Consultations & Engagement

ESMA are seeking input on draft guidelines and technical standards for liquidity management tools under the revised AIFMD and UCITS Directive.

View the updates on this topic.

RICS are consulting on updating the RICS Red Book Global Standards. More details can be found here.

In May 2024 the European Commission published its Summary Report of the Open and Targeted Consultations on the SFDR assessment. This was followed by the ESAs Joint Opinion on the assessment of SFDR. More details can be found here.

Find out more here about the FCA's Sustainability Disclosure Requirements (SDR) and investment labels regime. AREF recently responded to the FCA's consultation (CP24/8) proposing to extend the SDR and investment labels regime to portfolio management services.

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.

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.

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.

Legislation for an unauthorised co-ownership contractual scheme, the Reserved Investor Fund (RIF), was included in the Finance Act (No.2) 2024. Click here to see AREF's response to the Government's consultation on tax rules for the RIF which it is hoped will be implemented in secondary legislation in the summer of 2024.

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

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

Find out more about the review of the ELTIF regulations here

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.

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.

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.

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

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

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.

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.

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

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

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.

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

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

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.

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.

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

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.

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.

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 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.

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.

Find out more about the review of the UK Funds Regime by the Government and the FCA.

RICS have published the second edition of the Whole life carbon assessments in the built environment. Find out more here.

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.

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.

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 have published its response to its consultation on Extending Opportunities for Collective Defined Contribution (CDC) Pension Schemes. Click here for more details.

DWP are consulting on a proposed Value for Money framework for DC pension schemes. More details can be found here.

The FCA have published a discussion paper on firms' sustainability-related governance, incentives, and competencies. Please see here AREF's near final response.

The Department for Levelling Up, Housing and Communities has published a consultation on High Street Rental Auctions. More details can be found here.

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 Investment Association are consulting on proposed updates to the stock transfer form for collective investment schemes. Click her for more details.

In March 2023, PCAF, CRREM, and GRESB released technical guidance for "Accounting and Reporting of GHG Emissions from Real Estate Operations"

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.

The Government have published their response to their consultation on Broadening the investment opportunities of DC pension schemes. More details can be found here.