John Adams at A&O Shearman

Great Fund Insights: ESMA Guidelines on funds’ names: Tell me your fund name, I’ll tell you your fund strategy

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

7/15/2024 / Alternative Investment Fund Managers Directive (AIFMD) , Asset Management , Closed-End Funds , Environmental Social & Governance (ESG) , EU , European Securities and Markets Authority (ESMA) , Fund Managers , Investment , Investment Funds , Investment Management , Investors , New Guidance , Regulatory Reform , Regulatory Requirements , UCITS , UK

ECCTA Moves Forward With Second Set Of Reforms

On 4 March 2024, the second set of reforms to UK company law brought about by the Economic Crime and Corporate Transparency Act 2023 ("ECCTA") came into force. These introduce a major expansion of the powers of the Registrar...more

3/18/2024 / Corporate Crimes , Corporate Entities , Corporate Governance , Corporate Transparency Act , Financial Crimes , Fraud , Incorporation , LLPs , UK , White Collar Crimes

UK PRIIPs Review Brings Welcome Clarification

The EU and U.K. PRIIPs Regulations have had a significant effect on practices in the wholesale capital markets. Uncertainty about whether some financial instruments qualify as a PRIIP has resulted in cautious interpretations...more

4/29/2022 / Capital Markets , EU , European Securities and Markets Authority (ESMA) , Financial Conduct Authority (FCA) , Packaged Retail And Insurance-Based Investment Products (PRIIPS) , UK

ESG Update: UK Government Releases Roadmap to Sustainable Investing

The “Greening Finance” Roadmap outlines plans for new sustainability-related disclosures and implements a “Green Taxonomy” to evaluate corporate environmental behaviour and counter greenwashing....more

11/1/2021 / Business Strategies , Corporate Governance , Corporate Social Responsibility , Disclosure Requirements , Environmental Social & Governance (ESG) , Green Finance , Sustainability , UK

Updated: Covid-19 Compliance And Legal Considerations For Asset Managers

As the world responds to COVID-19, we have identified a wide variety of compliance and legal considerations for asset managers. We previously summarized a select list of these considerations on March 18, 2020. Given the...more

4/9/2020 / Asset Management , Coronavirus/COVID-19

COVID-19: Compliance and Legal Considerations for Asset Managers

As the world responds to COVID-19, we have identified a number of compliance and legal considerations for asset managers. We summarize a select list of these in our note below....more

EU Regulatory Response to COVID-19: ESMA Introduces Lower Short Position Reporting Threshold

European Securities and Markets Authority Takes Steps to Improve Transparency in Light of Disruption to EU Financial Markets Arising from COVID-19 Pandemic - Effective 16 March 2020, all holders of net short positions in...more

3/20/2020 / Coronavirus/COVID-19 , European Securities and Markets Authority (ESMA) , Short Selling

A Summary: Changes to Exemptive Relief and Disclosure Requirements under the New ETF Rule

On September 26, 2019, the Securities and Exchange Commission (the SEC) adopted a final rule under the Investment Company Act of 1940 (the “Investment Company Act”) that will enable most exchange-traded funds (“ETFs”) to...more

11/26/2019 / Amended Rules , Disclosure Requirements , ETFs , Exchange-Traded Products , Exemptive Orders , Final Rules , Investment Company Act of 1940 , Open-Ended Fund Companies (OFCs) , Rule 6c-11 , Securities and Exchange Commission (SEC) , Securities Exchange Act

SEC Proposes Solicitation Rule Amendments

On November 4, 2019, the U.S. Securities and Exchange Commission (SEC) proposed amendments to rules governing investment adviser advertisements and payment to solicitors under the Investment Advisers Act. The comment period...more

11/18/2019 / Broker-Dealer , Disclosure Requirements , Financial Industry Regulatory Authority (FINRA) , Form ADV , General Solicitation , Investment Adviser , Investment Advisers Act of 1940 , New Guidance , No-Action Letters , OCIE , Proposed Amendments , Proposed Rules , Reasonable Care , Securities and Exchange Commission (SEC)

SEC To Overhaul Investment Adviser Advertising Rule

Two facts may come as a surprise about the U.S. Securities and Exchange Commission’s existing investment adviser advertising rule: that it literally fits on one page, and that it has not been updated since 1961. These facts...more

11/18/2019 / Advertising , Broker-Dealer , Financial Industry Regulatory Authority (FINRA) , Form ADV , General Solicitation , Investment Adviser , Investment Advisers Act of 1940 , New Guidance , Proposed Amendments , Proposed Rules , Securities and Exchange Commission (SEC)

The UK’s Expanded Senior Managers and Certification Regime: Key Issues and Action Plan for Brokers, Advisers and Asset Managers

The expanded Senior Managers and Certification Regime (SM&CR), which comes into force on December 9, 2019, extends the framework regulating individuals charged with running certain financial institutions. The Banking SM&CR,...more

7/9/2019 / Alternative Investment Fund Managers Directive (AIFMD) , Asset Management , Banking Sector , Brokers , Financial Conduct Authority (FCA) , Financial Regulatory Reform , Financial Services Industry , FSMA , Investment Adviser , Senior Management Regime (SMR) , Senior Managers , SMCR , UK

SEC Adopts Interpretive Guidance on Investment Adviser Fiduciary Duty

On June 5, 2019, the Securities and Exchange Commission (the “SEC”) released a long-anticipated interpretation of investment adviser fiduciary duty under Section 206 of the US Investment Advisers Act of 1940 (“the Advisers...more

6/28/2019 / Best Interest Standard , Broker-Dealer , Duty of Care , Duty of Loyalty , Fiduciary Duty , Form CRS , Investment Adviser , Investment Advisers Act of 1940 , New Rules , Regulation Best Interest , Retail Investors , Securities and Exchange Commission (SEC) , Standard of Conduct

UK’s Consolidated Post-Brexit EU Funds Legislation – Update

UK Post-Brexit EU Financial Services Legislation - Shearman & Sterling is today making available further consolidated versions of EU legislation showing the proposed U.K. onshored versions. The batch of legislation that...more

12/7/2018 / EU , EU Directive , Financial Services Industry , Onshoring , UK , UK Brexit , Withdrawal Agreement