On 15 April 2025, the European Securities and Markets Authority (“ESMA”) published draft regulatory technical standards (the “Draft RTS”) and final guidelines (the “Guidelines”) on Liquidity Management Tools (“LMTs”), as...more
The Treasury and the Financial Conduct Authority are seeking industry views on proposals to change the regulatory framework for fund managers in the United Kingdom. On 7 April 2025, the Treasury issued a Consultation Paper...more
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
On 7 April 2025, HM Treasury published a consultation to overhaul the regulation of Alternative Investment Fund Managers (“AIFMs“) in the United Kingdom (“Consultation“). The Financial Conduct Authority (“FCA“) has published...more
Against the backdrop of reinforced European and international anti-money-laundering and countering the financing of terrorism (AML/CFT) requirements, the Administration de l’enregistrement, des domaines et de la TVA (AED) has...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
On 14 February 2025, the EU’s securities and markets regulator, the European Securities and Markets Authority (ESMA), launched a Common Supervisory Action (CSA) with EU Member State National Competent Authorities (NCAs), in...more
Every deal has its quirks but, as anyone who has done a deal with a Lux entity will know, the EU brings its own set of regulatory considerations to the table (primarily AIFMD). In many cases when compared with parallel...more
Guernsey has long been one of the world's premier jurisdictions for investment funds - There are a number of advantages for using Guernsey as a jurisdiction, including the wide variety of company and limited partnership...more
On 12 December 2024, ESMA published its consultation paper containing draft regulatory technical standards ("RTS") pursuant to Directive (EU) 2024/927 ("AIFMD II") on requirements with which loan-originating AIFs ("LOAIFs")...more
On 12 December 2024, the European Securities and Markets Authority (“ESMA”) published a consultation paper (“Consultation”) on draft regulatory technical standards relating to open-ended loan originating AIFs under the...more
IT teams will want to contribute to the debate over the FCA’s proposed changes, which could introduce additional complexities and lead to major IT costs for firms....more
Over the past few years, there has been a sharp increase in funds using environmental, social, governance (“ESG”), sustainability, impact or sustainable development goals (“SDG”) references in fund names. With this has come...more
The recent ESMA Final Report on the Guidelines for funds’ names using ESG or sustainability-related terms (the “Guidelines”) marks a critical moment for asset managers. These Guidelines aim to clarify when the use of ESG or...more
European Commission has launched a short 8 week public consultation on key aspects of the EU Securitisation Framework. The consultation seeks feedback on the effectiveness, scope and application of the current EU...more
As Jersey is considered from a UK and an EU perspective to be a "third country", it is outside the scope of full compliance with the AIFMD and can take advantage of the NPPR marketing routes. A Jersey domiciled AIFM will...more
From 1 August 2024, the UK changed its rules on how payments are made for investment research. UK firms may now use bundled payments for third-party research and trading commissions, subject to certain requirements being...more
The new UK Listing Rules came into force on 29 July 2024. The new rules seek to institute a simpler, more flexible, disclosure-based listing regime and are designed to place London on a competitive footing with other major...more
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
Mit Meldung vom 25. Juli 2024 hat die BaFin mitgeteilt, dass sie die Leitlinien für Fondsnamen der Europäischen Wertpapier- und Marktaufsichtsbehörde (ESMA) in Ihrer Verwaltungspraxis berücksichtigen wird. Diese werden die...more
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
On 31 May 2024, a new anti-greenwashing rule is being introduced by the Financial Conduct Authority (the “FCA”) as part of its Sustainability Disclosure Requirements (“SDR”). We cover here the introduction of the FCA’s...more
His Majesty’s Treasury (HMT) and the Financial Conduct Authority (FCA) have issued publications that seek to expand the application of the United Kingdom (UK) sustainability disclosure requirements (the SDR) and labelling...more
In this week’s edition, we look in detail at ESMA’s final guidelines on ESG and sustainability-related fund names. Staying with the regulatory guidance theme, we look at the Science Based Targets initiative’s announcement of...more
The European Securities and Markets Authority (“ESMA”) has published its Final Report on the Guidelines on funds’ names using ESG or sustainability-related terms (the “Guidelines”). ESMA was provided with the mandates to...more