On 7 April 2025, the United Kingdom’s HM Treasury opened a consultation (the Consultation) on proposals to streamline the regulatory framework for alternative investment fund managers (AIFMs). Alongside the Consultation, the...more
5/8/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
HM Treasury ,
Investment ,
Investment Funds ,
Investment Management ,
Private Equity ,
Proposed Legislation ,
Regulatory Requirements ,
UK
On this episode of “The Preferred Return,” co-hosts Greg Norman and Abigail Reeves look at the Alternative Investment Fund Managers Directive, particularly updates to the EU legislation, which are the most significant to...more
The Bank of England’s Financial Policy Committee (FPC) and the Prudential Regulation Authority (PRA) recently delivered a series of speeches1 raising their concerns about the evolution of private equity financing and the...more
5/29/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Bank of England ,
Capital Markets ,
Conflicts of Interest ,
Financial Conduct Authority (FCA) ,
Financial Policy Committee ,
Limited Partnerships ,
Private Equity ,
Prudential Regulation Authority (PRA) ,
Risk Management ,
UK
In March 2024, the Financial Conduct Authority (FCA) released two documents with its updated supervisory approach for the asset management and alternatives sector: the FCA’s 2024/25 Business Plan (the Business Plan), and a...more
On January 12, 2022, Skadden partners Greg Norman and Anna Rips led the webinar “Challenges for Cross-Border Distribution of Private Funds in 2022,” which considered recent changes to the rules and regimes governing the...more
2/22/2022
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Cross-Border Transactions ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
Investment Adviser ,
Private Funds ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
SFDR
The European Union’s new cross-border fund distribution legislation comes into effect August 2, 2021, updating the existing framework for marketing alternative investment funds (AIFs) in the European Union (EU). The changes...more
The negotiations that culminated in the establishment of the Trade and Cooperation Agreement (TCA) at the end of 2020 concluded with no meaningful agreement in relation to the provision of financial services between the...more
In a letter dated August 18, 2020, the European Securities and Markets Authority (ESMA) wrote to the European Commission (EC) on certain topics it considers a priority to address in the context of the EC’s review of the...more
In the middle of February 2019, Brexit continues to be debated between Westminster and Brussels, despite the rapidly approaching deadline for the United Kingdom (U.K.) to leave the European Union (EU) on March 29, 2019. With...more
2/14/2019
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
CSSF ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
Luxembourg ,
Memorandum of Understanding ,
No-Deal Brexit ,
Passporting ,
Private Funds ,
Transitional Arrangements ,
UK ,
UK Brexit
One likely impact of the decision of the United Kingdom (UK) to leave the European Union (EU) is that the UK’s financial services industry will lose automatic rights of access to the EU’s free trade area (the Single Market)...more
6/8/2017
/ Affiliates ,
Alternative Investment Fund Managers Directive (AIFMD) ,
EU ,
EU Passport ,
EU Single Market ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Investment Funds ,
MiFID ,
MiFID II ,
UCITS ,
UK ,
UK Brexit
In our August 2015 client alert, we reported on the European Union's tentative efforts to extend the Alternative Investment Fund Managers Directive (AIFMD) marketing passport to managers and funds established in non-EU...more
On July 30, 2015, the pan-EU securities regulator, European Securities and Markets Authority (ESMA), published two papers covering the application of the marketing “passport” under the Alternative Investment Fund Managers...more
The U.K. Treasury recently published its response to its January 2013 consultation on transposing the EU Alternative Investment Fund Managers Directive (AIFMD). A revised draft version of the Alternative Investment Fund...more