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Mayer Brown

UK Regulatory Update - Asset Management Sector - Quarterly Newsletter Q1 2025

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Mayer Brown’s UK Regulatory Update is a quarterly newsletter for the asset management sector. In this edition, covering Q1 2025, we look at consultations relating to the UK AIFMD framework, reporting and notification...more

Seward & Kissel LLP

Interval Fund and Tender Offer Fund Opportunities

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Interval funds and tender offer funds – closed-end funds registered under the Investment Company Act of 1940 (1940 Act) – are gaining appeal among alternative and private fund managers seeking to access the retail and...more

A&O Shearman

IOSCO final report and guidance for liquidity risk management for CIS

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The International Organization of Securities Commissions (IOSCO) has published its final report containing revised recommendations for liquidity risk management for collective investment schemes (CIS), accompanied by...more

Ropes & Gray LLP

FCA Extends Investment Research Payment Optionality to Fund Managers

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Last month the Financial Conduct Authority (FCA) set out its final rules related to the application of investment research payment optionality to fund managers. This move follows its consultation paper late last year which...more

Akerman LLP

Antitrust Concerns About ESG Investing Are Not Going Away

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For the last several years, investor activism to further environmental, social, and governance (ESG) goals has faced significant antitrust scrutiny in the United States. This scrutiny reached a new level in June 2024 when the...more

Akin Gump Strauss Hauer & Feld LLP

Key Takeaways from the FCA’s Multi-Firm Review of Smaller Asset Managers and Alternatives Firms

On 8 May 2025, the United Kingdom Financial Conduct Authority (the FCA) released the findings from its multi-firm review aimed at smaller asset managers and alternatives firms. The review was conducted across three phases in...more

Cadwalader, Wickersham & Taft LLP

Certainty and Uncertainty, May 2025 - Final UK Rules on Options for Fund Managers’ Payment for Investment Research

The UK’s Financial Conduct Authority ("FCA") has published its final Policy Statement on Investment research payment optionality for fund managers (PS25/4) (see here for our note on PS25/4’s preceding Consultation Paper). The...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Choices are good unless it cannibalizes your business

You know what everyone’s talking about lately in the retirement plan world? Pooled Employer Plans — PEPs! Yeah, PEPs. Like they’re the second coming of sliced bread. Spoiler alert: they’re not....more

Troutman Pepper Locke

Texas Federal Court Allows an ERISA Fiduciary Challenge Against Alleged "ESG Investing" Without Any ESG Funds

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On January 10, 2025, in Spence v. American Airlines, a federal district court in Texas ruled that American Airlines (the company) and the committee overseeing its 401(k) plans (the committee) breached their duty of loyalty...more

A&O Shearman

FCA findings from smaller asset managers and alternatives business model review

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The UK Financial Conduct Authority (FCA) has published findings of its review of smaller asset managers and alternatives business models, together with a press release. The review formed part of the FCA's alternatives...more

Ropes & Gray LLP

Legal Lingo: Liquid or Illiquid? Open or Closed? Navigating Fund Structures

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Being an aspiring commercial lawyer often means being confronted by complex, often abstract, concepts leading to an often impenetrable wall of jargon for students and trainees. Next up in our Legal Lingo series, which we've...more

Ropes & Gray LLP

New York City Pension Funds Double Down on Decarbonization – New Expectations Will Impact Managers and Their Portfolio Companies

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Over the last few months, most of the attention in the climate space in the U.S. has been on the dramatic, and expected, shift in federal government policy. However, some “blue state” officials continue to seek to advance...more

Ropes & Gray LLP

FCA Pauses SDR Extension to Portfolio Managers Due to Industry Concerns

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The UK's Financial Conduct Authority (FCA) launched a consultation in April 2024 to explore whether the existing Sustainability Disclosure Requirements (SDR) framework – introduced for asset managers in November 2023 – should...more

Walkers

Setting up shop: A new manager's guide to establishing an investment management firm in Jersey

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Looking to establish an investment management firm in the Channel Islands? This guide, the second in our series, sets out the key steps and considerations for setting up your business in Jersey - a world-class financial...more

Mayer Brown Free Writings + Perspectives

What’s The Deal? - Interval and Tender Offer Funds

Here’s the deal: Interval funds and tender offer funds are registered closed-end funds that may continuously offer their shares at net asset value (“NAV”) to an unlimited number of investors....more

Barnea Jaffa Lande & Co.

Comprehensive comparison between closed-end funds and open-end funds

Investment funds have a variety of legal structures customized to investors’ various needs and investment policies. The two main fund structures are closed-end funds and open-end funds, which differ in several material...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Government Targets Reform of the Investment Manager Exemption

On 28 April 2025, the UK government published draft legislative amendments to: - Align the UK’s domestic tax rules on permanent establishments (PE) with the 2017 Organisation for Economic Co-operation and Development (OECD)...more

K&L Gates LLP

Asia: MAS Consults on Retail Access to Private Market Investment Funds

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On 27 March 2025, the Monetary Authority of Singapore (MAS) issued a consultation paper on a proposed regulatory framework to allow retail investors to access private market investments through authorised long-term investment...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

401GO partners with Mesirow

401GO has partnered with Mesirow to provide outsourced 3(38) fiduciary services to its clients. Mesirow’s 3(38) fiduciary services will be integrated into the 401GO retirement platform, making them available to approximately...more

K&L Gates LLP

Global Survey of ESG Regulations for Asset Managers - April 2025

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Investment advisers offering funds in more than one country are accustomed to adapting to different regulatory requirements. However, the challenges presented by the global regulation of environmental, social, and governance...more

Jones Day

Holding Proxy Advisors' Feet to the Fire

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Proxy advisors, and specifically ISS and Glass Lewis, are in the business of advising asset managers on whether to vote for or against the thousands of director nominees and proposals that are presented to shareholders each...more

Alston & Bird

SEC Liberalizes Co-investment Relief for Registered Funds and BDCs

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Our Investment Funds Team reviews a development from the Securities and Exchange Commission that paves the way for private funds to launch interval funds and business development companies (BDCs) that operate as co-investment...more

Ropes & Gray LLP

Impact of Permanent Establishment Reform for Credit Funds

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On 28 April, the UK Government produced draft legislation for consultation as the latest step in the reform of UK rules on transfer pricing, permanent establishments and diverted profits tax. From an asset management...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

TIAA ranked as top recordkeeper website

A new report by research consultant Corporate Insight (CI) highlights that TIAA, Fidelity, and T. Rowe Price provide the best digital experiences among U.S. recordkeepers....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

BlackRock Lifepath lawsuits were a dud

I knew early from my law school days that I had zero interest in litigation. It was probably from Moot Court when that second year law student admonished my tie. I late discovered this second year law student was the...more

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