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Investment Funds Regulatory Requirements

Proskauer Rose LLP

SEC Set to Approve More Flexible Co-Investment Relief for BDCs and Closed-End Funds

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On April 3, 2025, the U.S. Securities and Exchange Commission (“SEC”) issued a notice indicating its intent to grant Franklin Square’s (“FS”) exemptive relief application (the “FS Application”) permitting certain business...more

SEC Compliance Consultants, Inc. (SEC³)

A New Era for Co-Investments?

The SEC just proposed major updates that could make life easier for BDCs, closed-end funds, and their advisers when it comes to co-investing. Under the proposed relief granted to FS Credit Opportunities Corp., the SEC is...more

A&O Shearman

ESMA publishes final draft RTS and guidelines on Liquidity Management Tools for Funds

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The European Securities and Markets Authority (ESMA) has published its final draft regulatory technical standards (RTS) relating to liquidity management tools (LMTs) under the Alternative Investment Fund Managers Directive...more

Skadden, Arps, Slate, Meagher & Flom LLP

Working Through the Riddles of Tokenized Securities

Key Points: - The SEC’s Crypto Task Force cited past “hostility” toward digital assets and aims to create a regulatory framework. - Tokenized securities face complex regulatory challenges, including compliance with the...more

Ropes & Gray LLP

Ropes & Gray’s Investment Management Update February – March 2025

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Since our prior IM Update, in separate Alerts, we covered (i) the 2025 Investment Management Conference sponsored by the Investment Company Institute, (ii) anticipated modernization of the conditions governing joint...more

Stikeman Elliott LLP

CIRO Publishes Phase 5 of its Rule Consolidation Project

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The Canadian Investment Regulatory Organization (“CIRO”) has published for comment Phase 5 of its rule consolidation project (the “Rule Consolidation Project”). Phase 5 involves rules relating to outsourcing and service...more

A&O Shearman

EC launches targeted consultation on barriers to EU capital markets integration

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The European Commission (EC) has published its targeted consultation on the integration of EU capital markets under its savings and investments union (SIU) strategy, accompanied by a press release and updated webpage. The...more

Stoel Rives LLP

Transition to EDGAR Next—What You Need to Know

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As a result of amendments adopted by the SEC in 2024, the SEC’s EDGAR electronic filing system is being replaced with a new “EDGAR Next” dashboard. All existing SEC filers will need to transition to EDGAR Next before...more

Seward & Kissel LLP

SEC Easing Conditions for Co-Investment Relief for BDCs and Closed-End Funds

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On April 3, 2025, the U.S. Securities and Exchange Commission (“SEC”) issued a notice of proposed exemptive relief to FS Credit Opportunities Corp. and its affiliates (Applicants), introducing more flexible co-investment...more

Stikeman Elliott LLP

OSC Codifies Exemption from OEO Trailer Ban

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The Ontario Securities Commission (“OSC”) recently published OSC Rule 81-510 Dealer Rebates of Trailing Commissions (the “Rule”), which codifies temporary exemptive relief from the order-execution only (“OEO”) trailer ban...more

A&O Shearman

ESMA TRV report on fund names: ESG-related changes and their impact on investment flows

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The European Securities and Markets Authority (ESMA) has published a trends, risks and vulnerabilities (TRV) risk analysis report on ESG-related changes to fund names and their impact on investment flows. The report examines...more

K&L Gates LLP

Europe: UK’s FCA Intensifies Scrutiny on Private Markets Valuations

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The UK’s Financial Conduct Authority has published the findings of its multi-firm review of valuation processes for private market assets. This review follows the highlighting of vulnerabilities in private markets stemming,...more

A&O Shearman

EU recommendations on ESG disclosures under the Benchmarks Regulation

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The European Securities and Markets Authority (ESMA) has published a final report on the outcome of the 2024 Common Supervisory Action (CSA) on ESG disclosures under the Benchmarks Regulation (BMR). The CSA was conducted by...more

Seward & Kissel LLP

SEC Releases Annual Registered Investment Company Update

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Who may be interested: Registered Investment Companies; Registered Investment Advisers; Boards of Directors; Portfolio Managers. Quick Take: The staff of the SEC’s Division of Investment Management (Staff) published its...more

Walkers

Central Bank UCITS Q&A – 42nd Edition

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On 17 April 2025, the Central Bank of Ireland published its latest UCITS Q&A (42nd Edition). The Q&A contains its updated policy position regarding portfolio transparency requirements for exchange traded funds ("ETFs")...more

Dechert LLP

Surviving Swings – A Derivatives and Trading Watch List

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Recent market disruptions have resulted in reports of margin calls in amounts unseen since 2020. Those reports have turned the spotlight on derivatives, repos and other transactions. The significant role these products play...more

BCLP

AIFMD II Leverage Limits and Single Borrower Exposure Restriction

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AIFMD II introduces substantial changes to the EU-wide regulatory framework for alternative investment fund managers (“AIFMs”) that was established under AIFMD. The changes cover a wide range of areas but will have a...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday, April 17, 2025

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April 16, 2025 - The U.S. Department of the Treasury released Treasury International Capital (TIC) data for February 2025. The next release, which will report on data for March 2025, is scheduled for May 16, 2025....more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 37

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

Walkers

Irish Quarterly Legal and Regulatory Report: Asset Management and Investment Funds January - March 2025

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Welcome to the January - March 2025 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds. This report covers key dates and developments during the quarter, such...more

Proskauer - Regulatory & Compliance

AIFMD 2.0 – Draft RTS and Final Guidelines Published on Liquidity Management Tools

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

Ropes & Gray LLP

Potentially significant changes expected for UK fund managers

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On 7 April 2025, HM Treasury published a consultation exploring whether the UK Government should simplify the regulatory framework for alternative investment fund managers (“AIFMs”) in the UK (the “Consultation”). At the same...more

Ropes & Gray LLP

SEC Notices Simplified Co-Investment Relief: A Sigh of Some Relief for Regulated Funds and Their Affiliates

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On April 3, 2025, the SEC filed a notice of intent to grant FS Credit Opportunities Corp. et. al.’s (“FS”)1 amended application for an order permitting certain business development companies (“BDCs”) and closed-end management...more

Eversheds Sutherland (US) LLP

SEC provides green light to new exemptive relief

The SEC recently issued a notice with regard to a new model of co-investment relief and issued the first exemptive order for multi-class relief to a private BDC. This legal alert discusses both new developments....more

A&O Shearman

UK seeks feedback on revisions to regulation of alternative investment fund managers

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The HM Treasury (HMT) has launched a consultation on proposals to revise the legislative regime applicable to Alternative Investment Fund Managers (AIFMs) and the depositories they use. The government intends to use the...more

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