Consultations & Engagement

The Law Commission are reviewing Part 2 of the Landlord and Tenant Act 1954 with a view to modernise commercial leasehold legislation. They have published their first consultation which considers the right to renew business tenancies. More details can be found here.

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.

The UK Government are undertaking a Pensions Investment Review focusing on DC workplace schemes and Local Government Pension Schemes. They have published an interim report in November 2024 alongside two consultations.

HM Treasury are gathering views on the value case for a UK Green Taxonomy until 6 February 2025. More details can be found here.

The Financial Reporting Council have launched a consultation on significant updates to the UK Stewardship Code. Find out more about the consultation and the UK Stewardship Code here.

IOSCO have published a consultation on revised Recommendations for Liquidity Risk Management for Collective Investment Schemes, especially for open-ended funds. Alongside this, they are consulting on Guidance for Open-ended Funds for Effective Implementation of the Recommendations for Liquidity Risk Management. AREF will be responding to these consultations.

View the updates on this topic.

Find out more here about the work by the UK Government, FCA and TPR on a Value for Money Framework for DC pension schemes.

On 14 October 2024, the Department for Business and Trade published a Green Paper on the Government's Industrial Strategy for the next 10 years. AREF welcomes members' contribution to their response.

Click here to learn more about regulation and guidance in relation to the Long-Term Asset Fund (LTAF) and to download a model LTAF Instrument of Incorporation and a model LTAF Co-Ownership Deed for ACS

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

TNFD has been consulting on Draft sector guidance - Engineering, construction and real estate.  More details can be found here.

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

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.

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.

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.

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.

Find out more about ELTIF 2.0 here

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

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.

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.

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.

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

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.

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.

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.