Introduction -
After a long gestation, the much heralded new UK fund structure, the Reserved Investor Fund (“RIF”) is finally expected to be available from 19 March 2025....more
Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (“DORA”), which establishes a uniform set of requirements relating to the security of network and information systems supporting financial...more
The UK’s Prudential Regulation Authority ("PRA") has recently published various statements regarding its current approach to its regulation of banking in the UK, including delaying implementation of Basel 3.1 rules....more
The EU has issued its consultation on Regulatory Technical Standards for open-ended loan-originating AIFs operating under AIFMD II.
As previously flagged, the default position under AIFMD II is that Loan Originating...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
3/14/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Consumer Financial Products ,
EU ,
European Economic Area (EEA) ,
Financial Services Industry ,
Liquidity ,
Liquidity Management ,
Loan Origination Funds ,
Loans ,
UCITS
On 6 November 2023, the Council of the European Union published its long anticipated final compromise text ‘as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and...more
On 14 September 2023, the European Commission published a targeted consultation and a public consultation on the implementation of Regulation (“EU”) 2019/2088 on sustainability-related disclosures in the financial services...more
On 20 July 2023, the Council of the EU announced that it has reached political agreement with the European Parliament on the proposed Directive amending the Alternative Investment Fund Managers Directive (2011/61/EU) and the...more
8/3/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Asset Management ,
EU ,
Financial Services Industry ,
Investment ,
Investment Management ,
Loan Origination Funds ,
Regulatory Agenda ,
Regulatory Reform ,
UCITS
Foreign energy companies are taking initial steps to develop a large number of offshore wind farms along the coasts of Brazil and Colombia. As governments seek to reduce their carbon emissions to meet climate goals and...more
1/18/2023
/ Brazil ,
Clean Energy ,
Climate Action Plan ,
Climate Change ,
Colombia ,
Energy Projects ,
Environmental Social & Governance (ESG) ,
Infrastructure ,
Offshore Wind ,
Renewable Energy ,
South America ,
Wind Power
On 21 December 2022, ESMA published a final report in relation to draft technical standards for cross-border fund management activities and the cross-border marketing of investment funds within the EEA under the UCITS and...more
1/11/2023
/ AIFM ,
Cross-Border Transactions ,
EU ,
European Securities and Markets Authority (ESMA) ,
Final Rules ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investment Funds ,
Marketing ,
Technical Standards ,
UCITS
As we make the transition from 2022 to 2023, this is a good time to look ahead to developments in the UK and the EU that will likely impact the financial services industry. Here are some observations....more
12/21/2022
/ Asset Management ,
Digital Assets ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Greenwashing ,
Investment ,
Proposed Regulation ,
Regulatory Agenda ,
Securitization ,
Sustainability ,
UK
On the 9th of December, the UK’s Chancellor, Jeremy Hunt, set out a “collection of announcements” aimed at reforming the UK’s financial services ecosystem to maximise its position outside the EU while aligning still with...more
The UK Government has announced wide ranging reforms to the UK financial services industry, including key tax reforms -
On 9 December 2022, the UK Chancellor of the Exchequer, Jeremy Hunt, announced the “Edinburgh...more
On 18 November, the European Securities and Markets Authority (“ESMA“) published a consultation paper containing draft guidelines on funds’ names using ESG or sustainability-related terms. The deadline for comments on the...more
The EU has published its final text for the proposed revision of the European Long-Term Investment Fund ("ELTIF") regime by means of the European Long-Term Investment Funds Regulation....more
The UK Financial Services Authority (“FCA”) has published its long-awaited consultation paper in relation to the proposed UK Sustainability Disclosure Requirements (“SDR”) and investment labels regime, which is designed to...more
On September 30, the Joint Committee of the European Supervisory Authorities (“ESAs”) (being the EBA, EIOPA and ESMA) published its work programme for 2023 (dated 5 September 2022) (JC 2022 28). The stated priorities include...more
On September 29, the UK’s Financial Conduct Authority (“FCA”) issued a statement that the publication of the 1-month and 6-month synthetic sterling LIBOR would permanently cease at the end of March 2023....more
10/10/2022
/ Banks ,
Consumer Financial Products ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Lenders ,
Libor ,
Secured Overnight Funding Rate (SOFR) ,
UK
The Council of the EU published two information notes (13198/22) and (13215/22) yesterday, with the final text of the following two new regulations...more
On 1 June 2022, the French Presidency published its “final” compromise text in relation to the revision to the EU Alternative Investment Fund Managers Directive (known as “AIFMD2”).
According to this latest AIFMD2...more
This week sees the introduction of significant changes to the rules and regulations governing the marketing of alternative investment funds (“AIFs”) to investors in the Member States of the European Economic Area (the “EEA”)...more
8/2/2021
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Asset Management ,
Cross-Border ,
EU ,
European Economic Area (EEA) ,
Financial Regulatory Reform ,
Investment ,
Investors ,
Marketing ,
SFDR
Until the last month, the market in the U.S. for special purpose acquisition company (“SPAC”) IPOs has been booming. For example, in the first three months of 2021, there were 298 IPOs of U.S. SPACs, which raised in aggregate...more
On 22 October 2020, the European Commission (the Commission) published a public consultation (the Consultation) on the review of Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD). ...more
The European Securities and Markets Authority (ESMA) has published its Final Report (the Final Report) containing draft regulatory and implementing technical standards (RTS and ITS) on the provision of investment services and...more