Alternative Asset Management & Sustainability Insights

In this week's issue of Travers Smith's Sustainability Insights we are looking at the ongoing review of the SFDR.Links:https://finance.ec.europa.eu/sustainable-finance/disclosures/sustainability-related-disclosure-financial-services-sector_en#:~:text=attracting%20private%20funding%20to%20help%20Europe%20make%20the%20shift%20to%20a%20net%2Dzero%20economy.https://www.traverssmith.com/knowledge/knowledge-container/possible-changes-to-the-eu-sfdr-the-european-commission-seeks-views/https://finance.ec.europa.eu/document/download/0f2cfde1-12b0-4860-b548-0393ac5b592b_en?filename=2023-sfdr-implementation-summary-of-responses_en.pdfhttps://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/14666-Revision-of-EU-rules-on-sustainable-finance-disclosure_enhttps://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/14666-Revision-of-EU-rules-on-sustainable-finance-disclosure/F3562074_enhttps://uksif.org/uksif-response-eu-commission-sfdr-call-for-evidence/https://finance.ec.europa.eu/publications/categorisation-products-under-sfdr-proposal-platform-sustainable-finance_enhttps://www.traverssmith.com/knowledge/knowledge-container/simplification-or-deregulation-the-eus-sustainability-omnibus-explained/

In this week's issue of Travers Smith's Alternative Insights, we are looking at the rule changes for European private fund managers.Links:The Regulation of Hedge Funds and Private Equity: A Case Study in the Development of the EU's Regulatory Response to the Financial Crisis by Eilis Ferran :: SSRNFinancial services – review of EU rules on alternative investment fund managersReport on the operation of the alternative investment fund managers directive (AIFMD) – Directive 2011/61/EUKickstart economic growth – The Labour Partye6cd4328-673c-4e7a-8683-f63ffb2cf648_enRegulations for Alternative Investment Fund Managers (Accessible) - GOV.UKCall for Input: Future regulation of alternative fund managersTargeted consultation on integration of EU capital markets 2025 - European CommissionCommission unveils savings and investments union strategy to enhance financial opportunities for EU citizens and businesses - European CommissionThe Draghi report on EU competitiveness

In this week's issue of Travers Smith's Sustainability Insights we are looking at the forthcoming round of sustainability reports for alternative asset managers. Links:https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/14666-Revision-of-EU-rules-on-sustainable-finance-disclosure_enhttps://www.gov.uk/government/publications/climate-related-financial-disclosures-for-companies-and-limited-liability-partnerships-llpshttps://www.traverssmith.com/knowledge/knowledge-container/sustainability-disclosure-requirements-sdr-and-investment-labels-the-new-rules/#A2:~:text=section%203%20below.-,Entity%2Dlevel%20disclosures,-Requirements%20on%20UKhttps://assets.bbhub.io/company/sites/60/2021/10/FINAL-2017-TCFD-Report.pdfhttps://www.traverssmith.com/knowledge/knowledge-container/the-clock-stops-but-the-bus-rumbles-on-csrd-omnibus-clears-its-first-hurdle/https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/

In this episode Simon, Trysha Daskam-Smith, Head of ESG Strategy at Silver Regulatory Associates and Michael Raymond delve into pressing issues faced by European fund managers when dealing with US investors amidst the current headlines. Tune in to explore:A nuanced discussion of how the term ESG is perceived across different markets, especially US investors with varied stances in different statesPractical advice on communicating ESG commitments consistently and factually, avoiding political pitfalls while emphasising value creationHow international regulatory standards influence global fund marketing strategies

In this week's issue of Travers Smith's Alternative Insights, we are looking at the UK regulator's review of valuations in private markets, highlighting some important action points for UK-regulated firms. Links:FR10/23 Thematic Analysis: Emerging Risks in Private FinancePrivate market valuation practices | FCA23-013_6a38dcc8-4aff-4acc-8f28-d024728613d6.pdfHow Fair are the Valuations of Private Equity Funds? by Tim Jenkinson, Miguel Sousa, Rüdiger Stucke :: SSRNPortfolio letter: Asset Management & Alternatives - Supervisory Strategy

In this week's issue of Travers Smith's Sustainability Insights we are looking at investments in defence by alternative asset managers.Links:Rethinking Defense: The Role of Private Capital | Bain & CompanyPreqinWoke guns? Banks want weapons badged as a social good – POLITICOOur position on sustainability regulations and UK defence | FCAESMA Guidelines on Fund Names | Travers SmithEU foreign subsidies regulation: another notification regime for dealmakers to become law | Travers SmithAsset managers race to set up European defence fundsDutch pensions to invest €100bn in risky assets boosting Europe's defence efforts23-315 EIF Policy on Exclusions and Restrictions.pdfNorway urged to drop ‘crazy' ban on investment in defence companiesguidingprinciplesbusinesshr_en.pdfBHR-Arms-sector-info-note.pdfFrom Berlin to Tokyo, the fears of a new nuclear arms race

