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
AIFMD 2 introduces a new loan-origination regime, with general rules applicable to all AIFs that originate loans, and more stringent requirements applicable to AIFs that qualify as loan-originating AIFs....more
Private capital strategies are evolving around a more unified, solutions-driven toolkit. Dealmaking saw a rebound and private market expansion continued in 2025. Private capital has proven its role as a stabilizer during...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
The European Commission has adopted two Delegated Regulations specifying the characteristics of liquidity management tools (LMTs) for (i) alternative investment funds (AIFs) and (ii) UCITS, respectively....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
Following our September 2024 Alert “Liquidity Management Under AIFMD2: RTS for Open-Ended Funds,” the European Securities and Markets Authority (ESMA) has now published Final Reports for “Guidelines on LMTs of UCITS and...more
ESMA Guidelines and Final Draft RTS on Liquidity Management Tools of UCITS and Open-Ended AIFs - Pursuant to the revised Directive 2011/61/EU (AIFMD) and Directive 2009/65/EC (UCITS Directive), the European Securities and...more
Most people take steps to maintain good health, including scheduling annual checkups with their doctors to confirm there are no immediate or long-term health concerns. This checkup could include a stress test, which lets you...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
In our recent alert Loan Origination Under AIFMD2: A Guide, on loan origination under the revised Alternative Investment Fund Managers Directive (AIFMD2), we noted that the European Securities and Markets Authority (ESMA)...more
I. Background and Scope - On 7 February 2024, the European Union adopted a final text amending the AIFMD and UCITS directives (AIFMD II). This memo considers what are entirely novel requirements attaching to liquidity...more
On 20 December 2023, the Financial Stability Board ("FSB") published revised policy recommendations to address structural vulnerabilities from liquidity mismatch in open-ended funds ("OEF"), concurrently with the publication...more
On 19 December 2023, in a very welcome development the European Securities and Markets Authority ("ESMA") published its final report setting out the draft Regulatory Technical Standards ("RTS") under the European Long-Term...more
In this issue, we cover regulatory developments impacting the investment management sector, including updates on closed-end fund activism and various new and revised SEC rules....more
EU-Kommission, Parlament und Rat treten in die entscheidende Phase ihrer Beratungen über eine Neufassung der AIFM- und der UCITS-Richtlinie ein. Änderungen sind insbesondere bei den Themen Auslagerung, Darlehensfonds und...more
Voyager filed its Disclosure Statement and First Amended Plan (Plan) on Friday, August 12. A primary purpose of a Chapter 11 plan is to define how creditors’ and customers’ claims are proposed to be treated...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
To mitigate the negative economic and social consequences of Russian military aggression against Ukraine and to lessen the effect of the restrictive economic measures taken in response to the crisis, as well as retaliatory...more
The European Commission consults Member States on its draft proposal - On March 10, 2022 the European Commission (Commission) sent a draft proposal to EU Member States with the aim of establishing a State aid Temporary...more
In This Issue. The Equal Employment Opportunity Commission (EEOC) released updated COVID-19 vaccine guidelines for employers. Meanwhile, the Board of Governors of the Federal Reserve System (Federal Reserve) remained busy...more
The Federal Reserve took additional actions on April 9 to provide up to $2.3 trillion in loans to support the US economy during the coronavirus (COVID-19) pandemic. This LawFlash covers the new and expanded programs, and...more
Three months into the outbreak of the Coronavirus (COVID-19) in the United Kingdom, there are clearly many unknowns as businesses seek a return to normality or, at the very least, economic stability. Such uncertainty may...more
The Supreme Court has ruled that interest on a loan contracted in order to carry out a capital reduction or a dividend distribution when the company lacks the liquidity to do so is not always deductible. It is crucial that...more
On March 23, 2020, the Board of Governors of the Federal Reserve System (the “Board of Governors”) announced the implementation of a new Term Asset-Backed Securities Loan Facility (“TALF 2.0”) in order to provide liquidity...more