UK Government - Pensions Investment Review

The UK Government has published its final report on the first phase of the Pensions Investment Review and responses to two other related consultations. The Pension Schemes Bill was presented to Parliament on 5 June 2025.

Law Commission - Landlord and Tenant Act consultations

The Law Commission are reviewing Part 2 of the Landlord and Tenant Act 1954 with a view to modernise commercial leasehold legislation. Click her for more details.

FRC - UK Stewardship Code

The Financial Reporting Council have published the UK Stewardship Code 2026 and are consulting on guidance.

Sustainable Finance Disclosure Regulation (SFDR)

The European Commission have put out a Call for evidence on SFDR. More details can be found here.

DWP - Options for Defined Benefit schemes

The Government have responded to their consultation on the treatment of DB scheme surpluses and a model for a public sector consolidator. Click here for more details.

Member only content

UK Alternative Investment Fund Manager (AIFM) Regime

HM Treasury and the FCA are consulting on changes to the AIFM regime in the UK. Find out more about this here and review AREF's draft responses.

UK Government: Build Out improvements

The UK Government have published a policy paper on speeding up build out and alongside this they are consulting on measures to improve build out transparency and accountability.

IOSCO - Liquidity Risk Management Recommendations for Collective Investment Schemes

IOSCO has published its final report on Revised Recommendations for Liquidity Risk Management for Collective Investment Schemes alongside its Implementation Guidance

Appointed Representatives regime

The FCA have updated on their website details of responsibilities and how to oversee appointed representatives

FCA – Sustainability Disclosure Requirements (SDR) and investment labels

Find out more here about the FCA's Sustainability Disclosure Requirements (SDR) and investment labels regime.

Sustainable finance and climate change disclosures

Read more about the policy work being undertaken by governments, regulators & standard setting bodies in relation to sustainable finance and climate-related disclosures.

City Week 2025 - 15% discount for AREF Members

The Digital Assets Innovation Summit is taking place on 2 July in London, as part of City Week 2025. As AREF is supporting this event, we are pleased to offer a discount.

FCA - Product Information for Consumer Composite Investments

The FCA is planning to implement a new product information regime for Consumer Composite Investments. In April 2025, they published a second consultation on some remaining issues to support the regime.

ESMA - Liquidity Management Tools for Funds - Guidelines & Technical Standards

ESMA has published its final reports on draft regulatory technical standards and guidelines for liquidity management tools under the revised AIFMD and UCITS Directive.

European Commission - Savings and Investment Union

As part of its Savings and Investment Union strategy, the European Commission is gathering feedback from stakeholders on obstacles to financial integration across the EU.

Liquidity Management

View a summary on the policy work being undertaken by regulators and governments on funds' liquidity management.

FCA - Finance for positive sustainable change: governance, incentives and competence in regulated firms

The FCA have published their response to their a discussion paper on firms' sustainability-related governance, incentives, and competencies. They have introduced some rules relating to themes in the paper and have no plans to introduce any more. More details can be found here.

RICS Red Book - UK National Supplement 2023 edition

RICS published a survey in February/March 2025 to understand how the UK VPS 3 valuation standards, within their 2023 edition of the UK National Supplement to the Global Red Book, are impacting stakeholders and to provide insight into the future direction of RICS. AREF's response to the survey and UK National Supplement can be found here.

AREF FutureGen Survey

ESG Ratings and Data Providers

Click here for details about the work by regulators and governments on ensuring good governance by ESG ratings and data products providers.

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