A series of dynamic conversations hosted by Simon Witney, sustainable finance specialist, joined by two expert guests. Simon's guests, Ross Butler, Managing Director of Linear B Group, and Tosin Adeyeri, Partner in our Funds team, debate opposing answers to this topical question. Listen now to learn what ESG-linked carried interest means and how it works, plus the pros and cons of incorporating non-financial KPIs into fund economics from their frontline perspective.The episode ends with a one-sentence answer from each expert guest to… Should your next fund include and ESG or perhaps impacts linked carried interest?

In this week's issue of Travers Smith's Alternative Insights, we are looking at securitisation reform in Europe.Links:UK regulators to face twice-yearly reviews as Reeves vows to slash red tape | Rachel Reeves | The GuardianNew approach to ensure regulators and regulation support growth (HTML) - GOV.UKNew approach to ensure regulators and regulation support growth (HTML) - GOV.UKSimplification or Deregulation? The EU's Sustainability Omnibus Explained | Travers SmithHow to fix Europe's securitisation market US and Asia securitisation markets contribute far more to financing their economies than Europe - “Now is the time to address the gap | AFMEInvestors call for shake-up of Europe's ‘failed' securitisation marketReviving the UK securitisation marketApollo Sees €1 Trillion Opportunity If Europe Overhauls ABSSecuritisation Data Report Q4 2023 & 2023 Full Year | AFMEThe Opportunity Of Asset-Based Finance Draws In Private Credit | S&P Global Ratings97e481fd-2dc3-412d-be4c-f152a8232961_enSecuritisation | FCATargeted consultation on the functioning of the EU securitisation framework 2024 - European CommissionACC and AIMA respond to European Commission's consultation on securitisation

In this week's issue of Travers Smith's Sustainability Insights we are asking whether it still makes sense for global compliance programmes to adopt a single standard.Links:Anu Bradford | Columbia Law SchoolFact Sheet: President Donald J. Trump Protects Civil Rights and Merit-Based Opportunity by Ending Illegal DEI – The White HouseFederal Register :: Pausing Foreign Corrupt Practices Act Enforcement To Further American Economic and National SecuritySEC.gov | Acting Chairman Statement on Climate-Related Disclosure RulesFinal rule: The Enhancement and Standardization of Climate-Related Disclosures for InvestorsUS judge temporarily blocks Trump's anti-DEI purge | US news | The GuardianCOMPS-9569.pdfFailure to prevent fraud guidance published – what do businesses need to do now? | Travers SmithSimplification or Deregulation? The EU's Sustainability Omnibus Explained | Travers SmithEnsuring Accountability for All Agencies – The White HouseDefending American Companies and Innovators From Overseas Extortion and Unfair Fines and Penalties – The White HouseWithdrawing The United States From The World Health Organization – The White House

In this week's issue of Travers Smith's Alternative Insights, we are looking at tax incentives in private markets.Links:Our 2024 budget briefing - https://www.traverssmith.com/knowledge/knowledge-container/autumn-budget-2024/BVCA The tax treatment of carried interest – Consultation on qualifying conditions - https://www.bvca.co.uk/static/2e27e13b-ef87-440e-b75bb6717c8e228a/BVCA-response-to-carried-interest-consultation-31-Jan.pdfOur briefing: Salaried members update: HMRC to reverse controversial guidance changes on increases in capital contributions - https://www.traverssmith.com/knowledge/knowledge-container/salaried-members-update-hmrc-to-reverse-controversial-guidance-changes-on-increases-in-capital-contributions/

A series of dynamic conversations hosted by Simon Witney, sustainable finance specialist, joined by two expert guests. Simon meets with James Alexander, Chief Executive of The UK Sustainable Investment and Finance Association (UKSIF) and Sarah-Jane Denton, Director of our Operational Risk & Environment team to evaluate the need, benefits, and practicality of a implementing UK-specific green taxonomy versus adopting the current EU framework.The episode ends with a one-sentence answer from each expert guest to… does the UK need a green taxonomy?The Sustainability Exchange was first published in our Talking. Sustainability. podcast. Follow for latest episodes in your favourite podcast player: https://feeds.captivate.fm/travers-smith-talking-sustainability-esg/

