The Luxembourg Stock Exchange has just introduced a new segment to its Euro MTF market: the Euro MTF Specialist Securities Segment, which is dedicated to sophisticated financial instruments offered to a limited number of...more
On 7 April 2025 two papers were published that could have a significant impact on the future of asset management in the UK and herald the beginning of real regulatory divergence between UK and EU regulation of managers of...more
4/15/2025
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Investment Funds ,
Private Equity Funds ,
Proposed Legislation ,
Proposed Rules ,
Regulatory Reform ,
UK
EMIR saw significant change last year. Further change is happening now in the form of a new amending Regulation known as EMIR 3.0.
Read on for a deep dive into those changes and how they might impact you....more
The role of sustainability factors in the operations and investment management activities of asset managers has long been a subject of discussion and, in some jurisdictions, controversy. In recent years, however, the...more
2/6/2025
/ Asset Management ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Financial Services Industry ,
Investment Management ,
Reporting Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Sustainability
In our OnPoints dated 20 May and 7 August 2020, we explained the requirements that the French regulator (Autorité des Marchés Financiers (“AMF”)) has imposed on asset managers through the publication of...more
1/29/2025
/ Compliance ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Greenwashing ,
Investment ,
Investment Funds ,
Investors ,
Regulatory Requirements ,
SFDR ,
Sustainable Finance ,
UCITS
On 14 May 2024, ESMA published its guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines).
The Guidelines have applied since 21 November 2024. Funds in existence before 21 November 2024 have...more
1/24/2025
/ Compliance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Green Bonds ,
Investment Funds ,
Investment Management ,
Securities Regulation ,
SFDR ,
Sustainability
The Second Part of MiCA entered into application on December 30, 2024 – CASPs and public offers of crypto-assets other than ARTs and EMTs fall within the scope of MiCA -
MiCA regulates the issuance of crypto-assets in the...more
1/8/2025
/ Compliance ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
EU ,
European Commission ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
MiFID II ,
Policies and Procedures ,
Regulatory Agenda ,
Regulatory Reform
2024 has been a big year for EMIR, with significant changes to the EMIR reporting obligation having already taken effect for both EU EMIR and UK EMIR. For EU EMIR, further changes are happening now in the shape of a new...more
On 12 December 2024, ESMA published its consultation on draft regulatory technical standards for open-ended loan-originating AIFs as mandated by AIFMD 2.0 (the RTS).
The RTS set out the requirements with which...more
The EU is seeking to regulate the approach to liquidity management in open-ended alternative investment funds (as well as UCITS) as part of the amendments introduced by AIFMD 2.0 that come into effect on 16 April 2026....more
12/17/2024
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Debt ,
Documentation ,
EU ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Insider Trading ,
Investors ,
Liquidity ,
National Competent Authorities (NCA) ,
Redemption Gates ,
UCITS
Marketing will now expressly fall within the scope of delegation under AIFMD 2.0, to the extent that it is carried out on behalf of the alternative investment fund manager (AIFM). AIFMD 2.0 clarifies that only distributors...more
10/21/2024
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Compliance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
FATF ,
Investment ,
Marketing ,
MiFID ,
National Competent Authorities (NCA) ,
Reporting Requirements ,
UCITS ,
UK
2024 is a big year for EMIR reporting. In April 2024, the EU EMIR refit reporting changes took effect. On Monday 30 September 2024, the UK EMIR reporting changes go live. In this article we take a high-level look at the...more
On 21 August 2024, ESMA published the translations in all official EU languages of its Guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines).
The Guidelines will start applying on 21...more
The FCA has published its final rules and guidance necessary to implement the Overseas Funds Regime (OFR).
The gateway for eligible funds to apply for recognition under the OFR is scheduled to open in September for new...more
On 19 July 2024, the EU Commission formally adopted its delegated regulation supplementing the ELTIF Regulation. The delegated regulation seeks to set out the regulatory technical standards specifying when derivatives will be...more
On 14 May 2024 ESMA published its long-awaited guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines).
The Guidelines apply three months after the date of their publication on ESMA’s website...more
5/16/2024
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Fund Managers ,
Investment ,
SFDR ,
Sustainability ,
UCITS
The UK Financial Conduct Authority’s (FCA) anti-greenwashing rule (Rule) will come into effect on 31 May 2024 and applies to all FCA-authorised firms.
The Rule requires that references made to the sustainability...more
ESMA has responded to the EU Commission’s March 2024 proposed amendments to the ELTIF 2.0 RTS.
ESMA has notably rejected the EU Commission’s alternative option of determining the maximum redemption amount by reference to...more
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
The CSSF has issued a new circular (Circular 24/856) aiming to protect investors in the event of certain errors and breaches.
Circular 24/856 will enter into force on 1 January 2025 and will repeal circular 02/77....more
European Securities Market Authority (ESMA) submitted draft ELTIF 2.0 Regulatory Technical Standards (RTS) to the European Commission in December 2023.
European Commission has informed ESMA it will only adopt the RTS once...more
3/29/2024
/ Anti-Dilution Terms ,
ELTIF ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Stability Acts ,
Liquidity ,
Proposed Amendments ,
Regulatory Standards ,
Right of Redemption ,
Sale of Assets ,
Technical Standards
The text of the directive to amend the AIFMD (so-called AIFMD 2.0) was published in the Official Journal of the EU on 26 March 2024 and will enter into force on 15 April 2024.
Member States have 24 months to transpose the...more
DORA became law in December 2022 but provides for a grace period until 17 January 2025 for organisations to put in place the necessary measures to comply.
The new rules will require engagement from both an operational and...more
3/7/2024
/ Asset Management ,
Audits ,
Cryptoassets ,
Cybersecurity ,
Enforcement ,
EU ,
European Commission ,
European Supervisory Authorities (ESAs) ,
General Data Protection Regulation (GDPR) ,
New Rules ,
Penalties ,
Reporting Requirements ,
Risk Management ,
Third-Party Risk ,
UCITS
ESMA has submitted its proposals for RTS supplementing ELTIF 2.0 to the European Commission -
The RTS detail stringent conditions on liquidity and redemption provisions including in principle maximum quarterly redemption...more
1/12/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Dilution Terms ,
CSSF ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Stability Board ,
Investors ,
IOSCO ,
Liquidity ,
Liquidity Management ,
NAV
Time to go-live is short – Monday 29 April 2024 for EU EMIR, and Monday 30 September 2024 for UK EMIR.
All in-scope derivatives users will be affected by the changes....more