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
Under the Economic Crime and Corporate Transparency Act 2023 (ECCTA), UK directors, LLP members, persons with significant control and people filing information at Companies House will be legally required to undergo identity...more
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
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
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
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
The new UK fund vehicle Reserved Investor Fund (RIF) is available beginning today, 19 March 2025.
The RIF is available for all investment strategies, but what might make it an appealing option, particularly certain tax...more
Managers are often able to secure more-flexible recycling provisions, enabling them to reinvest a wider range of proceeds, often within an overall cap on amounts....more
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
In our recent alert “New Year, Similar Concerns: The FCA’s 2025 Priorities for UK Private Fund Managers,” we discussed the updated supervisory strategy and priorities which the Financial Conduct Authority (FCA) has for...more
3/10/2025
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Valuations ,
Conflicts of Interest ,
EU ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
Private Equity ,
Private Funds ,
Risk Management ,
Valuation ,
Venture Capital
On 26 February 2025, the Financial Conduct Authority (FCA) published a portfolio letter (Letter) explaining its supervision priorities for the asset management and alternatives portfolios....more
3/3/2025
/ Asset Management ,
Consumer Financial Products ,
Due Diligence ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Fund Managers ,
Investment Funds ,
Know Your Customers ,
Market Abuse ,
Portfolio Companies ,
Private Equity ,
Private Funds ,
Risk Management ,
Supervision ,
Sustainable Finance ,
UK
Private fund managers “recycle” capital — i.e., reinvest capital that would otherwise be returned to investors or to recall distributions already made — to maximize their investment capacity. ...more
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
12/19/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Commercial Loans ,
Consultation ,
ELTIF ,
EU ,
European Securities and Markets Authority (ESMA) ,
Liquidity ,
Member State ,
Regulation Technical Standards (RTS) ,
Risk Management ,
Stress Tests
A recent case, Flohr v Frontiers Capital, has provided additional guidance on limited partnership dissolution. In this case, the Court of Appeal considered the scope of the statutory power of a partnership to do what is...more
On 14 November 2024, Chancellor Rachel Reeves delivered her inaugural Mansion House 2024 speech, announcing a collection of reforms designed to drive growth and competitiveness in the financial services sector....more
11/21/2024
/ Economic Growth ,
Financial Regulatory Reform ,
Fund Managers ,
MiFID II ,
Pensions ,
Private Funds ,
Privately Held Corporations ,
Senior Management Regime (SMR) ,
Senior Managers ,
Sustainable Finance ,
Trading Platforms ,
UK
Welcome to the third edition of our Horizon Scan for 2024: key recent and expected funds, regulatory and tax developments to look out for. As before, we focus on the most important developments and changes that we expect...more
11/1/2024
/ Corporate Governance ,
Disclosure Requirements ,
Economic Sanctions ,
EU ,
Financial Crimes ,
Fund Managers ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Private Funds ,
Regulatory Requirements ,
SFDR ,
Sustainable Finance ,
UK
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
9/20/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Compliance ,
EU ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
Liquidity ,
Liquidity Management ,
Liquidity Risk Management Rule ,
Loan Origination Funds ,
Open-Ended Fund Companies (OFCs) ,
Risk Management ,
UCITS
Upon the occurrence of a key person event, a suspension period is typically triggered, during which the fund is not able to make new investments. In a previous article, we analyzed the average length of the suspension period...more
As venture fund formation lawyers, we take a keen interest in helping our clients raise capital for their funds. If you are currently fundraising or expect to do so soon, we have pulled together a summary of some key recent...more
8/19/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Formation ,
Capital Raising ,
Defined Contribution Plans ,
Equity Financing ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
Investors ,
Private Equity ,
Startups ,
UK ,
Venture Capital