News & Analysis as of September 23, 2024

European Union › Liquidity

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Liquidity Management Under AIFMD2: RTS for Open-Ended Funds

Goodwin on 9/20/2024

In our recent alert Loan Origination Under AIFMD2: A Guide, on loan origination under the revised Alternative Investment Fund Managers Directive (AIFMD2), we noted that the European Securities and Markets Authority (ESMA)...more

European Commission adopts Regulatory Technical Standards on the ELTIF Regulation

Walkers on 8/13/2024

On 19 July 2024, the European Commission (the "Commission") adopted a delegated regulation and accompanying annexes containing its regulatory technical standards ("RTS") supplementing Regulation EU 2015/760, as amended by...more

Private Credit Explained - Delayed Draw Term Loans

Proskauer Rose LLP on 8/2/2024

A typical European leveraged loan will comprise of various tranches of debt, for a variety of purposes, all documented within a single facilities agreement. In a leveraged buyout scenario, the standard structure will be a...more

ELTIF 2.0 RTS: Second Time Lucky and A Positive Step Forward on Liquidity and Redemptions

Goodwin on 8/1/2024

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

ELTIF 2.0 – Final RTS Published

Proskauer - Regulatory & Compliance on 8/1/2024

Background - On 19 July 2024, the European Commission published final regulatory technical standards (the “RTS”) in respect of Regulation EU/2023/606 relating to the European long-term investment fund (“ELTIF 2.0”). This...more

ELTIF 2.0 RTS: EU Commission Formally Adopts Its RTS and Takes Flexible Approach to Liquidity

Dechert LLP on 7/31/2024

On 19 July 2024, the EU Commission formally adopted its delegated regulation supplementing the ELTIF Regulation. The delegated regulation seeks to set out the regulatory technical standards specifying when derivatives will be...more

The European Commission Consults on Macroprudential Policies for ‘Shadow Banks’

Cadwalader, Wickersham & Taft LLP on 6/3/2024

Towards the end of 2023, non-bank financial intermediaries ("NBFIs") accounted for approximately 41% of the EU’s total financial assets, against a figure for banks of 36%. This dominance and growth, together with the...more

ESMA call for evidence – review of the Eligible Assets Directive

Walkers on 5/31/2024

On 7 May 2024, ESMA published its call for evidence ("CfE") on the review of the Commission Directive (2007/16/EC) on UCITS Eligible Assets ("EAD"). The CfE follows the formal request from the European Commission (the...more

8th Annual European Fund Finance Symposium: The Latest From London May 2024 - FFA European Fund Finance Symposium Review – Key...

Cadwalader, Wickersham & Taft LLP on 5/13/2024

Last week saw almost 1,140 registrants attend the FFA’s annual symposium at the Queen Elizabeth II Conference Centre in London. As ever, the event brought together a wide range of market participants from across the industry,...more

AIFMD II Comes into Force in April 2024

Akin Gump Strauss Hauer & Feld LLP on 4/15/2024

The final text of the amendments to the EU Alternative Investment Fund Managers Directive (AIFMD)—known as “AIFMD II”—was published in the Official Journal of the European Union on March 26, 2024, and will enter into force on...more

AIFMD 2.0: What’s New? Analysis of Key Changes

Dechert LLP on 3/28/2024

The text of the directive to amend the AIFMD (so-called AIFMD 2.0) was published in the Official Journal of the EU on 26 March 2024 and will enter into force on 15 April 2024. Member States have 24 months to transpose the...more

Liquidity Management, Loan Origination and Credit Funds under AIFMD II

Cadwalader, Wickersham & Taft LLP on 3/14/2024

I. Background and Scope - On 7 February 2024, the European Union adopted a final text amending the AIFMD and UCITS directives (AIFMD II). This memo considers what are entirely novel requirements attaching to liquidity...more

Update to the Adler High Court Decision: The UK’s Court of Appeal Overturns the High Court’s Approval of the Adler Restructuring...

