The revised Alternative Investment Fund Managers Directive (AIFMD2) introduces new requirements for funds managed by EU-based alternative investment fund managers (AIFMs) that originate loans.
Most of the requirements...more
Welcome to the second edition of our Horizon Scan for 2024: key recent and expected funds, regulatory, and tax developments to look out for. As before, we focus on the most important developments and changes that we expect to...more
5/24/2024
/ Climate Change ,
Cross-Border ,
Disclosure Requirements ,
EU ,
False Claims Act (FCA) ,
Fund Managers ,
Investment Funds ,
Private Funds ,
Private Investment Funds ,
Regulatory Standards ,
Reporting Requirements ,
SFDR ,
Sustainability ,
Sustainable Business Practices ,
Sustainable Finance ,
Transitional Arrangements ,
UK
Most funds automatically suspend their investment period when a key person event occurs, but the duration of the suspension varies by asset class.
Key persons are investment professionals who are considered indispensable...more
In our previous alert The FCA’s Sustainability Disclosure Requirements and Labelling Regime (SDR): A Flexible Regime for UK Private Fund Managers, we examined the final framework under policy statement PS23/16, on...more
4/26/2024
/ AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Climate Change ,
Consultation ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Greenwashing ,
Investment Management ,
Portfolio Companies ,
Portfolio Managers ,
Sustainability ,
Sustainable Business Practices ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
In our previous alert AIFMD II (Near) Final Text Agreed: What’s New? and in our recent update in our Horizon Scan, we noted that the Council of the European Union (EU) had published the final compromise amending text setting...more
2/14/2024
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Amended Regulation ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Member State ,
Portfolio Managers ,
Regulatory Requirements ,
Risk Management ,
UCITS
As venture fund formation lawyers, we take a keen interest in helping our clients raise capital for their funds. If you are currently fundraising or expecting to do so soon, we have pulled together a summary of some key...more
Private equity funds show the least variation, with 80% of PE funds setting hurdle rates at 8%. Real estate funds are almost as likely to set rates at 7% or 9% as 8%....more
In our previous alert AIFMD II Gathers Momentum: The European Parliament Finalises Its Proposed Text and recent update October 2023 Horizon Scan for Private Investment Funds, we noted the draft text of the Alternative...more
The Economic Crime and Corporate Transparency Act (ECCTA) became law on 26 October 2023, having completed the legislative process and received Royal Assent. Part 2 of ECCTA introduces significant reforms to UK limited...more
The US Securities and Exchange Commission (SEC) recently adopted new rules for private fund managers, which we covered in our alert SEC Adopts Expansive (Albeit Slightly Softened) Private Funds Rules.
The new rules include...more
The European Commission published its Retail Investment Package (the Package) in May 2023. The Package aims to streamline and modernise investor protection rules in EU laws, including the Alternative Investment Fund Managers...more
6/27/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
ELTIF ,
EU ,
European Securities and Markets Authority (ESMA) ,
MiFID ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Private Investment Funds ,
Proposed Amendments ,
Proposed Regulation ,
Regulation Technical Standards (RTS) ,
Retail Investors ,
UCITS
The Institutional Limited Partners Association (ILPA) has recently issued new guidance on continuation funds for the private funds industry, following its 2019 guidance on GP-led Secondary Fund Restructurings. ...more
Welcome to the second edition of our Horizon Scan, where we focus on some of the principal recent and expected developments and changes that we expect to be of interest to those in the non-listed funds sector. We have grouped...more
5/17/2023
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
EU Directive ,
Financial Regulatory Reform ,
International Tax Authority ,
Investment Funds ,
MiFID ,
Partnerships ,
Popular ,
Private Investment Funds ,
Regulatory Oversight ,
Regulatory Requirements ,
Sustainable Finance ,
Tax Authority ,
UK
Since the European Commission (the Commission) published a proposed amending Directive (together with the results of its evaluation of AIFMD) in November 2021, there have been ongoing discussions between the European...more
Welcome to our January 2023 Horizon Scan, where we focus on some of the principal recent and expected developments and changes that we expect to be of interest to those in the non-listed funds sector. We have grouped the...more
1/19/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Climate Change ,
Consultation ,
Corporate Taxes ,
Divestment ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Greenwashing ,
Investment Funds ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Regulatory Authority ,
Securities and Exchange Commission (SEC) ,
Sustainable Finance ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
In a previous client alert (New Risk Warning Rules for UK Private Fund Managers: Action Required), we discussed the rules governing the main risk warnings for financial promotions of high-risk investments, which came into...more
In our previous client alert, we mentioned the need for managers to review new rules contained in PS22/10, published by the UK Financial Conduct Authority (FCA). The rules governing the main risk warnings for financial...more
The Economic Crime and Corporate Transparency Bill (the Bill) includes a package of proposed legislative amendments to U.K. limited partnership (UKLP) law, substantially to tighten registration requirements and improve...more
10/12/2022
/ BEIS ,
Corporate Transparency Act ,
Criminal Proceeds ,
Financial Crimes ,
Fraud ,
Limited Partnerships ,
Money Laundering ,
Proposed Legislation ,
Registration Requirement ,
Regulatory Requirements ,
Scotland ,
Terrorist Financing Regulations ,
UK ,
White Collar Crimes
As the Alternative Investment Fund Managers Directive (“AIFMD”) was being developed prior to 2011, there were serious concerns across the funds industry that it might force managers to set up their funds offshore to avoid the...more
12/10/2021
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Disclosure Requirements ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Fees ,
Fund Managers ,
Investors ,
Loan Origination Funds ,
Member State ,
Portfolio Managers ,
Proposed Amendments ,
Reporting Requirements
This edition of Private Equity Comment looks at the Sustainable Finance Disclosure Regulation, which fund managers will need to comply with beginning 10 March, 2021, an ongoing consultation on European Long Term Investment...more
12/22/2020
/ Disclosure Requirements ,
ELTIF ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Fund Managers ,
Investment Adviser ,
Investment Funds ,
Investors ,
New Regulations ,
Private Equity ,
Retail Investors ,
Sustainable Finance
As part of the EU’s strategy on climate change following the Paris Agreement of 2015, a number of EU regulations have been enacted in the past 12 months. From the fund management industry’s point of view, the two most...more
12/3/2020
/ AIFM ,
Climate Change ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
EuVECA ,
Financial Adviser ,
Investment Adviser ,
Investors ,
New Regulations ,
Portfolio Managers ,
Sustainability ,
Transparency ,
Websites
This alert is part of a new series of quarterly updates from the Goodwin Private Equity team on important issues for European private equity. As 2019 comes to a close, here are three issues for fund managers to consider....more