In this week's issue of Travers Smith's Sustainability Insights we are looking at the simplification of EU sustainability laws.Links:https://www.epp.eu/files/uploads/2025/01/EPP-Retreat-Growth-and-Jobs-statement.pdfhttps://www.humanrights.dk/files/media/document/Letter%20of%20European%20NHRIs%20on%20the%20omnibus%20proposal.pdfhttps://www.unpri.org/download?ac=22691

In this week's issue of Travers Smith's Alternative Insights, we focus on our annual preview of the year ahead for the alternative asset managers, which we call Insights '25. Please do check it out – a link is below.Links:Insights '25 - What to expect in 2025Investors - Alternative Insights 2025People and DE&I - Alternative Insights 2025

In this week's issue of Travers Smith's Sustainability Insights we are looking at UK sustainability regulation, and what's in store for 2025.Links:https://www.traverssmith.com/knowledge/knowledge-container/travers-smiths-sustainability-insights-eu-sustainability-regulation-in-2025/https://www.responsible-investor.com/esg-round-up-germanys-scholz-calls-for-two-year-delay-to-csrd/https://www.traverssmith.com/knowledge/knowledge-container/icymi-a-recap-of-developments-in-eu-sustainability-reporting-in-2024/https://www.traverssmith.com/knowledge/knowledge-container/travers-smiths-sustainability-insights-the-role-of-government-in-transition-finance/https://www.traverssmith.com/knowledge/knowledge-container/size-matters-guidance-on-climate-related-disclosures-for-large-companies-and-llps/https://www.gov.uk/guidance/energy-savings-opportunity-scheme-esoshttps://www.traverssmith.com/knowledge/knowledge-container/from-energy-savings-opportunity-to-energy-savings-requirements/https://www.frc.org.uk/news-and-events/news/2024/12/uk-sustainability-tac-issues-final-recommendations/https://www.traverssmith.com/knowledge/knowledge-container/cs3d-whats-new-and-whats-next/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5083571https://www.theglobalcity.uk/PositiveWebsite/media/Research-reports/Scaling-Transition-Finance-Report.pdfhttps://www.traverssmith.com/knowledge/knowledge-container/uk-modern-slavery-act-2015-to-reform-or-not-to-reform-that-remains-the-question-following-latest-position-from-government/https://www.gov.uk/government/publications/modern-slavery-government-response-to-house-of-lords-committee-reporthttps://committees.parliament.uk/committee/700/modern-slavery-act-2015-committee/news/203272/uks-response-to-modern-slavery-has-not-kept-up-with-the-advances-of-other-nations/https://www.traverssmith.com/knowledge/knowledge-container/sustainability-disclosure-requirements-sdr-and-investment-labels-the-new-rules/https://www.traverssmith.com/knowledge/knowledge-container/sdr-finalised-guidance-on-the-anti-greenwashing-rule/https://www.traverssmith.com/knowledge/knowledge-container/travers-smiths-sustainability-insights-labels-for-uk-funds-but-limited-impact-for-private-capital/https://www.traverssmith.com/knowledge/knowledge-container/sdr-and-investment-labels-extension-of-the-regime-to-uk-portfolio-managers/https://www.traverssmith.com/knowledge/knowledge-container/sustainability-disclosure-requirements-sdr-and-investment-labels-the-new-rules/#:~:text=wealth%20management%20services.-,Overseas%20funds%C2%A0,-The%20FCA%20sayshttps://www.fca.org.uk/news/statements/fca-welcomes-move-bring-esg-ratings-providers-regulation

