Reserved Investor Fund

Click here to see AREF's response to the Government's consultation on tax rules for the RIF. The Government is currently legislating for the RIF in the Spring 2024 Finance Bill.

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.

Press Release: New fund type expected this year to unlock billions for levelling up and other essential projects

Sustainable Finance Disclosure Regulation (SFDR)

In May 2024 the European Commission published its Summary Report of the Open and Targeted Consultations on the SFDR assessment. AREF responded to the targeted consultation. Also, the ESAs published in December 2023, their Final Report on draft RTS on the review of PAI and financial product disclosures in the SFDR Delegated Regulation. More details can be found here

FCA - Overseas Funds Regime

HM Treasury and the FCA have published a roadmap on implementing the Overseas Funds Regime. More details can be found here.

FCA - Guidance on the Anti-Greenwashing rule

The FCA have published guidance on their anti-greenwashing rule. More details can be found here.

FCA – Sustainability Disclosure Requirements (SDR) and investment labels

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

European Long-Term Investment Fund (ELTIF)

Find out more about the review of the ELTIF regulations here

DWP - Options for Defined Benefit schemes

In April 2024, AREF responded to the Government's consultation on the treatment of DB scheme surpluses and a model for a public sector consolidator. This consultation followed on from the Government's call for evidence in 2023 on how DB schemes could use their assets more flexibly. Click here for more details.

PRA - Reforms to Matching Adjustment

AREF, along with BPF, IPF and INREV responded to PRA's consultation on reforms to the Matching Adjustment. In April 2024, the PRA published clarification in respect of the consultation to assist relevant insurance firms to prepare for implementation of the matching adjustment reforms expected in June 2024. More details can be found by clicking here.

UK Solvency II

Read the latest on reforms to UK Solvency II and the lobbying being undertaken by AREF.

Transition Plan Taskforce

The Transition Plan Taskforce are producing guidance for preparers and users of climate transition plans, including Asset Managers and Asset Owners. More details can be found here.

EU - Cross-border marketing and management of AIFs and UCITS

In March 2024 the European Commission published the delegated act: Regulatory Technical Standards (RTS) on the notifications for cross-border marketing and management of AIFs and UCITS within the EU.

Post-event Recording / Podcast / Slides - Seize the RIF opportunity webinar

Basel Committee - Disclosure of climate-related financial risks

AREF has responded to the consultation from the Basel Committee on Banking Supervision on the Disclosure of climate-related financial risks

Construction Industry Scheme

Find out here more about the legislative changes the Government are making from 6 April 2024 to reform the Construction Industry Scheme.

Transparency of land ownership involving trusts

The UK Government have consulted on improving transparency of land ownership when trusts are involved in the ownership structure. AREF responded to this consultation. More details can be found here.

Property Week Article: Q&A: AREF’s Paul Richards on ‘fair’ and ‘clear’ greenwashing rules

Enabling DC pension schemes to invest in illiquid assets

Find out more here about the Government's work to enable DC pension schemes to invest in illiquid assets. Also, there are links to guidance from TPR and cases studies from PLSA which supports this and AREF's own lobbying to the Government on this matter.

Building Safety Levy

The Government are implementing a Building Safety Levy. Click here for more details.

ESG Metrics for Real Estate

The proposals within the paper on ESG Metrics for Real Estate have been updated in January 2024.

FSB - Addressing Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds

The FSB published its Revised Policy Recommendations to Address Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds in December 2023. These recommendations supersede Section 2 of the FSB’s 2017 Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities.

IOSCO - Guidance for Open-Ended Fund use of Anti-Dilution Liquidity Management Tools

In December 2023 IOSCO published its Guidance on Anti-Dilution Liquidity Management Tools.

Levelling-up and Regeneration Bill: reforms to national planning policy

The National Planning Policy Framework was updated in December 2023. This followed a Government consultation on reforms to national planning policy.

Member only content

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 see AREF's response.

ESG Ratings and Data Providers

In December 2023, ICMA and IRSG launched their voluntary Code of Conduct for ESG Ratings and Data Products Providers. More details can be found here about the work by regulators and governments on ensuring good governance by ESG ratings and data products providers.

VAT treatment of fund management services

HM Treasury have responded to their review of VAT Treatment of Fund Management Services. More details can be found here.

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.

Member only content

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.

AREF submits proposals for unlocking DC pension investment in advance of Chancellor’s Autumn Statement

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.

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.

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.

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"

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.

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.

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