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The consolidated text of AIFMD Level 1 and 2, as amended by the AIFMD II and other EU legislation prepared by A&O Shearman includes changes from the Securitisation Regulation, Cross Border Funds Directive and SFDR.

Amendments introduced by AIFMD II at Level 1 are highlighted in green (for additions) and red (for deletions), thus precisely indicating AIFMD II's impact and providing a steer for practitioners to navigate the text. Level 2 AIFMD and other Level 2 applicable EU legislation are included in textboxes or are annexed as exhibits.

Rasmus Steiness, Transfer Pricing Senior Director, Nick Crama, Senior Director Tax, and Alistair McLaren, Transfer Pricing Director, from Alvarez & Marsal Tax, presented developments in the interest rates and financial covenants applied by lenders and its interactions with updated guidance on transfer pricing requirements and domestic changes to earning stripping rules.

INREV’s position paper on ESMA Draft RTS and Guidelines on Liquidity Management Tools for funds

Chris Brown, Managing Director, Climatise and co-founder of the London Doughnut Economy Coalition, Lianne Hulsebosch, Sustainable Urban Development Strategist, City of Amsterdam, and Alice Teboul, ESG Manager Property Investments, Columbia Threadneedle explored how Doughnut Economics and the principles of the circular economy can be integrated into the built environment, fostering cities that respect both social and planetary boundaries. 
This event was organised in cooperation with AREF, BBP, BPF, IPF and REIF.

As the new mandate of the UK government and Parliament commences, INREV formulated a comprehensive set of policy recommendations designed to tackle prominent challenges, such as housing shortages, bolstering economic competitiveness, and advancing the transition to a sustainable climate.

INREV response to ESMA consultation on Liquidity Management Tools for funds argued for principles based rules retaining investment managers’ discretion in the choice and design of LMTs and avoiding prescriptive measures.

INREV position paper on TNFD Draft sector guidance – Engineering, construction and real estate

INREV response to TNFD consultation on the draft sector guidance supports the LEAP approach, emphasising the importance of sections on nature-related impacts, risks, and mitigation strategies for real estate companies. INREV highlights the importance of clearer metrics, practical examples, and scalable implementation to ease financial and operational burdens, especially for smaller entities.

INREV response to the European Commissions Call for evidence on the evaluation of Anti-tax Avoidance Directive (ATAD). INREV calls for improvements to GAAR to address concerns, including the misuse of shell entities rather than adopting the proposed Unshell Directive. We urge that any changes be proportional to the benefits and consider the costs involved. INREV also highlights the need to account for the unique characteristics of the EU real estate investment markets when making adjustments to ATAD.

INREV position paper on European Commission Call for evidence to gather data and views on the implementation of the ATAD across EU Member States, the functioning of the ATAD and future-proofing the measures.