The UK Financial Conduct Authority (FCA) has published Handbook Notice No. 139, outlining amendments to the FCA Handbook...more
The UK Financial Conduct Authority (FCA) has published Handbook Notice No 137, confirming that it is delaying changes to the Collective Investment Schemes Sourcebook (COLL), and specifically to the concentration rule (COLL...more
Our Guernsey update covers the recently launched Digital Finance Initiative (the "DFI") and how it will promote digital finance innovation in the jurisdiction, as well as exploring Virtual Asset Service Providers ("VASPs"),...more
On 24 November 2025, the Financial Services Regulatory Authority (“FSRA”) of the Abu Dhabi Global Market (“ADGM”) issued Consultation Paper No. 12 of 2025 setting out proposed enhancements to its framework for Funds and Fund...more
The International Organization of Securities Commissions (IOSCO) has issued a consultation report proposing 13 updated recommendations for valuing collective investment schemes (CIS). The revisions seek to update IOSCO's 2007...more
On 17 November 2025, ESMA published the findings of a peer review on the supervision of depositaries, focusing on their oversight and safekeeping duties under the UCITS and AIFMD frameworks (the Peer Review). The Peer Review...more
As part of the implementation of Law no. 21 of March 5, 2024, designed to introduce a systematic review of the regime governing the Italian capital markets (the so-called Capital Market Bill), a draft legislative decree (the...more
Briefing Summary: Our investment funds team outline the latest developments within the investment funds market in Jersey, including the changes to the Professional Investor Regulated Scheme, proposed reforms to the Sound...more
The UK Financial Conduct Authority (FCA) has published Handbook Notice 133, outlining updates to the FCA Handbook resulting from the following statutory instruments...more
On this episode of Fully Invested, asset management partners, Eric Requenez and Jessica Reece, along with Josh Lichtenstein, a benefits partner and head of the ERISA fiduciary practice, discuss collective investment trusts...more
An executive order seems to allow 401(k) and other defined contribution plans to offer cryptocurrency, gold and private equity but leaves in place fiduciary rules that are less permissive....more
The newly established mutual recognition of funds arrangement (“MRF”) between the United Arab Emirates (“UAE”) and Hong Kong (“UAE-HK MRF”) aims to facilitate a streamlined process of authorisation of eligible Hong...more
On 1 July 2025, the Prospectus Rules and Guidance, 2025 (2025 Rules) came into force, replacing the 2021 Rules. These updates aim to simplify Guernsey’s prospectus regime while ensuring continued alignment with international...more
A new Empower survey has made some waves in the retirement plan industry. According to their July 2025 survey, a striking 68% of advisors already use private market investments—things like private equity, private credit, and...more
On 22 August 2025, the Luxembourg tax authorities issued a second circular (Circular) on the reverse hybrid entity rules, this time clarifying the exemption applicable to collective investment vehicles (CIV Exemption)....more
Under the current administration, the Department of Labor has once again changed course on its view of permissible investing strategies for retirement plans, warming to crypto and private equity, and confirming their distrust...more
The new UK fund vehicle Reserved Investor Fund (RIF) is available beginning today, 19 March 2025. The RIF is available for all investment strategies, but what might make it an appealing option, particularly certain tax...more
In a previous alert, we identified that the definition of a collective investment scheme (CIS) could capture on-chain staking, and that the UK government, acting through the HM Treasury (HMT), was looking to clarify the...more
The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2025 has been published, alongside an explanatory memorandum. The Order includes a new paragraph 22 to the Schedule to the...more
On 8 January 2025, the UK’s HM Treasury issued a statutory instrument amending the scope of “collective investment schemes” (the Amendment) under the Financial Services and Markets Act 2000 (Collective Investment Schemes)...more
A recent statutory instrument aims to remove legal uncertainty surrounding crypto staking and ease blockchain operations. On 9 January 2025, the UK Government published the Financial Services and Markets Act 2000...more
On 9 January 2025, the widely anticipated Statutory Instrument exempting cryptoasset staking from the meaning of “collective investment schemes” as defined under the Financial Services and Markets Act 2000 (FSMA 2000) was...more
HM Treasury has published a speech given on November 21, 2024, by Tulip Siddiq, Economic Secretary to the Treasury, on the U.K. government's approach to tokenisation and regulation. In the speech, Ms. Siddiq confirms that HM...more
The Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 have been published, alongside an explanatory memorandum. The Regulations amend the...more
A draft version of the Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 has been published, alongside a draft explanatory memorandum. The...more