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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -
Walkers

AIFMD II 101: Part 1 - Loan-Origination

Walkers on

On 15 April 2024, Directive 2024/927/EU ("AIFMD II") entered into force, which marked a significant milestone for the European asset management industry. AIFMD II will introduce a harmonised framework for loan-originating...more

Goodwin

ELTIF 2.0 RTS: Second Time Lucky and A Positive Step Forward on Liquidity and Redemptions

Goodwin on

In our previous alerts (here and here), we noted critical feedback that the European Commission (Commission) gave to the European Securities and Markets Authority (ESMA) on its December 2023 draft Regulatory Technical...more

Cadwalader, Wickersham & Taft LLP

Cadwalader Climate - May 2024 #4

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In this week’s edition, we look in detail at ESMA’s final guidelines on ESG and sustainability-related fund names. Staying with the regulatory guidance theme, we look at the Science Based Targets initiative’s announcement of...more

Walkers

AIFMD II: Timeline to Implementation

Walkers on

In March, the Council of the European Union published the Alternative Investment Fund Managers Directive (AIFMD II), aimed at harmonising the rules on delegation, reporting and liquidity management, together with bringing in...more

Proskauer - Regulatory & Compliance

AIFMD 2.0 – Evolution Rather than Revolution

Proskauer - Regulatory & Compliance on

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

Walkers

Central Bank issues feedback statement on CP155 and final ELTIF chapter of AIF Rulebook

Walkers on

On 11 March 2024, the Central Bank of Ireland (the "Central Bank") reached a significant milestone in finalising its framework for authorisations under the revised European Long-Term Investment Funds Regulation (EU) 2023/606...more

Proskauer - Regulatory & Compliance

ELTIF 2.0 – just one month to go…

Proskauer - Regulatory & Compliance on

Regulation (EU) 2023/606 (“ELTIF 2 Regulation”), which will amend Regulation (EU) 2015/760 (“ELTIF Regulation”), will come into force on 10 January 2024. The original ELTIF Regulation was aimed at boosting European...more

Proskauer Rose LLP

Greenwashing – Proposed Clampdown on Fund Names

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On 20 February 2023, the European Securities and Markets Authority’s (“ESMA”) consultation paper (ESMA34-472-373) “Guidelines on funds’ names using ESG or sustainability-related terms” (the “Consultation”) closed to comments....more

Dechert LLP

European Commission report on securitisation regulation says EU investors may not invest in securitisations if the sell-side...

Dechert LLP on

On 10 October 2022, the European Commission (the “Commission”) published a long-awaited report on the Securitisation Regulation (the “Commission Report”). Among other things, the Commission Report responded to a request by...more

King & Spalding

Der „Artikel 6-Immobilienfonds”, die Schmutzgrenze bei nachhaltigen Investments oder wohin mit den alten Immobilien?

King & Spalding on

Spätestens seit die Verordnung (EU) 2019/2088 („Offenlegungsverordnung“ oder „SFDR“) am 10. März 2021 in ihren ersten Teilen in Kraft getreten ist, sind sogenannte „Artikel 8-Fonds“ und „Artikel 9-Fonds“ in aller Munde. Die...more

Foley & Lardner LLP

Brexit: FCA Reminder of December 30 Deadline To Avail Oneself of a Temporary Marketing Permission

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As the UK approaches a “no deal” exit from the EU, the FCA has issued to the Luxembourg CSSF (and thus to all of us) a reminder that the window of time to access the UK’s temporary regime to market alternative investment...more

Hogan Lovells

Funds and asset management regulatory news, November 2020 # 2

Hogan Lovells on

Performance fees in UCITS and certain types of AIFs: ESMA guidelines - The European Securities and Markets Authority (ESMA) has published the official translations for guidelines on performance fees in UCITS and certain...more

A&O Shearman

ESMA guidelines in respect of performance fees in UCITS and certain types of AIFs

A&O Shearman on

In its Report, ESMA stressed the lack of harmonisation between member states of the European Union with respect to performance fee structures, as well as the circumstances under which performance fees may be paid by...more

Dechert LLP

The Central Bank’s CP86 Day of Reckoning – What You Need To Know

Dechert LLP on

For many in the Funds Industry, the issue on 20 October 2020 of the Central Bank of Ireland’s (the “Central Bank”) Industry Letter (the “Industry Letter”) relating to the Central Bank’s Thematic Review of Fund Management...more

Orrick, Herrington & Sutcliffe LLP

FIA chiusi riservati e proposta di modifica del regolamento sulla gestione collettiva del risparmio in consultazione: stop al...

Orrick, Herrington & Sutcliffe LLP on

La proposta - In data 30 luglio 2020, la Banca d’Italia ha avviato una consultazione pubblica sulle modifiche da apportare al “Regolamento sulla gestione collettiva del risparmio”....more

McDermott Will & Emery

Bank of Italy Proposes Amendment to Regulation on Collective Asset Management

McDermott Will & Emery on

On Thursday 30th July 2020, the Bank of Italy released a consultation paper containing some proposed amendments to the Regulation on Collective Asset Management. It is worth noting that the Bank of Italy is proposing to...more

Dechert LLP

ESMA Increases Focus On European Fund Fees

Dechert LLP on

In this OnPoint, we report on the recent Supervisory Briefing issued by the European Securities and Markets Authority (“ESMA”) on the supervision of costs in UCITS and AIFs published 4 June 2020....more

Hogan Lovells

MEF consults on the eligibility criteria for the subscription of Italian reserved AIFs

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The Italian Ministry of Economy and Finance launched a public consultation asking for the stakeholders' views on the envisaged amendment of the eligibility criteria investors have to meet for subscribing Italian reserved...more

Dechert LLP

EMIR Alert: Refit Reporting Changes Go Live

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18 June 2020 will mark one year since the EMIR Refit Regulation (the “EMIR Refit”) came into force. On the same date, the reporting responsibility changes introduced by the EMIR Refit will take effect....more

Dechert LLP

Guidelines on performance fees in UCITS and certain types of AIFs

Dechert LLP on

ESMA published on 3 April 2020, its Final Report, ‘Guidelines on performance fees in UCITS and certain types of AIFs’ (the “Guidelines”). The Guidelines are the culmination of a consultation process started by ESMA in July...more

Dechert LLP

ESG Snapshot - Rules and Practice: Overview of the EU Taxonomy Regulation

Dechert LLP on

What is the law/regulation? The European Council and the European Parliament in December 2019 reached political agreement on the text of a proposed Regulation on the Establishment of a Framework to Facilitate Sustainable...more

Hogan Lovells

Funds and asset management regulatory news, April 2020 #3

Hogan Lovells on

ESMA publishes guidance on performance fees in UCITS and certain AIFs Following consultation, the European Securities and Markets Authority - (ESMA) has published its final report on performance fees in investment funds,...more

Dechert LLP

Brexit Done? Eight Things UK Managers Need to Know About the Brexit Transition Period

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Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...more

Dechert LLP

SFTR Alert: Buy-side reporting reprieve

Dechert LLP on

A recent exchange of letters between the European Commission and ESMA and AIMA has confirmed that non-EU AIFs (irrespective of manager location) will not be subject to the SFTR reporting obligation, bringing welcome clarity...more

Dechert LLP

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

Dechert LLP on

This note sets out at a high level the potential impact of the United Kingdom’s (“UK”) exit (“Brexit”) from the European Union (“EU”) without a negotiated agreement on UK and European Economic Area (“EEA”) (a) alternative...more

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