UK Government: Invest 2035 - UK Modern Industrial Strategy
The UK Government have published their Industrial Strategy for the next 10 years. Their Financial Services Growth & Competitiveness Strategy is expected to follow in mid-July 2025.
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.
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 responses.
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.
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.
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.
Building Safety Levy
The Government are implementing a Building Safety Levy. Click here for more details.
Reserved Investor Fund
In February 2025, legislation for an unauthorised co-ownership contractual scheme, the Reserved Investor Fund (RIF), and tax regulations for the RIF were laid in Parliament and will come in force in mid-March 2025; more details can be found by clicking here.
FCA - Diversity and Inclusion in the financial sector
In March 2025, the FCA and PRA confirmed that they are not taking their work on diversity and inclusion in the financial sector any further. More details about this can be found here.
Long-Term Asset Fund (LTAF)
Click here to learn more about regulation and guidance in relation to the Long-Term Asset Fund (LTAF) and read about AREF's event looking at the future of the LTAF. The model LTAF Instrument of Incorporation and model LTAF Co-Ownership Deed for ACS can be found here too.
UK Green Taxonomy
AREF has submitted a response to HM Treasury consultation on a UK Green Taxonomy. More details can be found here.
TNFD - Sector Guidance - Real Estate
TNFD has published the sector guidance - Engineering, construction and real estate. More details can be found here.
ESG Metrics for Real Estate
The reporting principles in the paper on ESG Metrics for Real Estate have been updated in January 2025.
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.
DC Pensions: Value for Money Framework
Find out more here about the work by the UK Government, FCA and TPR on a Value for Money Framework for DC pension schemes.
Reforms to the National Planning Policy
The Ministry of Housing, Communities & Local Government are consulting on reforms to the National Planning Policy Framework and other changes to the planning system. More details can be found here.
Central Bank of Ireland - Macroprudential policy for investment funds
The Central Bank of Ireland have published feedback to its discussion paper on the approach to macroprudential policy for investment funds. More details can be found here.
European Long-Term Investment Fund (ELTIF)
Find out more about ELTIF 2.0 here
FCA - Overseas Funds Regime
The FCA have published their policy statement for the Overseas Funds Regime; this includes the final rules and feedback to their earlier consultation. This follows on from the roadmap on implementing the Overseas Funds Regime published by HM Treasury and the FCA . More details can be found here.
RICS Red Book Global Standards 2024
RICS are consulting on updating the RICS Red Book Global Standards. More details can be found here.
Transition Plan Taskforce
The Transition Plan Taskforce have produced guidance for preparers and users of climate transition plans, including Asset Managers and Asset Owners. More details can be found here.
PRA - Reforms to Matching Adjustment
In early June 2024 the PRA published its policy statement on its reforms to the Matching Adjustment. More details can be found by clicking here.
European Real Estate Industry - Building Blocks for a Prosperous Future
Members of the European Real Estate Forum, including AREF, have set out in a paper their recommendations for the next EU mandate in relation to real estate.
FCA - Guidance on the Anti-Greenwashing rule
The FCA have published guidance on their anti-greenwashing rule. 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.
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.