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Enabling DC pensions schemes to invest in illiquid assets

The Department of Work & Pensions (DWP) published ‘Facilitating investment in illiquid assets’ on 30 March 2022.

Levelling Up and Regeneration: further information - Policy paper

On 11th May 2022 the Governments Department for Levelling up, Housing & Communities has released policy paper Levelling Up and Regeneration: further information. 

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UK Solvency II

The Government have published a consultation on reforming Solvency II in the UK; the deadline for responses is 21 July 2022. A key aim of their proposed reforms is to enable the UK’s insurance industry to invest tens of billions of pounds in long-term UK infrastructure and green projects.

Trust Registration

New rules were introduced on 6 October 2020, as part of the UK’s implementation of the Fifth Money Laundering Directive (5MLD), which extend the scope of the trust register to all UK and some non-UK trusts that are currently open, whether or not the trust has to pay any tax, but with some specific exclusions.

ESG Metrics for Real Estate

In mid-April 2022 AREF, along with other real-estate related associations, submitted proposals to the FCA on ESG metrics for real estate. Click to view this proposal.

Misuse of shell entities - EC Proposals

In December 2021 the European Commission published their draft directive for rules to prevent the misuse of shell entities for tax purposes. They have invited comments on this until 6 April 2022.

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ESG Ratings and Data Providers

View AREF's responses to consultations from FCA, ESMA and IOSCO on ESG Ratings and Data Providers.

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Guidance on Expense Ratios

AREF has brought its Guidance on Expense Ratios in line with the Total Global Expense Ratio (TGER ) Click to view the proposed guidance, the Q&As and example of the changes

Sustainable finance and climate change disclosures

View information on SFDR here.

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Financial Promotion Exemptions

View the draft response to this consultation. Please send comments by 28th Feb. HMT have published an open consultation on Financial promotion exemptions for high net worth individuals and sophisticated investors. The deadline for response is 9 March 2022.

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Review of the UK Funds Regime

HM Treasury have published their Summary of responses to the Call for Input on the Government’s review of the UK funds regime.

DWP – Climate and investment reporting

In October 2021 the Government Department for Work and Pensions (DWP) published an open consultation on Climate and Investment reporting: setting expectations and empowering savers. View the AREF response to this consultation.

FCA – Sustainability Disclosure Requirements and investment labelling

See AREF’s response to the FCA’s discussion paper (DP21/4) on Sustainability Disclosure Requirements (SDR) and investment labels.

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FCA consultation on enhancing climate-related disclosures

View AREF's draft response to FCA CP21/17 Enhancing climate-related disclosures by asset managers, life insurers, and FCA-regulated pension providers.

Appointed Representatives Regime

In early December 2021, both the FCA and HM Treasury published consultations relating to the Appointed Representatives regime (AR regime). Both the FCA and HM Treasury have requested responses by 3 March 2022.

Central Bank of Ireland consults on macroprudential measures for the property fund sector

This is consulting on a proposal to introduce macroprudential limits on leverage and to provide guidance to limit liquidity mismatch for Irish-authorised property funds (subject to AIFMD). We are considering setting up a working group to assist with AREF’s response.

Simplifying the VAT Land Exemption – HMRC call for evidence

MRC published a call for evidence to look at potential options and ideas to simplify the land and property VAT exemptions. On 30 November HMRC published a summary of responses to the call for evidence. Click for more info.

Tax regime for qualifying asset holding companies

AREF responded to the HMT consultation exploring whether changes to the tax treatment of companies used by funds to hold assets could make the UK a more attractive location for these companies. HMT have published their response to feedback and a second stage consultation.

Residential Property Developer Tax

In the 2021 Autumn Budget, the Government confirmed they would introduce RPDT from April 2022.

FCA PS21/14: A new authorised fund regime for investing in long term assets (LTAF)

The FCA published this Policy Statement as a follow on from their consultation (CP21/12) on a new category of authorised open-ended fund called the long-term asset fund (LTAF).

Building Safety Levy

The MHCLG published a consultation on the Building Safety Levy, click to view AREF's response.

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Post-event materials - Webinar: FCA CP21/17 Enhancing climate-related disclosures - 1st September 2021

View the materials from this event including useful links, slides and a recording of the discussion.

