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
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
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
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, “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
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
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
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
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
In our previous alert we mentioned a joint letter from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to the UK Government on their strategic approach to artificial intelligence (AI) and...more
11/6/2024
/ Artificial Intelligence ,
Bank of England ,
Banking Sector ,
Banks ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financial Stability Board ,
FinTech ,
Machine Learning ,
Prudential Regulation Authority (PRA) ,
Risk Assessment ,
Risk Mitigation ,
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
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
8/1/2024
/ AIFMD Passport ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Markets Union ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Management ,
Investors ,
Liquidity ,
Regulation Technical Standards (RTS) ,
Stock Redemption
In our previous alert, Paying for Buy-Side Investment Research: Will the FCA’s Third Way Ease the US-UK Divide?, we discussed the consultation issued by the Financial Conduct Authority (FCA) on proposed rules on payment...more
7/30/2024
/ AIFM ,
Amended Rules ,
Broker-Dealer ,
False Claims Act (FCA) ,
Investment Adviser ,
Investment Management ,
Listing Rules ,
MiFID II ,
No-Action Letters ,
Proposed Rules ,
Research Funding ,
Securities and Exchange Commission (SEC) ,
UK
Those who have had to navigate and consider the EU Sustainable Finance Disclosure Regulation (SFDR) have faced its challenges and noted its deficiencies. Specifically, these have included data gaps, the SFDR’s use as a...more
7/26/2024
/ Asset Management ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Adviser ,
Investment Funds ,
Investors ,
Popular ,
Sustainability ,
Sustainable Business Practices ,
Taxonomy
The revised Alternative Investment Fund Managers Directive (AIFMD2) introduces new requirements for funds managed by EU-based alternative investment fund managers (AIFMs) that originate loans.
Most of the requirements...more