On 7 April 2025 two papers were published that could have a significant impact on the future of asset management in the UK and herald the beginning of real regulatory divergence between UK and EU regulation of managers of...more
4/15/2025
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Investment Funds ,
Private Equity Funds ,
Proposed Legislation ,
Proposed Rules ,
Regulatory Reform ,
UK
On 12 December 2024, ESMA published its consultation on draft regulatory technical standards for open-ended loan-originating AIFs as mandated by AIFMD 2.0 (the RTS).
The RTS set out the requirements with which...more
The EU is seeking to regulate the approach to liquidity management in open-ended alternative investment funds (as well as UCITS) as part of the amendments introduced by AIFMD 2.0 that come into effect on 16 April 2026....more
12/17/2024
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Debt ,
Documentation ,
EU ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Insider Trading ,
Investors ,
Liquidity ,
National Competent Authorities (NCA) ,
Redemption Gates ,
UCITS
Marketing will now expressly fall within the scope of delegation under AIFMD 2.0, to the extent that it is carried out on behalf of the alternative investment fund manager (AIFM). AIFMD 2.0 clarifies that only distributors...more
10/21/2024
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Compliance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
FATF ,
Investment ,
Marketing ,
MiFID ,
National Competent Authorities (NCA) ,
Reporting Requirements ,
UCITS ,
UK
On 14 May 2024 ESMA published its long-awaited guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines).
The Guidelines apply three months after the date of their publication on ESMA’s website...more
5/16/2024
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Fund Managers ,
Investment ,
SFDR ,
Sustainability ,
UCITS
The text of the directive to amend the AIFMD (so-called AIFMD 2.0) was published in the Official Journal of the EU on 26 March 2024 and will enter into force on 15 April 2024.
Member States have 24 months to transpose the...more
BaFin has updated and expanded its "Questions and Answers" (Q&A) on the Sustainable Finance Disclosure Regulation (SFDR) and the Regulatory Technical Standards (RTS).
In addition, BaFin published guidance on how the...more
8/23/2023
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
BaFin ,
Consumer Financial Products ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Guidance Update ,
National Competent Authorities (NCA) ,
Regulation Technical Standards (RTS) ,
SFDR ,
Sustainable Finance ,
UCITS
As noted in our earlier OnPoint, on 25 November 2021, the European Commission (the Commission) adopted a package of measures that aimed to deliver on several key commitments in the 2020 Capital Markets Union action plan,...more
5/31/2023
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets Union ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment ,
Liquidity Risk Management Rule ,
MiFID II ,
Reporting Requirements ,
UCITS
Background-
European regulators have begun reviewing documentation and other information in connection with implementation of the EU’s Sustainable Finance Disclosure Regulation (SFDR)1 and the Taxonomy Regulation (RTS).2 On...more
The Luxembourg government published bill of law n°8183 (the “Bill”) on 24 March 2023 that amends five existing laws on alternative investment funds (“AIFs”) and alternative investment fund managers (“AIFMs”), namely the UCI...more
3/28/2023
/ AIFM ,
AIFs ,
Annual Reports ,
Companies Act ,
CSSF ,
ELTIF ,
Liquidation ,
Luxembourg ,
New Legislation ,
Reserved Alternative Investment Funds (RAIF) ,
Shareholders ,
SICARs ,
UCIs ,
UCITS
After some delay, the United Kingdom’s financial services regulator, the Financial Conduct Authority (the “FCA”) has published Consultation Paper CP 22/20 (Sustainability Disclosure Requirements (“SDR”) and investment labels)...more
11/18/2022
/ AIFM ,
Alternative Investment Funds ,
Climate Change ,
Disclosure Requirements ,
Distributors ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Greenwashing ,
Investment ,
Labeling ,
Marketing ,
Retail Investors ,
SFDR ,
Sustainability ,
UCITS ,
UK
On 25 November 2021, the European Commission (the Commission) adopted a package of measures aimed to deliver on several key commitments in the 2020 Capital Markets Union (CMU) action plan. The package includes four...more
11/30/2021
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Markets Union ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
MiFIR ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
UCITS
A brief recap -
The main operative provisions of the Sustainable Finance Disclosure Regulation (SFDR) will apply from 10 March 2021. The SFDR included provisions requiring the European Supervisory Authorities (ESAs) to...more
What is the law?
Directive (EU) 2017/828 (“SRD II”), amending the Shareholder Rights Directive (2007/36/EC), came into force on 9 June 2017 [link]. SRD II introduced new transparency obligations on “institutional...more
11/16/2020
/ AIFM ,
Asset Management ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
European Economic Area (EEA) ,
European Shareholders' Rights Directive II (SRD II) ,
Institutional Investors ,
Publicly-Traded Companies ,
Shareholder Rights ,
Stakeholder Engagement ,
UCITS
What is the law/regulation?
As part of a number of regulatory initiatives being implemented in the European Union, under its action plan for financing sustainable growth, proposed amendments to AIFMD and the UCITS Directive...more
9/5/2020
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Conflicts of Interest ,
Corporate Governance ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Management Companies ,
Popular ,
Proposed Amendments ,
Publicly-Traded Companies ,
Risk Assessment ,
Risk Factors ,
Risk Management ,
Sustainability ,
UCITS
18 June 2020 will mark one year since the EMIR Refit Regulation (the “EMIR Refit”) came into force.
On the same date, the reporting responsibility changes introduced by the EMIR Refit will take effect....more
6/2/2020
/ AIFM ,
AIFs ,
Derivatives ,
EMIR ,
EU ,
Financial Counterparties (FC) ,
Non-Financial Counterparties (NFC) ,
Regulatory Requirements ,
Reporting Requirements ,
SFTR ,
UCITS
Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...more
3/6/2020
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Central Bank of Ireland ,
CSSF ,
Equivalency Determinations ,
EU ,
EU-27 ,
Free Trade Agreements ,
Implementation Day ,
Ireland ,
Luxembourg ,
Member State ,
Temporary Permissions Regime (TPR) ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit