FCA - Diversity and Inclusion in the financial sector
The FCA have published a consultation on diversity and inclusion in the financial sector. Click here to find out more about the consultation and how members can contribute to AREF's response.
FCA - Overseas Funds Regime
The FCA have published a consultation on implementing the Overseas Funds Regime. More details can be found here.
Sustainable Finance Disclosure Regulation (SFDR)
The European Commission (EC) have published public and targeted consultations on the implementation of SFDR. AREF welcomes members views on SFDR for its response to the targeted consultation. Also, the ESAs have published their Final Report on draft RTS n the review of PAI and financial product disclosures in the SFDR Delegated Regulation. In October 2023, AREF held a webinar and produced guidance advice on the SFDR process for real estate funds. More details can be found here.
FCA - Guidance on the Anti-Greenwashing rule
The FCA are consulting on their guidance for their Anti-Greenwashing rule. More details can be found here.
FCA – Sustainability Disclosure Requirements (SDR) and investment labels
The FCA have published their Policy Paper on Sustainability Disclosure Requirements (SDR) and investment labels (PS23/16). More details can be found here.
Construction Industry Scheme
In the Autumn Statement 2023, the Government set out legislative changes it will bring forward in the Finance Bill, coming into force from 6 April 2024, to reform the Construction Industry Scheme. Find out more here.
DWP call for evidence: Options for Defined Benefit schemes
On 22 November 2023, the Government responded to its call for evidence on how DB schemes could use their assets more flexibly. Click here for more details.
REITs - Regime Amendments
As part of the Autumn Statement 2023, the Government published a Policy paper detailing amendments to the tax rules applying to REITs, including some of the conditions that determine whether a company qualifies as a REIT.
Transition Plan Taskforce - Asset Managers Sector Guidance
The Transition Plan Taskforce are consulting on draft Asset Manager Sector Guidance. They have requested feedback on the guidance by 29 December 2023. More details can be found her.
Financial Promotion Exemptions
In November 2023, the Government's published its response to its consultation on Financial promotion exemptions for high net worth individuals and sophisticated investors. More details can be found here.
Long-Term Asset Fund (LTAF)
The FCA have confirmed that they will not be taking forward their proposal to exclude FSCS cover for regulated activities relating to LTAFs at this time. Click here for more details about this and the Long-Term Asset Fund (LTAF) in general.
RICS Red Book - UK National Supplement - 2023 edition
RICS have published their 2023 edition of the UK National Supplement to the Global Red Book. This will become effective 1 May 2024. Find out more here.
Enabling DC pension schemes to invest in illiquid assets
In October 2023, AREF submitted proposals for unlocking DC pension investment in advance of the Chancellor's Autumn Statement. Find out more here about this and the government's work to enable DC pension schemes to invest in illiquid assets
FCA - Updating and improving the UK regime for asset management
The FCA's Chair gave a speech in October 2023 on the FCA's priorities for updating and improving the UK regime for asset management.
Review of the UK Funds Regime
Find out more about the review of the UK Funds Regime by the Government and the FCA.
PRA - Reforms to Matching Adjustment
PRA are consulting on reforms to the Matching Adjustment which aim to improve the flexibility for life insurers to make more productive, long term investments. More details can be found by clicking here. AREF would welcome Members' contributions to their response to this consultation.
UK Solvency II
Read the latest on reforms to UK Solvency II and the lobbying being undertaken by AREF.
RICS - Whole Life Carbon Assessment for the Built Environment standard
RICS have published the second edition of the Whole life carbon assessments in the built environment. Find out more here.
Sustainable finance and climate change disclosures
Find out more about the policy work being undertaken by governments, regulators and standard setting bodies in relation to sustainable finance and climate-related disclosures.
Levelling-up and Regeneration Bill: reforms to national planning policy
The National Planning Policy Framework was updated on 5 September 2023. This followed a Government consultation which AREF responded to. Details of updates regarding onshore wind development in England have been published. A formal response to the other wider proposals in the consultation will be published in the autumn of 2023.
FSB - Addressing Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds
AREF has some profound concerns regarding some of the recommendations in the above FSB consultation report. A copy of AREF's response and more details about the FSB consultation report can be found here.
IOSCO - Guidance for Open-Ended Fund use of Anti-Dilution Liquidity Management Tools
In AREF's response to the above IOSCO consultation concerns were raised with the proposals on guidance for the greater and more consistent use of anti-dilution liquidity management tools for open-ended funds. The response and more details about the consultation can be found here.
Luxembourg-UK Double Tax Treaty
In 2024 a new Luxembourg-UK double tax treaty will be coming into effect. This will align the treaty with other UK treaties in terms of not providing an exemption from the UK Non-Resident Capital Gains Tax (NRCGT) rules for indirect disposals of UK property.
Central Bank of Ireland - Macroprudential policy for investment funds
The Central Bank of Ireland have published a discussion paper on the approach to macroprudential policy for investment funds. More details can be found here.
Genuine Diversity of Ownership (GDO) - New Guidance
New guidance on the application of the Genuine Diversity of Ownership (“GDO”) condition was published by HMRC in July 2023. The GDO condition is relevant for a number of fund tax regimes. Click here for more details.
DWP Consultation: Extending Opportunities for Collective Defined Contribution Pension Schemes
DWP have published its response to its consultation on Extending Opportunities for Collective Defined Contribution (CDC) Pension Schemes. Click here for more details.
DWP Consultation: Value for Money: A framework on metrics, standards, and disclosures
DWP are consulting on a proposed Value for Money framework for DC pension schemes. More details can be found here.
ESG Ratings and Data Providers
Details of consultations on ESG Ratings and Data Providers can be found here including the latest one from the ESG Data and Ratings Code of Conduct Working Group (DRWG) on a voluntary Code of Conduct for ESG Ratings and Data Product Providers.
Reserved Investor Fund (Professional Investor Fund)
The Government published a consultation on the proposed introduction of an unauthorised co-ownership contractual scheme, referred to as the Reserved Investor Fund (Contractual Scheme), or RIF. (Formerly known as the Professional Investor Fund or PIF). AREF's response can be found here.
ELTIFs
Find out more about the review of the ELTIF regulations here
FCA - Finance for positive sustainable change: governance, incentives and competence in regulated firms
The FCA have published a discussion paper on firms' sustainability-related governance, incentives, and competencies. Please see here AREF's near final response.
DLUHC - Consultation on High Street Rental Auctions
The Department for Levelling Up, Housing and Communities has published a consultation on High Street Rental Auctions. More details can be found here.
HMT/FCA/PRA - Senior Managers and Certification Regime (SM&CR)
HM Treasury are reviewing the legislative aspects of the Senior Managers and Certification Regime (SM&CR). In parallel, the FCA and PRA are reviewing the operational aspects of the regime. More details can be found here.
The IA - Stock Transfer Form for CIS Consultation
The Investment Association are consulting on proposed updates to the stock transfer form for collective investment schemes. Click her for more details.
PCAF/CRREM/GRESB - Technical Guidance for Accounting and Reporting of GHG Emissions from Real Estate Operations
In March 2023, PCAF, CRREM, and GRESB released technical guidance for "Accounting and Reporting of GHG Emissions from Real Estate Operations"
Building Safety Levy
The Government are implementing a Building Safety Levy. Click here for more details.
VAT treatment of fund management
AREF has responded to HM Treasury's and HMRC's technical consultation on VAT in Fund Management. More details can be found here.
Trust Registration
Find out here about the trust registration rules. The updated Trust Registration Service Manual in January 2023 clarified that only UK authorised unit trusts with no UK tax liability benefit from an exemption from trust registration.
DWP Consultation: Broadening the investment opportunities of DC pension schemes
The Government have published their response to their consultation on Broadening the investment opportunities of DC pension schemes. More details can be found here.
ESG Metrics for Real Estate
The proposals within the paper on ESG Metrics for Real Estate have been updated in January 2023.
EU - Cross-border marketing and management of AIFs and UCITS
ESMA published a consultation on 17 May 2022 to seek views on draft Implementing Technical Standards (ITS) and Regulatory Technical Standards (RTS) in relation to cross-border marketing and management of AIFs and UCITS within the EU.
Productive Finance Working Group
The Productive Finance Working Group was convened by HM Treasury, the Bank of England and the FCA to develop practical solutions to the barriers to investment in long-term, less liquid assets. Click for more information on what they have been working on.
IOSCO - Liquidity Risk Management Recommendations
ISOCO have published the Final Report from their Thematic Review of their Liquidity Risk Management Recommendations. Click for more information.
Appointed Representatives regime
The FCA have published a Policy Statement on improvements to the Appointed Representatives (AR) regime. A response is still awaited from HM Treasury on their Call for Evidence on the AR regime.
FCA - Consumer Duty
The FCA have published their Consumer Duty rules. This is the first of 5 milestones to prepare for the new rules to take effect.
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
DWP – Climate and investment reporting
In June 2022 the Government Department for Work and Pensions (DWP) published the response to its consultation on Climate and Investment reporting: setting expectations and empowering savers. Click for more details.
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.
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.
HM Treasury - Review of the UK funds regime: a call for input
The Government have published its Summary of Responses to its Call for Input on its review of the UK funds regime. Find more details here.