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
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
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 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
Following its August 2022 consultation on the broader retail distribution of interests in a Long Term Asset Fund (LTAF), the FCA published its Policy Statement PS23/7 including final Handbook rules on 29 June 2023....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
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
The purpose of this Client Alert is to consider some practical issues for managers when undertaking pre-marketing activities in the European Union following the implementation of the Cross Border Distribution of Funds...more
The UK Government and the Financial Conduct Authority (FCA) have decided to replace the existing Approved Persons Regime with a new Senior Managers and Certification Regime. This will have significant implications for all UK...more
The implementation of the Alternative Investment Fund Managers Directive throughout the European Union may have implications for REITs in the United States if they are determined to be alternative investment funds or “AIFs”....more
With all the discussion over the past couple of years on the Alternative Investment Fund Managers Directive and, in particular, marketing to investors in the European Union, less attention has been paid to the regulation of...more
It has now been a full year since US and other non-EU managers of private funds became subject to the Alternative Investment Fund Managers Directive when seeking to market or sell funds in countries in the European Union. The...more
The UK Financial Conduct Authority’s new guidance on AIFMD remuneration requirements has now provided some clarity for EU and non-EU managers, including relief from many of the requirements for small UK managers....more
EU Member States were obliged to implement the Alternative Investment Fund Managers Directive into their laws by this past July. As we have reported previously, most of the major countries for fund investors have published...more