In our previous alerts (here and here), we noted critical feedback that the European Commission (Commission) gave to the European Securities and Markets Authority (ESMA) on its December 2023 draft Regulatory Technical...more
8/1/2024
/ AIFMD Passport ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Markets Union ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Management ,
Investors ,
Liquidity ,
Regulation Technical Standards (RTS) ,
Stock Redemption
In our previous alert, Paying for Buy-Side Investment Research: Will the FCA’s Third Way Ease the US-UK Divide?, we discussed the consultation issued by the Financial Conduct Authority (FCA) on proposed rules on payment...more
7/30/2024
/ AIFM ,
Amended Rules ,
Broker-Dealer ,
False Claims Act (FCA) ,
Investment Adviser ,
Investment Management ,
Listing Rules ,
MiFID II ,
No-Action Letters ,
Proposed Rules ,
Research Funding ,
Securities and Exchange Commission (SEC) ,
UK
Those who have had to navigate and consider the EU Sustainable Finance Disclosure Regulation (SFDR) have faced its challenges and noted its deficiencies. Specifically, these have included data gaps, the SFDR’s use as a...more
7/26/2024
/ Asset Management ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Adviser ,
Investment Funds ,
Investors ,
Popular ,
Sustainability ,
Sustainable Business Practices ,
Taxonomy
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
The Pension Schemes Bill announced in the King’s Speech on 17 July builds on the UK Government’s drive to encourage defined contribution (DC) pension investment in long-term illiquid investments such as private equity,...more
On 14 May 2024, the European Securities and Markets Authority (ESMA) published its final guidelines ESMA34-472-440 Final Report on the Guidelines on funds names (europa.eu) on the use of ESG- or sustainability-related terms...more
5/31/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Climate Change ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Final Guidance ,
Investment Funds ,
Regulatory Oversight ,
SFDR ,
Sustainability ,
Sustainable Business Practices ,
UCITS
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
On 10 April 2024, the Financial Conduct Authority (FCA) published a Consultation Paper on payment optionality for investment research (CP24/7). CP24/7 followed the UK Investment Research Review, in which recommendations were...more
4/29/2024
/ AIFM ,
Broker-Dealer ,
Brokers ,
Consultation ,
Financial Conduct Authority (FCA) ,
Investment ,
Investors ,
Market Research ,
Proposed Rules ,
Research Funding ,
Securities and Exchange Commission (SEC) ,
UK
In our previous alert AI and Machine Learning in UK financial services, we discussed the response in FS 2/23 of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to its discussion paper on...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, we looked at the draft revised Regulatory Technical Standards (RTS) supplementing the amended ELTIF Regulation (ELTIF 2.0) published by the European Securities and Markets Authority (ESMA) in its...more
On 6 March 2024, following the Chancellor’s budget statement, the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment and Transitional Provision) Order 2024 (SI 2024/301) (the March Amendment) was...more
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
In our previous alert, we noted the statement of the European Securities and Markets Authority (ESMA) encouraging market participants and national competent authorities in EU member states to prepare for implementation of the...more
Welcome to the first 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
2/1/2024
/ Consumer Financial Contracts ,
Corporate Governance ,
Decentralized Finance (DeFi) ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
European Securities and Markets Authority (ESMA) ,
Financial Regulatory Reform ,
Germany ,
Green Finance ,
Greenwashing ,
Investment Funds ,
IOSCO ,
Long-Term Investment Funds ,
Open-Ended Fund Companies (OFCs) ,
Securities and Exchange Commission (SEC) ,
Sustainable Business Practices ,
Sustainable Finance ,
UK ,
Venture Capital
In our previous alert ELTIF Reform: A Milestone in the Development of an EU Private Fund Structure for Accessing Wholesale Markets, we discussed the EU Commission’s adoption of a revised regulation for the European Long-Term...more
The market had been expecting feedback by now from the European Securities and Markets Authority (ESMA) regarding its November 2022 consultation on its guidelines on funds’ names using ESG or sustainability-related terms...more
On 7 December 2023, the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published a joint consultation paper titled ”CP26/23 - Operational resilience: Critical third parties to the UK financial...more
In our previous alert, The Sustainability Disclosure Requirements and Investment Labels Rules: Tougher ESG Standards for UK Private Fund Managers, we discussed the Financial Conduct Authority (FCA) October 2022 consultation...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
We wrote on the impact of changes to the financial promotion rules that came into effect earlier this year. On 7 November 2023, the UK Government published the proposed changes to the Financial Promotion Order 2005 (FPO). The...more
In our previous alert, we discussed the emerging trends for regulating artificial intelligence (AI) in financial services and mentioned a joint paper published by the Prudential Regulation Authority (PRA) and Financial...more
On 17 October 2023, the European Securities and Markets Authority (ESMA) published a statement (the Statement) clarifying the timeline for implementation of the Regulation on Markets in Cryptoassets ((EU) 2023/1114) (MiCA)...more
In our previous alert, we noted the speech made by Nikhil Rathi, CEO of the UK Financial Conduct Authority (FCA), which built on the points made in a joint paper published by the Bank of England (BoE) and FCA on artificial...more
10/12/2023
/ Artificial Intelligence ,
Bank of England ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Information Reports ,
Joint Statements ,
Machine Learning ,
Prudential Regulation Authority (PRA) ,
Risk Assessment ,
Risk Management ,
UK
On 25 September, the Financial Conduct Authority (FCA) published its consultation paper CP23/20: Diversity and inclusion in the financial sector – working together to drive change alongside a similar consultation paper...more