On 15 April 2025, the European Securities and Markets Authority (“ESMA”) published draft regulatory technical standards (the “Draft RTS”) and final guidelines (the “Guidelines”) on Liquidity Management Tools (“LMTs”), as...more
On 7 April 2025, HM Treasury published a consultation to overhaul the regulation of Alternative Investment Fund Managers (“AIFMs“) in the United Kingdom (“Consultation“). The Financial Conduct Authority (“FCA“) has published...more
4/8/2025
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Fund Managers ,
Investment Funds ,
Investment Management ,
Private Equity ,
Proposed Rules ,
Regulatory Reform ,
UK
On 5 March 2025, the United Kingdom’s Financial Conduct Authority (“FCA”) published the findings of its multi-firm review of valuation processes for private market assets (the “Review”). The Review covered a firms operating...more
3/10/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Conflicts of Interest ,
Corporate Governance ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Investment Funds ,
Investors ,
Policies and Procedures ,
Private Equity ,
Private Funds ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Valuation
Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2025 impacting a range of UK and European firms within the financial services sector. The key dates have been...more
1/16/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Money Laundering ,
Asset Management ,
Compliance ,
Cryptoassets ,
Digital Operational Resilience Act (DORA) ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
MiFID II ,
Money Market Funds ,
Regulatory Agenda ,
Securities Regulation ,
SFDR ,
Sustainability ,
UK
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
1/6/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Corporate Governance ,
CPTPP ,
Cryptoassets ,
Dear Colleague Letter ,
Digital Operational Resilience Act (DORA) ,
EU ,
European Benchmark Regulation (BMR) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
FSMA ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
SFDR ,
UK ,
UK Competition and Markets Authority (CMA)
On 12 December 2024, the European Securities and Markets Authority (“ESMA”) published a consultation paper (“Consultation”) on draft regulatory technical standards relating to open-ended loan originating AIFs under the...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
8/7/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Artificial Intelligence ,
Capital Requirements Regulation (CRR) ,
Cryptoassets ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
International Competition Network ,
Listing Rules ,
MiFID II ,
MiFIR ,
Prudential Regulation Authority (PRA) ,
SFDR ,
Sustainability ,
UK
Background -
On 23 May 2024, Ashley Alder, the Chair of the UK Financial Conduct Authority (“FCA”), delivered a speech which outlined the regulator’s agenda for the asset management sector (the “Speech”). In particular,...more
6/3/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Stability Board ,
Innovation ,
MiFID II ,
Regulatory Standards ,
Retail Investors ,
Sustainable Finance ,
UCITS ,
UK
The European Securities and Markets Authority (“ESMA”) has published its Final Report on the Guidelines on funds’ names using ESG or sustainability-related terms (the “Guidelines”). ESMA was provided with the mandates to...more
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
4/10/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Money Laundering ,
Cryptoassets ,
Economic Sanctions ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Regulatory Standards ,
Transparency ,
UCITS ,
UK
On 26 March 2024, the legislative package amending the Alternative Investment Fund Managers Directive 2011/61/EU (“the “AIFMD”) and (to a certain extent) the UCITS Directive was published in the Official Journal of the...more
3/28/2024
/ Adoption Day ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Disclosure Requirements ,
Diversification Requirements ,
EU ,
European Securities and Markets Authority (ESMA) ,
Liquidation ,
Loans ,
National Private Placement Regimes (NPPR) ,
Policies and Procedures ,
Reporting Requirements ,
Risk Retention
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
3/5/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Money Laundering ,
Artificial Intelligence ,
Commission Delegated Regulation ,
Cryptoassets ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
EU ,
EU Benchmark Regulation ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Reporting Council (FRC) ,
FSMA ,
Libor ,
MiFID II ,
MiFIR ,
Money Market Funds ,
Prudential Regulation Authority (PRA) ,
Reporting Requirements ,
UK
As set out in our Proskauer Special Report “Primarily Non-financial corporate reporting for U.S. companies – where to start?”, it may be complex to determine the applicability of the EU’s Corporate Sustainability Reporting...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation.
Key developments in December 2023:
21 December -
UK / Swiss Regulatory...more
1/4/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Bonds ,
Cryptoassets ,
Decentralized Finance (DeFi) ,
Derivatives ,
ELTIF ,
EMIR ,
Environmental Social & Governance (ESG) ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Policy Committee ,
Financial Services Industry ,
FSMA ,
MiFID II ,
MiFIR ,
Office of Financial Sanctions Implementation (OFSI) ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Popular ,
Prudential Regulation Authority (PRA) ,
SFDR ,
Taxonomy ,
UK
ESMA has, on 14 December 2023, published a public statement updating its Guidelines on funds’ names using ESG or sustainability-related terms. This follows the consultation paper on the same topic that ran until 20 February...more
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation.
...more
12/5/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Artificial Intelligence ,
Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements Regulation (CRR) ,
Cryptoassets ,
EMIR ,
Environmental Social & Governance (ESG) ,
European Banking Authority (EBA) ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Greenwashing ,
Infrastructure ,
Investment Firms ,
MiFID ,
MiFID II ,
Over The Counter Derivatives (OTC) ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Regulatory Agenda ,
Short Selling ,
Tokenization ,
UCITS ,
UK
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
10/12/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
AML/CFT ,
Capital Requirements Regulation (CRR) ,
Cryptoassets ,
Decentralized Finance (DeFi) ,
Environmental Social & Governance (ESG) ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Promotions ,
Financial Regulatory Agencies ,
FSMA ,
IMF ,
Implementing Technical Standards (ITS) ,
Libor ,
Mergers ,
Prudential Regulation Authority (PRA) ,
SFDR ,
UCITS ,
UK
Both opportunities and challenges have arisen for the asset management industry as a result of the rapid introduction of UK and EU sustainable finance regulation in recent years. The new requirements have been heightened in...more
9/12/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Disclosure Requirements ,
Enforcement ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Greenhouse Gas Emissions ,
Greenwashing ,
MiFID ,
New Regulations ,
SFDR ,
Sustainable Finance ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
Taxonomy ,
UK
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
6/6/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
AML/CFT ,
Cryptoassets ,
ELTIF ,
ESRB ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Libor ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Risk Management ,
SFDR ,
UCITS
31 January -
The European Supervisory Authorities (“ESAs”) published a joint consultation paper (JC 2022 76) on the system established by the ESAs for the exchange of information relevant to the assessment of the fitness...more
Following the turn of the new year, our UK Regulatory specialists have examined the key regulatory developments in 2023 impacting a range of UK and European firms within the financial services sector. The key dates have been...more
1/18/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Climate Change ,
Environmental Social & Governance (ESG) ,
EU ,
Greenwashing ,
Libor ,
MiFID II ,
Money Laundering ,
SFDR ,
Sustainability ,
Taxonomy ,
UK
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation.
Key developments in August 2022:
24 August -
The Financial Conduct Authority...more
9/7/2022
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Cryptoassets ,
Diversity and Inclusion Standards (D&I) ,
EU ,
European Central Bank ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
New Regulations ,
Prudential Regulation Authority (PRA) ,
UK
Key developments in June 2022:
30 June -
The Financial Conduct Authority (“FCA”) published a consultation paper (CP22/11) on winding down synthetic sterling LIBOR and USD LIBOR.
The Bank of England (“BoE”)...more
7/6/2022
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Blockchain ,
Distributed Ledger Technology (DLT) ,
Environmental Social & Governance (ESG) ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
Taxonomy
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation.
Key developments in May 2022:
31 May -
Key developments in May 2022: The European...more
6/13/2022
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Bank of England ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Regulatory Agenda ,
SFDR ,
UCITS ,
UK
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
2/1/2022
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
ELTIF ,
EU ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
EuSEF ,
EuVECA ,
Financial Markets ,
Investment Funds ,
Marketing ,
New Guidance ,
Regulatory Standards ,
UCITS