In this week's issue of Travers Smith's Sustainability Insights we are looking at EU sustainability regulation, and what's in store for 2025.Links:https://www.consilium.europa.eu/en/press/press-releases/2024/11/08/the-budapest-declaration/https://www.traverssmith.com/knowledge/knowledge-container/travers-smiths-sustainability-insights-the-impact-of-the-draghi-report-on-esg-regulation/https://www.businesseurope.eu/sites/buseur/files/media/position_papers/legal/2024-11-05_joint_trade_association_statement_towards_eu_due_diligence_that_works_for_all_0.pdfhttps://www.consilium.europa.eu/en/press/press-releases/2024/11/08/the-budapest-declaration/#:~:text=We%20must%20adopt%20an%20enabling%20mindset%20based%20on%20trust%2C%20allowing%20business%20to%20flourish%20without%20excessive%20regulation.https://www.peievents.com/en/event/responsible-investment-forum-europe/https://www.linkedin.com/posts/tim-lewis-a517261a_last-night-we-gathered-members-of-our-asset-activity-7265398692105314307-376Fhttps://www.traverssmith.com/knowledge/knowledge-container/cs3d-whats-new-and-whats-next/https://www.traverssmith.com/knowledge/knowledge-container/csrd-the-road-to-compliancehttps://apps.fliplet.com/esgapphttps://www.traverssmith.com/knowledge/knowledge-container/possible-changes-to-the-eu-sfdr-the-european-commission-seeks-views/https://www.traverssmith.com/knowledge/knowledge-container/esas-propose-changes-to-sfdr-regulatory-technical-standards/https://www.traverssmith.com/knowledge/knowledge-container/esma-guidelines-on-fund-names/https://www.consilium.europa.eu/en/press/press-releases/2024/11/19/environmental-social-and-governance-esg-ratings-council-greenlights-new-regulation/https://www.fca.org.uk/news/statements/fca-welcomes-move-bring-esg-ratings-providers-regulationhttps://www.newprivatemarkets.com/pe-firms-at-risk-of-esg-litigation-says-travers-smith/

In this week's issue of Travers Smith's Alternative Insights, we are looking at some recent UK government announcements that affect alternative asset managers.Links:https://www.traverssmith.com/knowledge/knowledge-container/autumn-budget-2024/https://www.gov.uk/government/speeches/mansion-house-2024-speechhttps://www.gov.uk/government/news/chancellor-fires-up-financial-services-sector-to-drive-growth#:~:text=BVCA%20Chief%20Executive%20Michael%20Moore%20said%3A%C2%A0https://assets.publishing.service.gov.uk/media/6735d9ebb613efc3f18230e9/pension_fund_investment_and_the_uk_economy.pdfhttps://www.gov.uk/government/publications/pensions-investment-review-interim-reporthttps://www.ft.com/content/362ca4cd-a892-4525-bddf-82abe5f339b4#msdynmkt_trackingcontext=910b9634-aa02-4b3a-a831-bcb7e4b55c60https://assets.publishing.service.gov.uk/media/67372cf9c0b2bbee1a127202/pensions_investment_review_unlocking-the_uk_pensions_market_for_growth.pdfhttps://www.gov.uk/government/calls-for-evidence/financial-services-growth-and-competitiveness-strategyhttps://on.ft.com/3V9Tpp8

In this week's issue of Travers Smith's Sustainability Insights we are looking at what COP29 tells us about the new UK government's green growth ambitions. Links:https://unfccc.int/cop29https://www.bbc.co.uk/news/articles/cpqd1rzw9r4ohttps://www.bbc.co.uk/news/articles/cx2lknel1xpohttps://www.traverssmith.com/knowledge/knowledge-container/what-to-expect-at-cop29/https://unfccc.int/process-and-meetings/the-paris-agreementhttps://unctad.org/publication/new-collective-quantified-goal-climate-financehttps://www.bbc.co.uk/news/science-environment-54797743https://www.ft.com/content/24b994ec-9d69-47df-8c23-efc5762877e9https://unfccc.int/resource/docs/convkp/conveng.pdfhttps://www.traverssmith.com/knowledge/knowledge-container/travers-smiths-sustainability-insights-the-role-of-government-in-transition-finance/https://www.iigcc.org/hubfs/IIGCC%20publishes%20open%20letter%20in%20support%20of%20an%20ambitious%20New%20Collective%20Quantified%20Goal%20on%20climate%20finance.pdfhttps://www.newprivatemarkets.com/tpg-and-brookfield-hail-climate-fund-momentum/https://www.bbc.co.uk/news/articles/cx2ny8zndpxohttps://www.bbc.co.uk/news/articles/c4gve4d8jljo

In this week's issue of Travers Smith's Alternative Insights, we are looking at the Labour Government's Autumn Budget, and its likely impact on UK alternative asset managers.

