Alternative Investment Funds

News & Analysis as of

Take Special Care – Amendments to the Special Administration Regime

On 6 April 2017, together with the new Insolvency Rules (England and Wales) 2016, the Investment Bank (Amendment of Definition) and Special Administration (Amendment) Regulations 2017 (the “Regulations”) will come into...more

10 Takeaway Points on Luxembourg’s RAIF

The Luxembourg law on reserved alternative investment funds (RAIF) is a welcome addition to the alternative investment funds (AIF) industry and we have seen keen interest from the fund and asset management industry in this...more

Bank of Italy finally clears direct lending into Italy by EU AIFs (Italian)

On 23 December 2016, the Bank of Italy finally adopted the regulation (the Regulation) aimed at clearing terms and conditions of direct lending into Italy by EU AIFs. The Regulation was published in the Italian Official...more

Bank of Italy finally clears direct lending into Italy by EU AIFs

On 23 December 2016, the Bank of Italy finally adopted the regulation (the Regulation) aimed at clearing terms and conditions of direct lending into Italy by EU AIFs. The Regulation was published in the Italian Official...more

New lending opportunities for EU Alternative Investment Funds in Italy

On 23 December 2016, the Bank of Italy supplemented the regulation on the collective investment management (the "Regulation") which, inter alia, implements article 46-ter of Legislative Decree. n. 58/1998 ("Consolidated...more

Novità in materia di direct-lending. Gli OICR di credito

In data 23 dicembre 2016, Banca d'Italia ha integrato il regolamento sulla gestione collettiva del risparmio (il "Regolamento") con cui, inter alia, viene data attuazione all'art. 46-ter del d.lgs. n. 58/1998 ("TUF"),...more

NEW BUSINESS OPPORTUNITY - Italian Lending Market Opens to EU Alternative Investment Funds

On 23 December 2016 the Bank of Italy issued the long-awaited implementing rules outlining the ability of EU alternative investment funds (“EU Credit AIFs”) to engage in direct lending in Italy. As a result, EU Credit AIFs...more

UK Regulation Round Up - January 2017

Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK regulation for alternative asset managers. The start of 2017 saw a number of regulatory developments including...more

Draft UK Legislation to Amend the Special Administration Regime for Investment Firms Published

The UK Government published draft legislation to amend the Special Administration Regulations, i.e. The Investment Bank (Amendment of Definition) and Special Administration (Amendment) Regulations 2017, the Amending SAR...more

ESMA Publishes Opinion on the Effect of Excluding Fund Managers From the Scope of MiFIR Intervention Powers

On January 12, 2017, the ESMA published an opinion on the impact of exclusion of fund management from the entire scope of MiFIR (Markets in Financial Instruments Regulation) (Regulation 600/2014). Although, under...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Federal Reserve Board Announces Finalized Rule Adjusting the Board's Maximum Civil Money Penalties - On January 18, 2017, the Federal Reserve Board announced that it was adjusting...more

Credit funds in the Italian framework - regulatory considerations

This note is aimed at presenting certain significant changes recently intervened in the Italian regulatory framework, that are intended to have a deep impact on the credit market, also as regards foreign operators. As...more

New attractive real estate investment fund in Belgium

Belgium recently introduced the regulatory framework for an attractive new real estate investment vehicle, the specialized real estate investment fund (gespecialiseerd vastgoedbeleggingsfonds (GVBF) / fonds d’investissement...more

Blog: AIFMD: ESMA Updates Q&As

The European Securities & Markets Authority has updated its questions and answers on the application of the Alternative Investment Fund Managers Directive. The latest update includes 4 new questions: - Section II:...more

Update On Securities Financing Transactions Regulation

In light of recent efforts by UK and EU financial authorities to incorporate the SFTR, managers of Alternative Investment Funds and Undertakings for Collective Investment in Transferable Securities that engage in securities...more

Blog: Amending the European Venture Capital & Social Entrepreneurship Funds Regulations to increase investments in SMEs – Part III

The European institutions have been working on a Regulation that will amend the European Venture Capital Funds Regulation (EuVECA Regulation) and the European Social Entrepreneurship Funds Regulation (EuSEF Regulation), to...more

Will California Public Pension Systems Go Underground In Implementing New Disclosure Law?

Writing in the Harvard Law School Forum on Corporate Governance and Financial Regulation, Catherine Skulan and Raj Marphatia provide an interesting overview of California’s recently enacted alternative investment vehicle fee...more

California's Legislature Puts Additional Disclosure Pressure on Fund Managers with the Passage of AB 2833

On August 24th, the California Legislature approved Assembly Bill No. 2833 (“AB 2833”), which is now headed to Governor Jerry Brown’s desk for signature. If Governor Brown signs the bill, as is expected, all public pension...more

European Proposals to Delay Clearing Obligation for Financial Counterparties with Limited Derivatives Trading Activity

The European Securities and Markets Authority launched a consultation on proposals to delay the application of the clearing obligation for financial counterparties and alternative investment funds with a limited volume of...more

ESMA Advice Extending the AIFMD Passport: Including the United States, Hong Kong, Singapore and Switzerland

On 18 July 2016 the European Securities and Markets Authority (ESMA) published its advice to the European Parliament, the Council and the Commission on the application of the Alternative Investment Fund Managers Directive...more

ESMA Advice on Extending the AIFMD Passport to Non-EU Countries

ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more

ESMA issues advice on extension of the AIFMD Third Country Passport to 12 non-EU countries, including the United States

On July 19, 2016, the European Securities and Markets Authority (ESMA) published its final advice (Advice) on extending the application of the marketing passport under the Alternative Investment Fund Managers Directive...more

Financial Services Quarterly Report - Second Quarter 2016: The Société de Libre Partenariat: A New French Fund Alternative

The implementation of the AIFM Directive has afforded the French legislature the opportunity to simplify its range of regulated investment vehicles, with the aim of making France’s financial markets more attractive – both to...more

Financial Services Quarterly Report - Second Quarter 2016: Loan Origination: Update to the CSSF FAQ Concerning the Luxembourg Law...

The Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (CSSF) published on 9 June 2016 an updated version of its FAQ concerning the Luxembourg law of 12 July 2013 on alternative investment...more

Brexit: Key Tax Implications for Alternative Investment Funds and Investment Managers

The result of the UK’s referendum of 23 June 2016 was announced today as a victory for ‘Brexit’ - in other words, for the UK to exit the European Union. This decision is expected to have significant ramifications for the...more

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