News & Analysis as of October 31, 2024

Asset Management

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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 WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Implementation of Basel 3.1 Standards: An Update on PRA Reforms

Skadden, Arps, Slate, Meagher & Flom LLP on 10/29/2024

On 12 September 2024, the UK Prudential Regulation Authority (PRA) published the second of two nearly final policy statements (PS9/24) on the implementation of revisions to the Basel 3 standards, known in the UK as Basel 3.1....more

Europe: Publication of Irish Funds Sector 2030 Report

K&L Gates LLP on 10/28/2024

Following a review of the Irish funds industry and wide engagement with industry participants, discussed in our earlier blog here, the Department of Finance has issued its Final Report on the Funds Sector 2030. The report...more

Sector trends - September 2024: Asset/Wealth Management

White & Case LLP on 10/4/2024

UK & European Financial Services M&A: Sector Trends H2 2023 | H1 2024 — Asset/Wealth Management - Current market: Consistently high M&A activity levels - We are seeing: Europe's barbell becomes more pronounced—larger...more

Modernisation des fonds d'investissement alternatifs : les enjeux de l’ordonnance n°2024-662 du 3 juillet 2024

Dechert LLP on 7/12/2024

L’ordonnance n°2024-662 du 3 juillet 2024 portant modernisation du régime des fonds d'investissement alternatifs (l’ « Ordonnance ») constitue une avancée majeure, longtemps réclamée par les acteurs de la place de Paris, en...more

Investment Research

Mayer Brown Free Writings + Perspectives on 6/20/2024

During his remarks at a meeting of the International Bar Association’s Asset Management Industry Conference on Global Challenges and Opportunities in Boston, Commissioner Uyeda commented on investment research and the...more

The New UK Securitisation Rules : A Practical Overview and Comparison

Cadwalader, Wickersham & Taft LLP on 6/7/2024

On 30 April 2024, the Financial Conduct Authority (the “FCA”) published Policy Statement PS24/4 (“PS24/4”) setting out the final FCA Securitisation Sourcebook (“SECN”). Subject to the repeal of the Securitisation Regulation...more

Liquidity in a Challenging Climate May 2024 - Financing a Continuation Vehicle – Lender Considerations

Cadwalader, Wickersham & Taft LLP on 5/24/2024

A continuation fund is an entity fund set up by a sponsor in order to purchase an asset (or assets) from an existing fund managed by that sponsor. There are a number of reasons as to why a sponsor would want to pursue this...more

Sector trends - September 2023: Asset/Wealth Management

White & Case LLP on 9/26/2023

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Asset/Wealth Management - Sub-sector M&A activity levels soar—market moving deals across wealth management, financial planning, fund management, debt...more

Modernization of Luxembourg Fund Products: Enhancing the Investment Fund Toolbox

K&L Gates LLP on 8/8/2023

With the recent entry into force of the law of 21 July 2023 (the Modernization Law) on 28 July 2023, Luxembourg significantly modernizes its investment fund toolbox by introducing several amendments to existing laws governing...more

Political Agreement Reached on Proposed Directive Amending Both AIFM and UCITS Directives

Cadwalader, Wickersham & Taft LLP on 8/3/2023

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

Luxembourg Financial Services Regulator CSSF Issues Communication Relating to the Launch of SFDR Data Collection Exercise...

K&L Gates LLP on 4/6/2023

Executive Summary - On 27 July 2022, Luxembourg’s financial sector regulator (the CSSF) announced its intention to launch a data collection exercise in respect to the disclosures made in the precontractual documents of...more

The Future of Asset Management Regulation – The FCA’s Post-Brexit Review

Proskauer Rose LLP on 3/6/2023

Background On 20 February 2023, the United Kingdom’s Financial Conduct Authority (“FCA”) published a discussion paper (DP23/2) on updating and improving the UK regime for asset management (the “Discussion Paper”). As part...more

European Union Mandates IT and Cybersecurity Resilience Requirements for Investment Managers and Firms with Enactment of DORA

Akin Gump Strauss Hauer & Feld LLP on 3/2/2023

The European Union (EU) adopted Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (the “DORA Regulation”) in January 2023. The DORA Regulation seeks to establish a harmonised digital...more

FCA Contemplates Revising Asset Management Regulatory Framework

Akin Gump Strauss Hauer & Feld LLP on 2/27/2023

The UK Financial Conduct Authority (FCA) is seeking industry feedback in a discussion paper (DP)1 on potential regulatory reform of the asset management sector. If enacted, the UK Government’s Future Regulatory Framework...more

What's Next for the UK and the EU?

Cadwalader, Wickersham & Taft LLP on 12/21/2022

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

Sector trends - July 2022: Asset/Wealth Management

White & Case LLP on 7/29/2022

UK & European Financial Services M&A: Sector trends H2 2021 | H1 2022 — Asset/Wealth Management - With over 350 deals in the European AWM sector in 2021, M&A consolidation activity is hotter than it has ever been in the...more

Countdown to MiCA: The EU’s cryptoassets regulation

Dechert LLP on 7/15/2022

On 30 June 2022, the European Council (Council) and the European Parliament (Parliament), announced that they had reached a provisional agreement on the proposal for regulation on markets in cryptoassets (MiCA), which covers...more

AIMA Hedge Fund Confidence Index

Seward & Kissel LLP on 6/29/2022

The AIMA Hedge Fund Confidence Index (HFCI) is a new global index which measures the level of confidence that hedge funds have in the economic prospects of their business over the next 12 months. A product of AIMA,...more

Updates on Italy’s implementation of EU rules on cross-border distribution of UCIs

Hogan Lovells on 5/17/2022

Italian secondary legislation about to be adapted to EU standards - On 15 July 2021, the Italian Council of Ministers approved, in preliminary examination, a legislative decree introducing rules to adapt national legislation...more

Regulation Round Up - April 2022

Proskauer Rose LLP on 5/6/2022

Key developments in April 2022: 29 April - The Financial Stability Board (“FSB”) published for consultation an interim report that recommends measures to assist supervisory and regulatory authorities in developing...more

ESG in Asset Management: A Global Perspective - October 2021

Latham & Watkins LLP on 10/4/2021

The global asset management community has long been among the leaders in recognising the investment and risk management benefits of tracking the environmental, social, and governance (ESG) performance of the assets it invests...more

Financial institutions M&A: Asset/Wealth Management

White & Case LLP on 9/23/2021

Financial institutions M&A sector trends: asset/wealth management — H1 2021 and outlook for H2 2021 - Market consolidation continues at a feverish pace. The UK tops the leader board, notching up 17 noteworthy deals in H1...more

An Overview of German Legislative Initiatives Impacting Asset Managers and Financial Service Providers in Germany and Abroad

Dechert LLP on 6/30/2021

In this OnPoint we will look at some of the upcoming German legislative initiatives that will impact asset managers and financial services providers in Germany and abroad. We will cover the following items: Fund Domicile...more

Brexit: Is the Clock Still Ticking for Asset Managers?

K&L Gates LLP on 3/17/2021

INTRODUCTION - On 24 December 2020, Michael Barnier, the European Union’s chief negotiator said, “The clock is no longer ticking”. Four and a half years after the Brexit referendum, the United Kingdom and the European Union...more

Offsetting the Loss of Passporting Rights in Financial Services Regulation

Skadden, Arps, Slate, Meagher & Flom LLP on 3/4/2021

The Trade and Cooperation Agreement (TCA) does not provide a comprehensive free trade arrangement for financial services between the EU and the UK. In particular, the TCA contains no measures to offset the loss of the EU-wide...more

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