the AIFMD page and read more.

Consultation on Local Government Pension Schemes

  • AREF submitted its response to the DCLG consultation paper “Local Government Pension Scheme.  Click here to view more.


ELTIFs legislation came into effect on 9th December 2015. 
  • Click here for Article written by a member of the AREF Public Affairs Committee 'ELTIFS: Real Estate Fund Manager Opportunity'
  • Click here for link to European Commission Factsheet on ELTIFS

European Real Estate Forum (EREF)

Workplace Pension Schemes - Charge cap

Since the introduction of the pensions charge cap in 2015 AREF has been lobbying Government to exclude property holding and maintenance costs from the cap. As a result, the Government has now clarified that such costs fall outside the cap. This will allow pension savers to benefit from the diversification and returns that property offers.  Please click here to view the updated charge cap guidance

Shadow Banking

AREF raised objections to the European Banking Authority's proposals to limit banks' exposures to shadow banking entities. Click here to read more.

 UK Limited Partnership

Local Government Pension Schemes

The Government had published a consultation on investment regulations for Local Government Pension Schemes (click here to see the consultation). The AREF Public Affairs Committee are considering the implications of the Government’s proposals on investment by Local Government Pension Schemes in the real estate sector. We would be interested in hearing members views and also, we would encourage members to respond direct to the Department for Communities and Local Government. The consultation is open until 19 February 2016.

Liquidity Management

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