On March 27, 2026, the legislative decree (the Decree) transposing Directive (EU) 2024/927 (the so-called AIFMD2) was published in the Official Gazette, introducing significant amendments to the Italian Financial Law...more
In January 2022, we published a client alert1 examining the initial FAQ issued by Luxembourg’s financial sector regulator—the Commission de Surveillance du Secteur Financier (CSSF)—on the use of what it then called “virtual...more
The Luxembourg Financial Sector Supervisory Commission (CSSF) has clarified how fund managers must comply with new liquidity management rules introduced by the Law of 3 March 2026. Firms have until 16 April 2026 to notify the...more
The European Commission has published two Delegated Regulations in the Official Journal of the European Union (OJ): (i) Delegated Regulation (EU 2026/465), supplementing the Alternative Investment Fund Managers Directive...more
The European Commission’s (Commission) clarifications, published on ESMA’s Q&A tool in December 2025, deliver the most authoritative guidance to date on the operation of ELTIF 2.0 and the ELTIF RTS. The responses provide...more
On 18 December 2025, the European Securities and Markets Authority (ESMA) published a report on the revised guidelines on liquidity management tools (LMTs) for UCITS and open-ended AIFs. ...more
The European Securities Markets Authority (ESMA) has published a report with amended guidelines on liquidity management tools (LMTs) of Undertakings for Collective Investment in Transferable Securities (UCITS) and open-ended...more
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
Welcome to the July - September 2025 issue of our Irish Quarterly Legal and Regulatory report for asset management and investment funds. This quarterly report covers key developments from Q3 2025, including: Central...more
BaFin Consults on Draft Guidance Note on the Authorisation Procedure for AIF Capital Management Companies - On 9 September 2025, the German Federal Financial Supervisory Authority (Bundesanstalt für...more
In the evolving landscape of EU financial regulation, the revised Alternative Investment Fund Managers Directive (AIFMD II) represents a significant step forward in enhancing liquidity risk management for alternative...more
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 proposals aim to make the UK regime more proportionate and suggest different rules applying to hedge funds, venture capital firms, and private equity houses. On 7 April 2025, the FCA published a Call for Input, and HM...more
The European Securities and Markets Authority has published three sets of Q&As to provide further detail on the guidelines on funds which use ESG or sustainability-related terms in their names. The guidelines relate to...more
On 13 December 2024, ESMA published three new questions and answers ("Q&As") which provide welcome clarification on the application of some key elements of its Guidelines on funds' names using ESG or sustainability-related...more
The EU has issued its consultation on Regulatory Technical Standards for open-ended loan-originating AIFs operating under AIFMD II. As previously flagged, the default position under AIFMD II is that Loan Originating...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
On 22 November 2024, the Department of Finance ("DoF") launched its public consultation on the exercise of the national discretions in Directive (EU) 2024/927 amending AIFMD (2011/61/EU) and the UCITS Directive (2009/65/EC),...more
New requirements concerning reporting by EU AIFs and UCITS of statistics on their assets have been introduced by the European Central Bank (ECB). The new reporting requirements will apply from 1 December 2025....more
The financial services sector in the Channel Islands has seen the publication of a report by MONEYVAL, a proposal to increase administrative penalties and the release of two public statements. The Bailiwick gambling...more
This second instalment of our AIFMD II 101 series focuses on the new EU-wide legal framework for liquidity management tools ("LMTs") under AIFMD II. The new rules in relation to the use of LMTs will apply to alternative...more
On 15 April 2024, Directive 2024/927/EU ("AIFMD II") entered into force, which marked a significant milestone for the European asset management industry. AIFMD II will introduce a harmonised framework for loan-originating...more
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
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