Welcome to our Spring 2021 Funds First Update: a snapshot of some of the main developments and upcoming changes that we think will be of interest to fund managers, fund investors and to the funds sector as a whole. Despite the ongoing focus on COVID-19, regulators and legislators have still been busy and there is much that managers and investors should be keeping watch on over the next few months. In particular, there is news of HM Treasury’s review of the UK funds regime and of the European Commission’s review of AIFMD. We take stock of the outlook for funds post-Brexit, including an update on ESG developments and DAC 6, as well as what to expect from the revised UK financial promotion approval regime. We finish with some observations on the real estate funds market, based on our recent experiences.