In this week's episode of Travers Smith's Sustainability Insights we are looking at the new UK government's approach to transition finance.Links:https://www.gov.uk/government/news/record-breaking-international-investment-summit-secures-63-billion-and-nearly-38000-jobs-for-the-ukhttps://www.cityam.com/bosses-at-worlds-biggest-banks-britain-is-ready-for-investment/https://www.gov.uk/government/speeches/pm-international-investment-summit-speech-14-october-2024https://www.gov.uk/government/news/game-changing-tech-to-reach-the-public-faster-as-dedicated-new-unit-launched-to-curb-red-tapehttps://www.cityam.com/rachel-reeves-promises-to-revolutionise-uk-capital-markets-and-boost-london-listings/https://www.gov.uk/government/news/dan-corry-appointed-to-lead-defra-regulation-reviewhttps://assets.publishing.service.gov.uk/media/670cde8692bb81fcdbe7b745/industrial-strategy-green-paper-final.pdfhttps://www.ukib.org.uk/https://www.british-business-bank.co.uk/finance-providers-equity-finance/british-growth-partnershiphttps://www.linkedin.com/posts/bvca_a-significant-step-forward-for-investment-activity-7251635037433991168-ztWw/https://www.theglobalcity.uk/PositiveWebsite/media/Research-reports/Scaling-Transition-Finance-Report.pdfhttps://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023H1425https://www.ft.com/content/c0ca95ce-ffcf-4c10-b789-174e359e16efhttps://player.captivate.fm/episode/457a3e0b-8938-43d1-8590-64e33625b7c0/https://url.uk.m.mimecastprotect.com/s/VBJCC8p4c9q036txt0FyxU-_?domain=sites-traverssmith.vuturevx.com

Welcome to the fifth episode in our Sustainability Insights ... in conversation series.In the fifth episode of our Sustainability Insights … in conversation series, where we discuss the role of responsible investment in improving risk-adjusted returns, in aligning values, and in solving real world problems.Does Sustainable Investing Work?

In this week's issue of Travers Smith's Alternative Insights, we are looking at we are looking at the EU AI Act, and its likely impact on the attractiveness of the EU as a hub for Artificial Intelligence.Links:https://academic.oup.com/book/36491https://digital-strategy.ec.europa.eu/en/policies/european-approach-artificial-intelligencehttps://www.theguardian.com/books/2023/sep/02/i-hope-im-wrong-the-co-founder-of-deepmind-on-how-ai-threatens-to-reshape-life-as-we-know-ithttps://oecd.ai/en/ai-principleshttps://www.esma.europa.eu/sites/default/files/2024-05/ESMA35-335435667-5924__Public_Statement_on_AI_and_investment_services.pdfhttps://www.traverssmith.com/knowledge/knowledge-container/travers-smiths-alternative-insights-financial-regulation-and-ai/https://www.traverssmith.com/knowledge/knowledge-container/travers-smiths-alternative-insights-financial-regulation-and-ai/ https://www.gov.uk/government/consultations/ai-regulation-a-pro-innovation-approach-policy-proposals/outcome/a-pro-innovation-approach-to-ai-regulation-government-responsehttp://opiniojuris.org/2020/11/25/the-time-has-come-for-international-regulation-on-artificial-intelligence-an-interview-with-andrew-murray/#:~:text=I%20would%20much%20prefer%2C%20if%20possible%2C%20if%20this%20was%20a%20truly%20international%20(UN%2Dled%2C%20for%20example)%20exercise%20wherein%20countries%20like%20China%20are%20on%20board%20and%20not%20feeling%20coerced%20into%20adopting%20something

In this week's issue of Travers Smith's Sustainability Insights we are looking at Mario Draghi's report on EU competitiveness and its potential impact on sustainability regulation for private capital firmsLinks:https://commission.europa.eu/document/download/97e481fd-2dc3-412d-be4c-f152a8232961_enhttps://www.ft.com/content/298008a0-b75d-4062-9cb1-86b12ac30fbdhttps://commission.europa.eu/document/download/ec1409c1-d4b4-4882-8bdd-3519f86bbb92_enhttps://ec.europa.eu/commission/presscorner/detail/en/IP_00_96https://www.epc.eu/content/PDF/2024/20230277_hidden_champions_missed_opportunities_en.pdfhttps://www.traverssmith.com/knowledge/knowledge-container/new-mandatory-tcfd-reporting-for-more-uk-companies/https://commission.europa.eu/system/files/2023-03/Communication_Long-term-competitiveness.pdfhttps://doi.org/10.1093/jfr/fjac001https://link.springer.com/article/10.1007/s11142-021-09609-5https://www.bvca.co.uk/Portals/0/BVCA%20Response%20to%20FRC%20UK%20SD%20TAC%20CfE.pdfhttps://commission.europa.eu/document/download/e6cd4328-673c-4e7a-8683-f63ffb2cf648_en?filename=Political%20Guidelines%202024-2029_EN.pdf

In this week's issue of Travers Smith's Alternative Insights, we are looking at we are looking at NAV lending to private equity funds, and ILPA's recently issued guidance. Links: McKinsey's 2024 Global Markets ReviewILPA guidance on continuation fundsILPA review of its highly impactful reporting templateILPA guidance on NAV-based facilitiesFinancial Stability ReportBVCA pointed outILPA Guidance

Welcome to the third episode in our Sustainability Insights ... in conversation series.In the fourth episode of our Sustainability Insights … in conversation series, Simon Witney speaks to Diandra Soobiah, Director of Responsible Investment at Nest, the National Employment Savings Trust. Their discussion explores Nest's significant commitments to the private markets and, with 15% of NEST's £42 billion AUM allocated to private markets, Diandra explains what more she wants to see from the sector.

