The “retailisation” of private funds has been one of the industry’s most significant trends in recent years, with fund managers seeking sources of capital beyond their usual institutional, professional and sophisticated...more
On 2 February 2022, the new ESMA guidelines on marketing communications under the Regulation on cross-border distribution of funds (EU) 2019/1156) (“Guidelines”) will start to apply....more
Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2022 impacting a range of UK and European firms within the financial services sector. The key dates have been...more
EU cross-border distribution of funds: ESMA guidelines on marketing communications - Following its consultation in November 2020, the European Securities and Markets Authority (ESMA) has published a final report on...more
Regulation (EU) 2019/2088 of 27 November, 2019 on sustainability-related disclosures in the financial services sector, as amended by Regulation (EU) of 18 June, 2020 on the establishment of a framework to facilitate...more
As part of the EU’s strategy on climate change following the Paris Agreement of 2015, a number of EU regulations have been enacted in the past 12 months. From the fund management industry’s point of view, the two most...more
In its Report, ESMA stressed the lack of harmonisation between member states of the European Union with respect to performance fee structures, as well as the circumstances under which performance fees may be paid by...more
A Commission Delegated Regulation on conflicts of interest arising in relation to European venture capital funds has been published in the Official Journal of the European Union. The Delegated Regulation sets out the...more
On May 22, the Commission Delegated Regulation (EU) 2019/820 supplementing the European Venture Capital Funds(EuVECA) Regulation (345/2013) with regards to conflicts of interest EuVECAs was published in the Official Journal...more
1 February - The Financial Conduct Authority ("FCA") published a press release announcing that it has agreed with the European Securities and Markets Authority ("ESMA") and other European Union securities regulators...more
On February 4, the European Commission adopted a Delegated Regulation supplementing the European Venture Capital Funds (“EuVECA“) Regulation (345/2013) with regard to conflicts of interest (C(2019) 664 final)....more
Introduction - The United Kingdom ("UK") formally notified the European Union ("EU") of its intention to leave the EU under Article 50 of the EU's Lisbon Treaty in March 2017. This triggered a two-year period during which...more
1 February - The European Commission ("EC") launched the EU Blockchain Observatory and Forum in order to highlight key developments of blockchain technology, promote and reinforce European engagement with multiple...more
3 November - The Financial Conduct Authority (FCA) published an alert setting out key considerations for principals who have appointed representatives or introducer appointed representatives. Among other things, the alert...more
When the Alternative Investment Fund Managers’ Directive (AIFMD) arrived, an alternative, lighter touch, regime for venture capital fund managers known as EUVECA was also introduced. The intention of EU legislators was a...more
3 October - The Prudential Regulator Authority (PRA) published a policy statement on strengthening accountability in banking and changes to senior managers regime (SMR) forms. The changes to the SMR forms will become live on...more
1 September - The Prudential Regulation Authority (PRA) updated its April 2017 public disclosure with Template A (Disclosure of Aggregate Statistical Data with regard to Insurance and Reinsurance Undertakings) and Template...more
New rules to facilitate innovative and socially beneficial companies accessing capital in the European Union were adopted by the European Parliament on September 14, 2017. The European Parliament approved changes to...more
On October 13 2016, the Presidency of the Council of European Union published a compromise proposal (13168/16) in relation to the proposed Regulation amending the European Venture Capital Funds Regulation (Regulation...more
On 30 September, the European Commission released its Action Plan for a Capital Markets Union (the “Action Plan”). The Capital Markets Union (“CMU”) is one of the key elements of the broader Investment Plan for Europe...more