The “retailisation” of private funds has been one of the industry’s most significant trends in recent years, with fund managers seeking sources of capital beyond their usual institutional, professional and sophisticated...more
On 14 May 2024, ESMA published its final guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines). As a result, the use of certain environmental, social and governance (ESG) or...more
Background - On 23 May 2024, Ashley Alder, the Chair of the UK Financial Conduct Authority (“FCA”), delivered a speech which outlined the regulator’s agenda for the asset management sector (the “Speech”). In particular,...more
The European Market Infrastructure Regulation (EMIR) data reporting requirements apply to European Union (EU) funds and EU fund managers. UK EMIR imposes reporting requirements on UK funds and UK managers. The reporting...more
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
Operators marketing EU UCITS in the UK under the FCA’s temporary marketing permissions regime (“TMPR”) will be able to continue to do so following the expiry of the TMPR, provided they register the UCITS in question for...more
Yesterday, ESMA published a risk analysis report outlining the results of its disclosure study on ESG names and claims in the EU funds industry. ESMA utilised natural language processing ("NLP") techniques to analyse the...more
MiFIR / MiFID II: The European Parliament published a press release announcing it has reached provisional political agreement with the Council of the EU on the proposed amendments to the Markets in Financial Instruments...more
The consumer/retail sector has been the subject of a number of publications this week, including the European Commission’s Retail Investment Package and the FCA’s consultation on a new framework for firms to better support...more
Welcome to the January – March 2023 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds. This report covers key dates and developments during the quarter under...more
This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in May 2022: 31 May - Key developments in May 2022: The European...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more
Today (25 November 2021) the European Commission (the Commission) released the results of its evaluation of the Alternative Investment Fund Managers Directive (AIFMD) which forms part of a Capital Markets Union legislative...more
The proposed disclosure rules applicable to UK investment managers have been published for comment by the UK’s Financial Conduct Authority (FCA). The rules focus on enhancing transparency on climate-related risks and align...more
EU cross-border distribution of funds: ESMA guidelines on marketing communications - Following its consultation in November 2020, the European Securities and Markets Authority (ESMA) has published a final report on...more
Selected regulatory updates of interest to the funds and asset management sector. This edition reports on UCITS liquidity risk management and the EU MMF Regulation. ...more
FCA and PRA on passporting in and out of Gibraltar after the transition period - On 31 December, the FCA published a new webpage on Gibraltar passporting arrangements, with the PRA publishing its respective webpage on 4...more
TMPR: FCA update on adding new sub-fund to umbrella scheme - The UK Financial Conduct Authority (FCA) has updated its webpage on adding a new sub-fund to an umbrella scheme in the temporary marketing permissions regime (TMPR)...more
On 24 December 2020, the government of the United Kingdom (UK) and the European Union (EU) reached a Trade and Cooperation Agreement (the “Agreement”) in advance of the end of the Brexit transition period (11:00 p.m. GMT on...more
1. New EU and UK disclosure requirements - The new disclosure requirements for investment managers and advisers with respect to their environmental, social and corporate governance (ESG) policies will apply in the European...more
Performance fees in UCITS and certain types of AIFs: ESMA guidelines - The European Securities and Markets Authority (ESMA) has published the official translations for guidelines on performance fees in UCITS and certain...more
ESMA guidelines on liquidity stress testing in UCITS and AIFs: FCA comment - Among other things covered in its latest Regulation round-up, the UK Financial Conduct Authority (FCA) comments on the European Securities and...more
The UK government has proposed amendments to the UK PRIIPs regime with performance information in the KID to differ from the EU “performance scenario” requirement. On 30 July 2020, HM Treasury published a policy statement...more