In this week's issue of Travers Smith's Alternative Insights, we are looking at trends in the private markets as discussed at our third annual Alternative Insights Summit in June.To see the agenda for our Summit, click here. Links:https://www.traverssmith.com/knowledge/knowledge-container/travers-smiths-alternative-insights-back-to-work/https://www.linkedin.com/posts/travers-smith_assetmanagement-alternativeinsights-privatecapital-activity-7217464206562865152-BOcrhttps://www.linkedin.com/posts/travers-smith_assetmanagement-investigations-markets-activity-7219621018435227648-h7dEhttps://www.linkedin.com/posts/travers-smith_markets-assetmanagement-pensions-activity-7221107755879731200-eAlhhttps://www.bvca.co.uk/Policy/Investment-Compacthttps://www.linkedin.com/posts/travers-smith_assetmanagement-tax-markets-activity-7221835553900531714-vyWu/https://www.linkedin.com/posts/travers-smith_esg-sustainability-markets-activity-7218950444658626560-d1kP/

In this week's issue of Travers Smith's Alternative Insights, we are looking at trends in the private markets as reported by the keynote speaker at our recent summit.Links:https://www.bain.com/insights/topics/global-private-equity-report/https://www.collercapital.com/coller-capitals-40th-global-private-capital-barometer-summer-2024/

In this week's issue of Travers Smith's Sustainability Insights we are looking at the future for UK sustainability policy.We have released the third episode in our podcast series Sustainability Insights … in conversation. In conversation with Simon Witney, Ellen De Kreij, lead advisor to Apax's Operational Excellence Practice on Impact and Sustainability, explains how Apax selects impact investments, how they work with management to promote impact, and how they report on impact to their investors.Listen to the conversation here, and please subscribe to receive future editions in this podcast series direct to your inbox.Links:https://www.cer.eu/insights/what-will-eu-election-results-mean-europehttps://uksif.org/wp-content/uploads/2023/08/Letter-to-PM-on-NZ-commitment-Aug23-UPDATED.pdfhttps://www.gov.uk/government/news/uk-becomes-first-major-economy-to-pass-net-zero-emissions-lawhttps://www.gov.uk/government/news/plans-unveiled-to-decarbonise-uk-power-system-by-2035https://www.gov.uk/government/news/uk-enshrines-new-target-in-law-to-slash-emissions-by-78-by-2035https://www.gov.uk/government/publications/net-zero-strategyhttps://www.traverssmith.com/knowledge/knowledge-container/biodiversity-net-gainhttps://www.bbc.co.uk/news/articles/cw44vj3e1wyohttps://www.traverssmith.com/knowledge/knowledge-container/sustainability-disclosure-requirements-sdr-and-investment-labels-the-new-rules/https://www.traverssmith.com/knowledge/knowledge-container/travers-smiths-sustainability-insights-the-european-commissions-review-of-sfdr/https://www.greenfinanceinstitute.com/wp-content/uploads/2023/10/GTAG-Chair-Final-Statement.pdfhttps://committees.parliament.uk/publications/43465/documents/216119/default/https://www.traverssmith.com/knowledge/knowledge-container/the-carbon-border-adjustment-mechanism-recap-and-updates/https://www.gov.uk/govhttps://betterbusinessact.org/ernment/consultations/addressing-carbon-leakage-risk-to-support-decarbonisationhttps://www.bbc.co.uk/news/uk-politics-68244772https://www.bvca.co.uk/Portals/0/Documents/Research/2024%20Reports/BVCA-Manifesto-For-Growth.pdfhttps://labour.org.uk/wp-content/uploads/2024/01/Financing-Growth.pdf

Our third episode of Sustainability Insights… in conversation focuses on impact and what it means to Apax Partners. Ellen De Kreij is lead advisor to the Operational Excellence Practice on Impact and Sustainability and is a true expert in the Impact field. Together with Simon Witney from Travers Smith's ESG & Impact team, Ellen and Simon discuss how Apax select impact investments, how they marketed their impact fund, and how they demonstrate the impact that they and their portfolio companies are having. Apax were quite the early movers in the impact space, having started to focus on their portfolio companies' ESG footprints in 2012, and over the years have exemplified the power of the private markets when thinking about impact and sustainability.

