The journey to implementation of the revised EU’s Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) is in its final stages, and the Directive, AIFMD2, will take effect in each of the EEA member states on 16...more
3/24/2026
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Disclosure Requirements ,
Effective Date ,
EU ,
European Commission ,
European Economic Area (EEA) ,
Investment Funds ,
Member State ,
Private Funds ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Management
This horizon scan sets out the main legal and regulatory developments (not including tax) that European managers should look out for in the coming months. In our full analysis, we have categorised topics under the following...more
2/5/2026
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Money Laundering ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Crimes ,
Private Investment Funds ,
Regulatory Reform ,
Reporting Requirements ,
Sustainable Finance ,
Transparency ,
UK
ECCTA introduces wide-ranging and significant reforms to UK company and UK limited partnership (UKLP) laws. Its principal objectives are to: (i) expand the role of the registrar of companies (the Registrar) and strengthen the...more
1/12/2026
/ Anti-Money Laundering ,
Beneficial Owner ,
Compliance ,
Corporate Crimes ,
Corporate Governance ,
Criminal Liability ,
Filing Requirements ,
Limited Partnerships ,
New Legislation ,
Regulatory Reform ,
UK ,
UK Corporate Criminal Offense
In a previous Goodwin alert, “FCA Non-Financial Misconduct Rules: Private Fund Managers, Fintechs, and Other Non-Banks Firmly in Scope” (July 2025), we discussed the consultation paper issued by the UK Financial Conduct...more
12/17/2025
/ Amended Rules ,
Code of Conduct ,
Compliance Dates ,
Consultation ,
Financial Conduct Authority (FCA) ,
FinTech ,
Fund Managers ,
New Guidance ,
Nonbank Firms ,
Private Funds ,
Professional Misconduct ,
Regulatory Reform ,
Regulatory Requirements ,
UK
In our alert The Seeds for SFDR II? Two EU Commission Consultations, we discussed the September 2023 consultations in which the European Commission published the review of the Sustainable Finance Disclosure Regulation (SFDR)....more
11/21/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Amended Regulation ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Fund Managers ,
Greenwashing ,
Investment Funds ,
Private Funds ,
Proposed Amendments ,
Regulation Technical Standards (RTS) ,
SFDR ,
Sustainable Finance
As detailed in our previous alert “Loan Fund Structures Under AIFMD2: ESMA’s Proposals,” in December 2024, the European Securities and Markets Authority (ESMA) issued a consultation with draft regulatory technical standards...more
10/29/2025
/ AIF ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Information Reports ,
Investment Funds ,
Liquidity Risk Management Rule ,
Loans ,
National Competent Authorities (NCA) ,
Regulation Technical Standards (RTS) ,
Regulatory Requirements ,
Risk Management
The European Systemic Risk Board (ESRB), which is responsible for collecting and analyzing data from national central banks, supervisors, and the European Union agencies about risk in the EU financial system, released a major...more
10/27/2025
/ Banking Sector ,
Cryptoassets ,
Digital Assets ,
ESRB ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Regulatory Reform ,
FinTech ,
Regulatory Oversight ,
Reporting Requirements ,
Risk Assessment ,
Risk Factors ,
Stablecoins
In a previous alert, ‘UK Regulatory Capital Reforms: A Boost for Start-Up Founders and Venture Capital Investors?’, we discussed the Financial Conduct Authority (FCA) consultation on simplifying the capital rules for...more
10/20/2025
/ Capital Raising ,
Capital Requirements ,
Cryptoassets ,
Entrepreneurs ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Investment Firms ,
Investors ,
Regulatory Reform ,
Startups ,
UK ,
Venture Capital ,
Wealth Management
In this horizon scan for private investment funds, we set out some of the principal legal- and regulatory-focused developments managers based in Europe should look out for in the coming months....more
10/2/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
EU ,
Failure to Prevent ,
Financial Conduct Authority (FCA) ,
Fraud ,
HM Treasury ,
Private Investment Funds ,
Regulatory Reform ,
Rule 506(c) ,
Sustainable Finance ,
UK
The entry into the application of the Markets in Crypto-Assets Regulation (MiCA) marks a major step forward for the regulation of crypto assets in Europe. ...more
9/19/2025
/ Asset Tokens ,
Austria ,
Capital Markets ,
Capital Markets Union ,
CONSOB ,
Cross-Border Transactions ,
Cryptoassets ,
Cryptocurrency ,
Cybersecurity ,
Digital Assets ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Markets Authority (FMA) ,
FinTech ,
France ,
International Harmonization ,
Italy ,
Market Participants ,
Regulatory Oversight ,
Regulatory Requirements ,
Regulatory Standards ,
Supervision
On 6 August 2025, the Financial Conduct Authority (FCA) published its multi-firm review (review) of climate reporting by private fund and other asset managers, life insurers, and FCA-regulated pension providers (firms). The...more
9/18/2025
/ Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
Pension Funds ,
Pensions ,
Private Funds ,
Regulatory Requirements ,
SFDR ,
Sustainability ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
On 15 July 2025, Chancellor of the Exchequer Rachel Reeves delivered her Mansion House 2025 speech unveiling the Leeds Reforms, a programme for financial services reforms to drive investment and growth in the sector....more
7/23/2025
/ AIFM ,
Asset Management ,
