The Preferred Return Podcast | AIFMD II – Implementation Begins
Investment Management Update - January 2015
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
Necessity, they say, is the mother of invention, and the private markets industry has certainly responded to a period of intense fundraising turbulence with creativity and ingenuity. Capital raised for traditional co-mingled...more
His Majesty’s Treasury issued consultation paper—and the Financial Conduct Authority's (FCA) Call for Input—in April, setting out proposals for a revised regime under the Alternative Investment Fund Managers (AIFM)...more
On 7 April 2025, HM Treasury published a consultation exploring whether the UK Government should simplify the regulatory framework for alternative investment fund managers (“AIFMs”) in the UK (the “Consultation”). At the same...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
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
The Specialised Investment Fund (SIF) regime was established in Luxembourg by the Law of 13 February 2007 (the “SIF Law”). The SIF regime’s purpose was to offer great flexibility on investment scope while structuring and...more
On 5 March 2025, the United Kingdom’s Financial Conduct Authority (“FCA”) published the findings of its multi-firm review of valuation processes for private market assets (the “Review”). The Review covered a firms operating...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
The amendments to the EU Alternative Investment Fund Managers Directive ("AIFMD II") were published in the Official Journal of the European Union on 26 March 2024, and came into force on 15 April 2024. As part of our Great...more
As venture fund formation lawyers, we take a keen interest in helping our clients raise capital for their funds. If you are currently fundraising or expect to do so soon, we have pulled together a summary of some key recent...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
We are delighted to bring you this edition of Spotlight Magazine, the content of which has come at just the right time, with it becoming increasingly apparent that we are in the midst of a global regulatory refresh of the...more
Luxembourg and the Cayman Islands are two of the world’s leading fund formation jurisdictions, and account for a large portion of the private equity funds domicile market. Most private equity fund structures are comprised of...more
We are delighted to bring this edition of Spotlight Magazine to you after the disruption of the past two years and the COVID-19 pandemic. There has been a sea of regulatory change that has evolved during this time, masked by...more
The FCA’s Policy Statement published on 25 October 2021 provides feedback to its May 2021 consultation (the Consultation) and sets out the final rules and guidance for the new authorised open-ended fund regime to invest in...more
As interest in European SPACs heats up amid an increasingly receptive regulatory environment, dealmakers must navigate market differences. While US special purpose acquisition company (SPAC) IPOs and related M&A activity...more
Pre-marketing and reverse solicitation of alternative investment funds in Europe. The European Commission originally announced a proposal for a supplementary AIFM Directive (AIFMD 2) approximately sixteen months ago. After...more
Back in March 2018 the European Commission announced a proposal for a supplementary Alternative Investment Fund Managers Directive (AIFMD) focussed on the subject of so-called "pre-marketing" of private equity and other...more
An update on the AIFMD amending directive - The European Commission originally announced a proposal for a supplementary AIFM Directive in March 2018. The terms of the proposed amending directive have now been finalised and...more
Report concludes that the AIFMD has been helpful in building a market for AIFs, but is not free from issues. Key Points: ..The report concludes that the AIFMD has played a significant role in helping to create an...more
In Depth - UK Withdrawal Process - The United Kingdom will continue to be an EU member until procedures are completed for exiting the European Union, which is likely to be a long process. Under EU Treaty rules,...more
How do private equity funds typically obtain their funding? Private equity funds continued to have a diverse investor base in 2015. Although with a significant decrease from the 2014 figure of 68%, about 48% of the...more
The SEC brought a record number of enforcement actions against investment advisers in 2015, resulting in approximately $4.2 billion in sanctions.1 This alert highlights current issues for private equity, venture capital and...more
Although AIFMD took effect in key EU member states in 2013, in practice, its one-year grace period largely gave managers of alternative investment funds an opportunity to postpone compliance until 22 July 2014....more