In this week's issue of Travers Smith's Alternative Insights, we are looking at the diverging path of private funds regulation in the US and the EU.Links: https://www.traverssmith.com/knowledge/knowledge-container/sec-finalises-private-fund-adviser-rules/https://www.traverssmith.com/knowledge/knowledge-container/aifmd-ii-the-next-phase-of-eu-alternative-investment-fund-regulation/https://www.ft.com/content/a3138e87-1e8b-494b-80c3-7361c554b379https://www.bvca.co.uk/Portals/0/Documents/Policy/Submissions/220425%20BVCA%20response%20to%20SEC%20private%20fund%20adviser%20proposals.pdfhttps://ilpa.org/quarterly-reporting-standards/https://ilpa.org/wp-content/uploads/2024/06/ILPA-Launches-Comment-Period-for-Quarterly-Reporting-Standards.pdf

In this week's issue of sustainability insights we are looking at the latest EU rules on fund names and greenwashing.Links: https://www.traverssmith.com/knowledge/knowledge-container/sdr-finalised-guidance-on-the-anti-greenwashing-rulehttps://www.traverssmith.com/knowledge/knowledge-container/sustainability-disclosure-requirements-sdr-and-investment-labels-the-new-rules/https://www.traverssmith.com/knowledge/knowledge-container/travers-smiths-sustainability-insights-the-uks-anti-greenwashing-rule/https://www.traverssmith.com/knowledge/knowledge-container/esma-guidelines-on-fund-names/https://www.esma.europa.eu/sites/default/files/2024-05/ESMA34-472-440_Final_Report_Guidelines_on_funds_names.pdfhttps://www.traverssmith.com/knowledge/knowledge-container/esma-guidelines-on-fund-names/https://www.traverssmith.com/knowledge/knowledge-container/sustainability-disclosure-requirements-sdr-and-investment-labels-the-new-rules/#:~:text=Naming%20and%20marketing%20ruleshttps://eur-lex.europa.eu/eli/reg_del/2020/1818/oj#:~:text=in%20Article%205.-,Article%2012,-Exclusions%20for%20EU

In this week's issue of Travers Smith's Alternative Insights, we are looking at Artificial Intelligence, and the opportunities it offers for asset managers.FCA's AI update: AI Update (fca.org.uk)Our note on the FCA's update The FCA and Bank of England's "strategic approach" to AI – what it means for regulated firms | Travers Smith

In this week's issue of sustainability insights we are looking at the UK's latest clampdown on greenwashing.Links:Sustainability Disclosure Requirements - Our detailed analysis of the guidance is hereFCA has also issued detailed guidanceFeedback from the BVCAFCA CP24/8: Extending the SDR regime to Portfolio Management

Our second episode of Sustainability Insights … in conversation charts Kristen Weldon's journey to natural capital in private markets. Simon Witney and John Buttanshaw from Travers Smith's ESG team talk to Kristen about the importance of nature and biodiversity, explore some of the investible opportunities for the private markets, and discuss UK and EU legal and regulatory initiatives.

In this week's issue of Alternative Insights, we are looking at the UK's attempts to get defined contribution pension schemes to invest in private funds.

In this week's issue of Sustainability Insights, we are looking at Labour law reforms across the UK and Europe in light of upcoming elections.Links: TUC - "The biggest upgrade of workers' rights in a generation"IER - CBI lobbying to ‘soften' Labour's workers' rights pledges, FT reports.FT - Keir Starmer seeks to reassure business over Labour's worker rights pledgesIER - Row rumbles on as business leaders line up against a 'full fat' New Deal for workers - IEREuropean Commissions - Social Europe: More transparent and predictable working conditions for workers in EUEuropean Council - Platform workers: Council confirms agreement on new rules to improve their working conditionsFCA proposals for asset managersUS FTC proposed ban on employers imposing non-competes on employeesUK government's Department for Business & Trade 'Non-Compete Clauses'Raconteur - is this the death of the non-compete clause?The Hill - 'Banning non-compete agreements hurts US companies and workers'CMA research report on competition and market power in UK labour marketSHRM - ' Will the FTC Finalize a Compete Ban on Noncompetes?'

