Episoder
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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.pdf
https://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-7265398692105314307-376F
https://www.traverssmith.com/knowledge/knowledge-container/cs3d-whats-new-and-whats-next/
https://www.traverssmith.com/knowledge/knowledge-container/csrd-the-road-to-compliance
https://apps.fliplet.com/esgapp
https://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-regulation
https://www.newprivatemarkets.com/pe-firms-at-risk-of-esg-litigation-says-travers-smith/
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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-speech
https://www.gov.uk/government/news/chancellor-fires-up-financial-services-sector-to-drive-growth#:~:text=BVCA%20Chief%20Executive%20Michael%20Moore%20said%3A%C2%A0
https://assets.publishing.service.gov.uk/media/6735d9ebb613efc3f18230e9/pension_fund_investment_and_the_uk_economy.pdf
https://www.gov.uk/government/publications/pensions-investment-review-interim-report
https://www.ft.com/content/362ca4cd-a892-4525-bddf-82abe5f339b4#msdynmkt_trackingcontext=910b9634-aa02-4b3a-a831-bcb7e4b55c60
https://assets.publishing.service.gov.uk/media/67372cf9c0b2bbee1a127202/pensions_investment_review_unlocking-the_uk_pensions_market_for_growth.pdf
https://www.gov.uk/government/calls-for-evidence/financial-services-growth-and-competitiveness-strategy
https://on.ft.com/3V9Tpp8
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Manglende episoder?
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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/cop29
https://www.bbc.co.uk/news/articles/cpqd1rzw9r4o
https://www.bbc.co.uk/news/articles/cx2lknel1xpo
https://www.traverssmith.com/knowledge/knowledge-container/what-to-expect-at-cop29/
https://unfccc.int/process-and-meetings/the-paris-agreement
https://unctad.org/publication/new-collective-quantified-goal-climate-finance
https://www.bbc.co.uk/news/science-environment-54797743
https://www.ft.com/content/24b994ec-9d69-47df-8c23-efc5762877e9
https://unfccc.int/resource/docs/convkp/conveng.pdf
https://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.pdf
https://www.newprivatemarkets.com/tpg-and-brookfield-hail-climate-fund-momentum/
https://www.bbc.co.uk/news/articles/cx2ny8zndpxo
https://www.bbc.co.uk/news/articles/c4gve4d8jljo
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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-uk
https://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-2024
https://www.gov.uk/government/news/game-changing-tech-to-reach-the-public-faster-as-dedicated-new-unit-launched-to-curb-red-tape
https://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-review
https://assets.publishing.service.gov.uk/media/670cde8692bb81fcdbe7b745/industrial-strategy-green-paper-final.pdf
https://www.ukib.org.uk/
https://www.british-business-bank.co.uk/finance-providers-equity-finance/british-growth-partnership
https://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.pdf
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023H1425
https://www.ft.com/content/c0ca95ce-ffcf-4c10-b789-174e359e16ef
https://player.captivate.fm/episode/457a3e0b-8938-43d1-8590-64e33625b7c0/
https://url.uk.m.mimecastprotect.com/s/VBJCC8p4c9q036txt0FyxU-_?domain=sites-traverssmith.vuturevx.com
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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?
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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/36491
https://digital-strategy.ec.europa.eu/en/policies/european-approach-artificial-intelligence
https://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-it
https://oecd.ai/en/ai-principles
https://www.esma.europa.eu/sites/default/files/2024-05/ESMA35-335435667-5924__Public_Statement_on_AI_and_investment_services.pdf
https://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-response
http://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
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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 firms
Links:
https://commission.europa.eu/document/download/97e481fd-2dc3-412d-be4c-f152a8232961_en
https://www.ft.com/content/298008a0-b75d-4062-9cb1-86b12ac30fbd
https://commission.europa.eu/document/download/ec1409c1-d4b4-4882-8bdd-3519f86bbb92_en
https://ec.europa.eu/commission/presscorner/detail/en/IP_00_96
https://www.epc.eu/content/PDF/2024/20230277_hidden_champions_missed_opportunities_en.pdf
https://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.pdf
https://doi.org/10.1093/jfr/fjac001
https://link.springer.com/article/10.1007/s11142-021-09609-5
https://www.bvca.co.uk/Portals/0/BVCA%20Response%20to%20FRC%20UK%20SD%20TAC%20CfE.pdf
https://commission.europa.eu/document/download/e6cd4328-673c-4e7a-8683-f63ffb2cf648_en?filename=Political%20Guidelines%202024-2029_EN.pdf
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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 Review
ILPA guidance on continuation funds
ILPA review of its highly impactful reporting template
ILPA guidance on NAV-based facilities
Financial Stability Report
BVCA pointed out
ILPA Guidance
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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.
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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-BOcr
https://www.linkedin.com/posts/travers-smith_assetmanagement-investigations-markets-activity-7219621018435227648-h7dE
https://www.linkedin.com/posts/travers-smith_markets-assetmanagement-pensions-activity-7221107755879731200-eAlh
https://www.bvca.co.uk/Policy/Investment-Compact
https://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/
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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/
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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-europe
https://uksif.org/wp-content/uploads/2023/08/Letter-to-PM-on-NZ-commitment-Aug23-UPDATED.pdf
https://www.gov.uk/government/news/uk-becomes-first-major-economy-to-pass-net-zero-emissions-law
https://www.gov.uk/government/news/plans-unveiled-to-decarbonise-uk-power-system-by-2035
https://www.gov.uk/government/news/uk-enshrines-new-target-in-law-to-slash-emissions-by-78-by-2035
https://www.gov.uk/government/publications/net-zero-strategy
https://www.traverssmith.com/knowledge/knowledge-container/biodiversity-net-gain
https://www.bbc.co.uk/news/articles/cw44vj3e1wyo
https://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.pdf
https://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/gov
https://betterbusinessact.org/ernment/consultations/addressing-carbon-leakage-risk-to-support-decarbonisation
https://www.bbc.co.uk/news/uk-politics-68244772
https://www.bvca.co.uk/Portals/0/Documents/Research/2024%20Reports/BVCA-Manifesto-For-Growth.pdf
https://labour.org.uk/wp-content/uploads/2024/01/Financing-Growth.pdf
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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.
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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-80c3-7361c554b379
https://www.bvca.co.uk/Portals/0/Documents/Policy/Submissions/220425%20BVCA%20response%20to%20SEC%20private%20fund%20adviser%20proposals.pdf
https://ilpa.org/quarterly-reporting-standards/
https://ilpa.org/wp-content/uploads/2024/06/ILPA-Launches-Comment-Period-for-Quarterly-Reporting-Standards.pdf
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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-rule
https://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.pdf
https://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%20rules
https://eur-lex.europa.eu/eli/reg_del/2020/1818/oj#:~:text=in%20Article%205.-,Article%2012,-Exclusions%20for%20EU
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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
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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 here
FCA has also issued detailed guidance
Feedback from the BVCA
FCA CP24/8: Extending the SDR regime to Portfolio Management
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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.
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