Conyers on 2/20/2024

Following the English High Court’s written reasons for sanctioning the Adler Group restructuring plan on 21 April 2023, the English Court of Appeal has overturned the High Court’s decision and sent a strong message regarding...more

CRD VI – What EU branches of third country banks need to know

A&O Shearman on 1/26/2024

The EU is harmonising the rules on the prudential supervision of EU branches of non-EU banks under CRD VI. The new EU-wide third country branch regime will introduce minimum requirements including capital and liquidity...more

CRD VI cross-border rules take shape

A&O Shearman on 1/26/2024

Final provisions on cross-border banking services in the EU published - CRD VI will bring in uniform minimum prudential requirements for third country branches providing banking services in the EU and, more importantly,...more

ELTIF 2.0 RTS: ESMA adopts a conservative approach toward open-ended ELTIFs

Dechert LLP on 1/12/2024

ESMA has submitted its proposals for RTS supplementing ELTIF 2.0 to the European Commission - The RTS detail stringent conditions on liquidity and redemption provisions including in principle maximum quarterly redemption...more

ELTIF 2.0 – what is the latest on the Draft RTS?

Proskauer - Regulatory & Compliance on 1/8/2024

On 19 December 2023, the European Securities and Markets Authority (“ESMA”) published its final report setting out its draft regulatory technical standards (the “Draft RTS”) on Regulation (EU) 2023/606 (the “ELTIF 2...more

AIFMD II Credit Funds

King & Spalding on 9/21/2023

Loan Origination Funds Have a Lot of Wood to Chop Before Aifmd II Kicks In - Following a review of the AIFMD, the Commission, in a draft amending directive published in 2021, noted that common rules should be laid down to...more

Regulation Round Up - July 2023

Proskauer Rose LLP on 8/10/2023

31 July - ESG: The European Commission adopted a Commission Delegated Regulation, setting out the first set of European Sustainability Reporting Standards (“ESRS”), together with a Q&A (see press release). The ESRS specify...more

Happy FFFourth! June 2023 - FFA European Fund Finance Symposium Review, Part 2

Cadwalader, Wickersham & Taft LLP on 6/30/2023

We reported in last week’s edition of Fund Finance Friday on some of the significant themes and topics at the FFA 7th Annual European Fund Finance Symposium....more

Global Regulators React to Banking Sector Turbulence

Latham & Watkins LLP on 6/5/2023

The spring of 2023 saw more dislocation in the global financial sector than any time since the 2008-09 financial crisis. In the US, banking institutions with over $500 billion in total assets failed, and other banks that were...more

Liability Management Exercises: A Transatlantic Perspective

Akin Gump Strauss Hauer & Feld LLP on 6/2/2023

Over recent years, a prolonged period of low interest rates, together with a competitive financing market, has resulted in greater leverage and control for private companies (and their sponsors) when it comes to negotiating...more

European leveraged finance battens down the hatches

White & Case LLP on 3/31/2023

As our latest leveraged finance report reveals, European leveraged finance markets saw significant inertia through the course of 2022 as high inflation, rising interest rates and cooling M&A activity put the brakes on...more

Central Bank’s Securities Markets Risk Outlook Report, Supervisory Priorities for 2023 and Key Areas of Focus for Funds and their...

Walkers on 3/9/2023

On 2 March 2023, the Central Bank of Ireland (the “Central Bank”) published its third annual Securities Markets Risk Outlook Report (the “Report”). The Report highlights the conduct risks that the Central Bank has identified...more

Hitting the brakes: European leveraged finance battens down the hatches

White & Case LLP on 1/31/2023

European leveraged finance markets saw significant inertia through the course of 2022 as high inflation, rising interest rates and cooling M&A activity put the brakes on leveraged loan and high yield bond issuance. How will...more

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European Union › Liquidity

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