In this week's issue of Travers Smith's Alternative Insights we are looking at the European Commission's recent policy brief reviewing the first 100 days of the EU's Foreign Subsidies Regulation.Links:EU's new Foreign Subsidies RegulationTravers Smith's Alternative Insights: The impact of the EU's new rules on foreign subsidiesThe European Commission's recent policy brief

In this week's issue of Sustainability Insights, we are looking at European supply chain due diligence requirements including the fate of the EU's CS3D.Links:Aligning the EU Due Diligence Directive with the International Standards: Key Issues in the NegotiationsFT article - France seeks weaker EU due diligence rules for banksForecast for 2024 European Parliament electionsEuropean lawmakers reached an in-principle agreement on the Commission's 2022 proposal to ban products from the EU market that are made with forced labourUS Uyghur Forced Labor Prevention ActCall for evidence issued by an influential Parliamentary CommitteeOur recent note on similar European rules OECD Due Diligence Guidance for Responsible Business ConductBusiness and Human Rights Resource Centre - UK: Update - 50 businesses sign statement calling for human rights due diligence legislationOur briefing - "Value chain" negligence claims: the door has been openedOur ESG risk map

In the 73rd issue of Travers Smith's Alternative Insights, we are looking at subscription line financing and the emerging role of rating agencies.Links:An analysis by Blackrock ILPA's guidelines issued in 2017In 2022, Citi was reported to have scaled back its lending by over two-thirdsRating agencies (GLI Fund Finance 2024 - Rated subscription lines: An emerging solution tot he liquidity crunch | Travers Smith)We launched a new podcast series in February: Sustainability Insights … in conversation. In the first edition, Simon Witney discussed topical issues – including the global ESG landscape and responsible AI – with Cornelia Gomez, Global Head of ESG at General Atlantic. Listen to the podcast here, and sign up here if you want the second edition to land in your inbox.

Listen to a discussion between Travers Smith's Simon Witney and Cornelia Gomez, Global Head of ESG at General Atlantic. Simon and Cornelia discuss the outlook for regulation in 2024, differing global perspectives on sustainability, and responsible AI.

In this week's issue of Sustainability Insights, we are looking at corporate governance and reporting in EU portfolio companies.We are launching a new podcast series in February: Sustainability Insights … in conversation. In the first edition, Simon Witney will discuss topical issues, including the global ESG landscape and responsible AI, with Cornelia Gomez, Global Head of ESG at General Atlantic. Sign up on our website (www.traverssmith.com) and it will land in your inbox next week.Links:The EU's Corporate Sustainability Reporting DirectivePERG – the Private Equity Reporting GroupThe PwC analysis of good practiceThe Walker Guidelines commissioned by the BVCA and written by Sir David Walker in 2007TCFD further reforms announced and then ditched, following a call for evidence to gather ideas for simplifying the rulesThis year's PERG reportThe UK's Financial Reporting Council's review of reporting by the UK's largest private companies FRC's Guidance on the Strategic Report and Thematic review of climate-related metrics and targetsThe Wates Corporate Governance Principles for Large Private Companies, the UK Corporate Governance Code itself (amended this year, and with updated guidance) and the CGI model terms of reference for an ESG Committee"Section 172" statement ESG Footprints in Private Equity Portfolios: Unpacking Management Instruments and Financial Performance

In this week's issue of Travers Smith's Alternative Insights week we are looking at what is in store for 2024.

In this week's issue of Travers Smith's Alternative Insights, we are looking at ESMA's proposed implementing rules for the European Long Term Investment Fund, or ELTIF, and how they match up to the needs of sponsors.

In this week's issue of Travers Smith's Sustainability Insights week we are looking at the UK's new disclosure and labelling regime for asset managers and its impact on private capital firms.

In this week's issue of Travers Smith's Alternative Insights, we are looking at the UK's 2023 Autumn Statement.

In this week's Issue of Travers Smith's Sustainability Insights, we are looking at the prospect of a complete overhaul of the EU's SFDR.

In this week's issue of Travers Smith's Alternative Insights, Travers Smith Funds partner Tosin Adeyeri and Tax partner Elena Rowlands sat down to discuss 'tax hot topics' and the UK tax landscape in a post-Brexit world.

In this week's issue of Travers Smith's Sustainability Insights week we are looking at the UK's proposed new rules on Diversity and Inclusion for regulated financial firms.

In this week's issue of Alternative Insights we are looking at the impact and regulation of private debt funds.

In this week's issue of Sustainability Insights, we are at why it's important to manage competition law and antitrust risks when signing-up to industry-wide ESG collaborations and collective pledges.

In this week's issue of Alternative Insights we are looking at some important new EU regulations on foreign subsidies that will affect many large M&A deals.

In this week's issue of Sustainability Insights, we are looking at new international sustainability reporting standards.