Capital Markets ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
FSMA ,
HM Treasury ,
Investment Funds ,
Investment Management ,
Popular ,
Private Funds ,
Private Investment Funds ,
Prudential Regulation Authority (PRA) ,
Prudential Standards ,
Regulatory Reform ,
SMCR ,
UK
In a previous alert titled “UK Limited Partnership Reform Becomes Law: A Practical Guide of How Best to Get Ready to Comply,” we discussed the changes to limited partnership law ushered in by the Economic Crime and Corporate...more
7/15/2025
/ Amended Legislation ,
Failure to Prevent ,
Financial Crimes ,
Fraud ,
Fraud Prevention ,
Investment Funds ,
Limited Partnerships ,
Portfolio Companies ,
Private Equity Firms ,
Regulatory Requirements ,
Risk Management ,
UK
On 25 June 2025, the European Securities and Markets Authority (ESMA) published its first comprehensive review of the Distributed Ledger Technology (DLT) Pilot Regime, a regulatory sandbox designed to test blockchain-based...more
7/10/2025
/ Blockchain ,
Distributed Ledger Technology (DLT) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Institutions ,
Financial Regulatory Reform ,
FinTech ,
Pilot Programs ,
Regulatory Oversight ,
Regulatory Requirements ,
Sandbox ,
Securities Regulation
In a previous alert, “FCA D&I Standards for Large Firms Abandoned (for now), Non-financial Misconduct Rules Delayed (but Still Important),” we discussed the proposals put forward by the UK Financial Conduct Authority (FCA)...more
7/8/2025
/ Banking Sector ,
Code of Conduct ,
Consultation ,
Corporate Misconduct ,
Employee Misconduct ,
Financial Conduct Authority (FCA) ,
FinTech ,
Fund Managers ,
Investment Funds ,
New Guidance ,
Private Funds ,
Proposed Guidance ,
SMCR ,
UK
In this horizon scan for private investment funds, which is aimed at managers based in Europe, we have set out the some of the principal legal and regulatory-focused developments to look out for in the coming months....more
We have written about the opportunities for the managers of private funds, such as private equity, real estate, venture, and infrastructure managers, to increase the investor base for the funds they manage (funds) to include...more
5/29/2025
/ Defined Contribution Plans ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
Investment Funds ,
Long-Term Investment Funds ,
MiFIR ,
Pension Schemes ,
Pensions ,
Private Equity ,
Professional Investors ,
Regulatory Requirements ,
Retirement Plan ,
UK
In our previous alert Paying for Buy-Side Investment Research: New Rules Ease the US-UK Divide | Insights & Resources | Goodwin we discussed the Financial Conduct Authority (FCA) final rules in its policy paper PS24/9:...more
5/15/2025
/ Broker-Dealer ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
Investment Funds ,
Investment Management ,
MiFID II ,
New Rules ,
Regulatory Requirements ,
Securities Regulation ,
UK
Following our September 2024 Alert “Liquidity Management Under AIFMD2: RTS for Open-Ended Funds,” the European Securities and Markets Authority (ESMA) has now published Final Reports for “Guidelines on LMTs of UCITS and...more
5/9/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Final Rules ,
Fund Managers ,
Investment Funds ,
Liquidity ,
Liquidity Management ,
Regulatory Reform ,
Regulatory Requirements ,
Regulatory Standards ,
Risk Management
Published on April 29, 2025, the ESMA final report (ESMA75-453128700-1408) outlines the guidelines (Guidelines) for competent national authorities (NCAs) to prevent and detect market abuse in the context of the Markets in...more
5/6/2025
/ Blockchain ,
Crypto Exchanges ,
Cryptoassets ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Regulatory Reform ,
Market Abuse ,
New Regulations ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management
In its recent consultation [CP25/10: Definition of capital for FCA investment firms] (Consultation), the Financial Conduct Authority (FCA) has stated that it wants to amend its capital rules for investment firms — such as...more
5/2/2025
/ Brokers ,
Capital Requirements ,
Consultation ,
Financial Conduct Authority (FCA) ,
FinTech ,
Investment Firms ,
Investors ,
MiFID ,
Proposed Amendments ,
Proposed Rules ,
Regulatory Requirements ,
Startups ,
UK ,
Venture Capital ,
Wealth Management
On April 8, 2025, Natasha Cazenave, executive director of the European Securities and Markets Authority (ESMA), addressed the European Parliament’s Economic and Monetary Affairs Committee, offering key insights into the...more
In our recent alert “Properly Valuing Private Equity, Venture, Real Estate, and Other Private Market Assets: Some Pointers for UK and EU Managers”, we discussed the Financial Conduct Authority’s (FCA’s) focus on fund...more
4/10/2025
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Consultation ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Fund Managers ,
HM Treasury ,
Investment Funds ,
Private Funds ,
Proposed Rules ,
Regulatory Reform ,
UK ,
Venture Capital
In a previous alert, we discussed the proposals put forward by the UK Financial Conduct Authority (FCA) for all FCA-authorised firms to better integrate non-financial misconduct (NFM) considerations into their senior manager...more
The keenly awaited details of the EU’s proposed first omnibus package were published on 26 February 2025. The package includes amendments to the Corporate Sustainability Reporting Directive (CSRD) (including revision and...more
3/13/2025
/ Corporate Governance ,
Disclosure Requirements ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
Investment Funds ,
Private Equity ,
Regulatory Burden ,
Reporting Requirements ,
Sustainability ,
Sustainable Finance ,
Taxonomy