Welcome to our 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 understandable 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 ESMA’s review of AIFMD; an update on Brexit; what to expect from the revised financial promotion approval regime; an update on ESG developments and on transparency initiatives; and where we are on DAC 6 and its application to funds.