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FCA CP21/12: A new authorised fund regime for investing in long term assets (LTAF)

View AREF's response to the FCA consultation (CP21/12) on a new category of authorised open-ended fund called the long-term asset fund (LTAF).

DWP response to consultations on improving outcomes for members of defined contribution pension schemes

View the DWP's response to their consultations on Improving outcomes for members of DC schemes and Incorporating performance fees within the charge cap.

FCA FS21/8: Feedback to consultation paper (CP20/15) on liquidity mismatch in authorised open-ended property funds

AREF and the IA jointly responded to CP20/15 in November 2020. FCA FS21/8 gives feedback to this response, click for more information.

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DWP Consultation: Incorporating performance fees within the charge cap

View AREF's response to DWP's consultations on 'Incorporating performance fees within the charge cap' and 'Improving outcomes for members of defined contribution pension schemes.'

Government Call for Evidence on commercial rent and Covid-19 and BPF initiative

The Government wishes to better understand how landlords and tenants are responding to the build-up of rent arrears that has occurred as a result of businesses being unable to trade normally during the pandemic.

Amending Non-Resident Capital Gains Tax Rules

Click to view a short update on NRCGT

Watch the replay - UK Treasury's Funds Review: Call for Input consultation - Implications for the Real Estate Funds Sector - 23 March 2021

View the materials from this event, including slides and a recording.

IA Update on the IOSCO Work Programme

The work programme outlines IOSCO's priorities and key deliverables for 2021-2022.

IOSCO Survey on Liquidity Risk Management Recommendations and Responses to COVID-19

To inform both the Thematic Review of the Recommendations for Liquidity Risk Management for Collective Investment Schemes and the Joint Analysis with FSB, IOSCO has issued a Market Participants' Survey. Click for more information.

Updated UK Non-Resident Capital Gains Tax Regulations

The regulations introducing portfolio exemption from UKNRCG were laid before the parliament on 2 March. Click to view more.

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AREF response to the European Commission consultation on the review of AIFMD

View the response submitted by AREF

EC extends deadline on the ELTIF consultation to 1 Feb 2021

The European Commission have extended the deadline due to a request from a number of stakeholders citing high workloads.

ESMA guidance on leverage risk

View the guidelines published by ESMA on leverage risk

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Response to HMRC consultation: ISAs and authorised open-ended property funds

View the joint response from AREF and the IA to this consultation.

Government Response to RPI Consultation

As part of the Government’s Spending Review they have published a Response to the Consultation on the Reform to Retail Prices Index (RPI) Methodology.

AIFMD review consultation - deadline 29 January 2021

The European Commission have published a public consultation on their review of the Alternative Investment Fund Managers Directive (AIFMD). The deadline for responses is 29 January 2021.

HMRC consultation: ISAs and authorised open-ended property funds

HMRC are consulting on authorised property funds continuing to be held in ISAs. AREF will be responding to this consultation.

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Response to FCA CP20/15: Liquidity mismatch in authorised open-ended property funds

View a copy of the joint response from AREF and the Investment Association.

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DWP consultation: Improving outcomes for members of defined contribution pension schemes

View the DWP consultation on improving outcomes for members of defined contribution pension schemes. This consultation closes on 30th October 2020.

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Near final draft response to FCA CP20/15

Click to read the a near final draft response by AREF and the Investment Association (IA)

FCA CP20/20: Our Approach to International Firms

The FCA have released CP20/20: Our approach to International firms providing or seeking to provide financial services that require authorisation in the UK. 

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AREF/ Investment Association draft response to FCA CP20/15

View the draft response, and a link to a roundtable with the FCA on 6th October.

Member update - material uncertainty and FCA engagement

View an update from the Retail Funds committee on MUC and ongoing engagement with the FCA

FCA publish Call for Input: The Consumer Investments Market

This Call for Input (CFI) is looking at areas where the FCA believes the consumer investment market is not working well for customers.

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Final Response to ESMA’s consultation on guidelines on AIFMD Article 25

Click to view AREF's response to this consultation.

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Final response to HMT/UK Statistics Authority’s RPI Reforms Consultation

Click to view AREF's response to this consultation.

FCA rules and fund suspensions due to material valuation uncertainty

Click to read which type of funds are affected by new FCA rules on fund suspensions due to material uncertainty.

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Request for final comments - AREF’s response to HMT/UK Statistics Authority’s RPI Reforms Consultation

Deadline for final comments is Monday 17 August

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