As geopolitical focus intensifies around technology leadership, data sovereignty and environmental considerations, data centres and their role in the global digital economy are in the spotlight. Governments around the world are introducing or upgrading policies intended to boost digital infrastructure, including incentivising the development of data centres.

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In this update, we describe some of the new developments and trends on the spectrum of liquidity solutions available to managers/ GPs of private closed-ended funds. In particular, we address: (1) continuation funds and secondaries, (2) NAV financing and (3) asset level financing tools such as margin loans and repos. These alternative liquidity solutions have become increasingly accepted by market participants in recent years. We expect the macro factors that have driven the rise of these alternative liquidity solutions to continue to persist, leading managers and LPs to increasingly utilize this alternative exit technology as a more customary tool in their toolbox.

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With growing recognition of the role of carbon capture and storage (CCS) in meeting climate targets across Europe and the UK, projects are advancing, funding is becoming available, and innovative solutions are emerging. Expectations are high for continued tangible progress across the market. However, market and government collaboration are more critical than ever. In this extract from a recent webinar, we discuss the latest regulatory frameworks supporting CCS projects in the UK and the EU and consider the potential of CCS to transform the energy sector.

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We look at what's around the corner for sustainable finance and private capital M&A, the direction of travel for sustainability due diligence and reporting and managing ESG litigation risks, as well as the ways in which businesses may practically navigate regulatory uncertainties and increasingly diverging views on ESG.

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2025 will see a revitalised M&A market, as deal-makers look beyond recent challenges and uncertainties. A new pro-growth agenda and a stabilising macroeconomic environment are boosting global investor confidence. The market will be led by boardrooms taking strategic action in more favourable market conditions and by private capital. Agility will be crucial for navigating the dynamic and complex M&A landscape and seizing opportunities for growth and innovation.

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While the debate over ESG has been bubbling in the United States for some time, the reelection of former president Donald Trump and the Republican sweep of Congress have given deregulatory forces control over the US federal legislative and administrative levers of power. This impending change – and the influence of prominent anti-ESG figures in the new administration – have led to forecasts of a broad rollback of federal ESG-related regulation in the coming year. This briefing provides a high-level survey of potential areas for change, in environmental and climate regulation, the energy transition, antitrust, the workplace, and in the regulation of investors and asset managers. The field is complex and the direction of travel is unpredictable; this survey provides a snapshot of areas that likely will receive focus early in the new administration.

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This briefing provides an overview of how President-elect Donald Trump’s campaign promises may translate into policy reform and the potential impact on the tech sector and the many businesses that rely on it. Please note that this analysis forecasts potential changes based on public statements by Trump and other officials and is subject to change.

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The Markets in Crypto-Assets Regulation (MiCA) delivers a new EU-wide regulatory framework for issuing, intermediating and dealing in crypto-assets. Under MiCA, Crypto-asset service providers (CASPs) must be authorised, comply with conduct, disclosure, governance and organisational requirements and have prudential safeguards in place. In this briefing we take a closer look at some of the wider EU regulatory requirements that will attach to some CASPs for the first time, and to existing service providers more broadly, as EU-regulated entities.

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This briefing provides an overview of how President-elect Donald Trump’s campaign promises may translate into policy reform, how potential policy reforms could impact energy subsectors, and how the market may progress despite policy changes. Please note, the below analysis forecasts potential changes based on campaign promises made by Trump and his advisors and is subject to change.

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Global efforts to enhance anti-money laundering (AML) measures to combat financial crime are increasing. In this extract from a recent Clifford Chance webinar, we look at the latest AML trends in the EU, US, UK and Singapore, what they mean for business and compliance processes and provide some practical suggestions for adapting to them.

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Introduction

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In a landmark judgment, for the first time the Supreme Court has decided that, when assessing the environmental impacts of an oil extraction project, the planning authority should have considered the downstream (scope 3) emissions generated by the oil products from the project. This could have significant ramifications for the consenting of fossil fuel and other energy & infrastructure projects, and potentially other industrial projects, where there are major carbon emissions in the project’s downstream value chain. This briefing considers the court’s decision in Finch and its potential implications for business.

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Australian companies are increasingly vulnerable to risks associated with the natural environment. Although climate-related regulation is increasing, the strategic challenges facing companies are developing faster than the law and the regulatory environment, requiring directors to make decisions in an uncertain context. In this article, we explore nature-related risks and the practical steps which can be taken by directors (including representatives of financial investors) to assist with their assessment and mitigation of these risks to avoid consequences such as penalties from regulators and the risk of litigation.

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Cybersecurity is not just a problem for the IT department. It is an enterprise-wide issue. In this extract from a recent Clifford Chance webinar, we explore global trends in cybersecurity and resilience and examine increasing levels of regulation which will impact a much broader range of businesses.

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With increasing global demand for offshore wind to power the clean energy transition, the opportunities and risks are multiplying. Offshore wind has long been seen as a great tool to tackle energy transition needs and to achieve energy sovereignty objectives while boosting economic growth, and more governments are committing to more ambitious targets. However, the industry faces a number of challenges as inflation and high interest rates have hit the sector particularly hard. In this extract from a recent webinar, Clifford Chance surveys the issues arising from new technology, new markets, new deals and regulatory changes.

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Environmental, social and governance (ESG) issues are having a significant impact on businesses globally. Against the prevailing backdrop of continued political and economic uncertainty and rising geopolitical tensions, we look ahead and assess the challenges and opportunities on a range of strategic issues, from regulations on corporate sustainability reporting and transition planning, the evolution of sustainable finance and the role of carbon markets in funding net zero, to the increase in ESG-related litigation.

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Companies are increasingly looking for faster and easier routes than traditional underwritten offerings to market their debt securities. With an annual deal flow of over US$100 billion, the debt private placement market is an attractive alternative to underwritten offerings, although nascent in the context of European high-yield issuances (with European market volume of less than €4 billion in 2022). In this briefing, we detail some of the current approaches to privately placed high-yield bonds and their practical and legal basis.

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This year will see a surge of digital regulation and enforcement. AI is transforming both business strategies and legal landscapes, privacy and cyber laws are proliferating, and child online safety is coming to the forefront. Delayering, decarbonisation and demand for connectivity are impacting deal-making and investment in digital infrastructure. Rapid legal changes, continuing strides in tech, and geopolitical instability, will create complex challenges as well as opportunities. We look at five trends across AI, data, cyber, digital infrastructure and emerging tech, that are shaping 2024.

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The fast-paced development of artificial intelligence (AI) presents increasing opportunities for the financial services industry.

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The energy transition requires a massive and increased rate of investment from both the public and the private sectors. Here we explore some trends which will shape the year ahead, focusing on the innovations and legal developments that we are seeing in clean hydrogen, carbon capture and storage, green fuels, carbon pricing, digital transformation, innovative finance and incentives to mobilise capital.

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While 2023 saw ongoing uncertainty and high-profile financial sector failures, it also brought regulatory progress around the world, including for landmark regulations on digital assets and AI. In 2024, we will see the next stage of pioneering regulation as blueprints and best practices begin to emerge, alongside compliance challenges. From the next phases of market development for AI, payments, cryptoassets, tokenisation and digital bonds to operational resilience challenges, we look ahead, highlighting the five key legal trends for global fintech in 2024.

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