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AIFMD 2.0: A Focus on Existing Funds That Originate Loans (Transitional Provisions)

AIFMD 2.0 enters into force today –15 April 2024. Member States have 24 months to transpose the provisions into national law, meaning that AIFMD 2.0 will take effect from 16 April 2026....more

Upcoming Regulatory Initiatives Impacting Private Fund Managers - U.S. Regulatory Initiatives

SEC Publishes Annual Rule Making Agenda - The SEC published its annual Rule Making Agenda on June 11, 2021 (the Agenda). The Agenda indicates a number of upcoming regulatory reviews and changes that will affect private funds...more

Upcoming Regulatory Initiatives Impacting Private Fund Managers - UK Regulatory Initiatives

Financial Services Act - The UK’s departure from the EU at the end of the transition period has significant implications for the regulation of financial institutions. In June 2020, the government issued a policy statement...more

Upcoming Regulatory Initiatives Impacting Private Fund Managers - European Regulatory Initiatives

AIFMD Marketing/Pre-marketing – Cross-border distribution of investment funds - Changes to EU law on the cross-border distribution of AIFs and UCITS came into effect on 2 August 2021. Following Brexit, UK AIFMs are out of...more

Upcoming Regulatory Initiatives Impacting Private Fund Managers - LIBOR

Focus remains on the transition away from the London Interbank Offered Rate (LIBOR), a key interest rate benchmark that is referenced across many of the agreements that you, funds you manage or advise or entities that you...more

Upcoming Regulatory Initiatives Impacting Private Fund Managers - ESG

Of most significance are the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation that impact “Financial Market Participants” (FMPs) (which includes, amongst others, AIFMs, UCITS ManCos, Portfolio...more

Upcoming Regulatory Initiatives Impacting Private Fund Managers - April 2021

This note sets out at a high level the core regulatory issues that are likely to impact fund managers in the coming months, including an overview of the key actions needed with regard to ESG, LIBOR and Brexit. The paper also...more

Upcoming Regulatory Initiatives Impacting Private Fund Managers - January 2021

1. ESG In recent years, environmental, social and governance (ESG) factors have become a key discussion point in the asset management industry, with many managers now incorporating ESG considerations into their investment...more

Updated ILPA Model LPAs Continue to Miss the Mark(et)

The Institutional Limited Partners Association (“ILPA”) has recently released an update to its model limited partnership agreement (the “Model LPA”) for private equity funds and other closed-ended funds. One of the stated...more

Seeding and Acceleration Deals

The concept of seeding is straightforward. A fund manager receives an allocation from one or more investors of sufficient size in order to ensure the launch of his hedge fund strategy. Unfortunately, that is where the...more

COVID-19 Coronavirus Market Disruption: Fund Restructuring Considerations for Private Equity

The world has seen severe dislocation in the public markets with all major stock markets shedding 10-30 percent in the past few weeks due primarily to fears about COVID-19 coronavirus and the slump in oil prices....more

The ILPA Model LPA – Why Managers Should Consider Pushing Back

The Institutional Limited Partners Association (“ILPA”) has recently issued a publicly available model private equity limited partnership agreement (the “Model LPA”) as part of its simplification initiative. ILPA is an...more

Third Time Lucky? The ILPA Principles 3.0

The Institutional Limited Partners Association (“ILPA”), the body that represents members of the international limited partner community, has recently revised its Principles for Fostering Transparency, Governance and...more

Luxembourg Proposes 21-Month Grandfathering Period in a "Hard Brexit" Scenario

The Luxembourg government has proposed legislation (Draft Bill), which would allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up to 21 months after the date when the UK...more

Brexit Manoeuvres: Potential Implications of a "Hard Brexit" for Fund Managers: A UK Perspective - September 2019

With six months to go until the UK’s departure from the EU, Dechert’s ‘Brexit Manoeuvres’ guide sets out at a high level, from a UK perspective, the practical implications of a “hard Brexit” as it relates to: - Alternative...more

Central Bank of Ireland to Liberate Regulated Loan Origination Funds from Certain Asset Mixing Constraints

In a recent release, the Central Bank of Ireland (CBI) announced its intention to amend, with effect from 7 March 2018, the AIF Rulebook in relation to Loan Originating Qualifying Investor Alternative Investment Funds...more

ESMA Lends Support for a Harmonised European Framework for Loan Origination Funds

The European Securities and Markets Authority (“ESMA”) published its opinion on 11 April 2016 on the necessary elements for a harmonised European framework for loan origination by funds (the “Opinion”). The Opinion is issued...more

Financial Services Quarterly Report - Third Quarter 2015: Letter from Amsterdam: Dechert and European Private Equity CFOs and COOs...

Dechert was again pleased to support the SuperReturn CFO/COO Forum, held in Amsterdam in September. Nearly 200 GPs, LPs and key individuals from the private equity and venture capital industry came together for three days of...more

Distribution of Private Equity Funds in Europe after AIFMD

With the AIFMD now effective, the attention of U.S. private equity sponsors has turned to capital raising in Europe under the new regime. The key impact of the AIFMD for U.S. sponsors is the prohibition on the active...more

Fund Distribution Strategies Under the European AIFMD

After a year-long transitional period, the European Alternative Investment Fund Managers Directive (AIFMD) is now in force, in all but six EEA Member States. This article examines the methods now available to market private...more

An early gift from the Treasury and the results of our AIMFD Readiness Survey

Following implementation of the Alternative Investment Fund Managers Directive (AIFMD or the Directive) into UK law in July 2013, the UK Financial Conduct Authority (FCA) advised UK firms in August 2013 to apply for...more

FCA Publishes Final Rules and Guidance to Implement AIFM Directive

The UK Financial Conduct Authority (FCA) published its Policy Statement 13/5 on 28 June 2013, containing its (substantially) final rules and guidance to implement the Alternative Investment Fund Managers Directive...more

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