News & Analysis as of

Investment Funds Regulatory Requirements

Troutman Pepper Locke

Investment Management Update - Q1 2025

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Explore the latest legal developments and regulatory updates impacting funds, advisers, and industry participants, including SEC rule amendments, compliance extensions, and guidance on accredited investor verification....more

Paul Hastings LLP

AIFMD Annual Report Deadline Approaching

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Both EU and non-EU fund managers marketing a fund in the EU or the UK (either under an EU marketing passport or the relevant national placement regimes) are required to prepare an AIFMD-compliant annual report within six...more

A&O Shearman

Corrigendum to EMIR 3 clarified counterparty risk rules for MMFs

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A corrigendum to Regulation (EU) 2024/2987, known as EMIR 3, was published in the Official Journal of the European Union. One of the changes EMIR 3 made was to amend the Money Market Funds Regulation (MMF Regulation) by...more

A&O Shearman

IOSCO final report and guidance for liquidity risk management for CIS

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The International Organization of Securities Commissions (IOSCO) has published its final report containing revised recommendations for liquidity risk management for collective investment schemes (CIS), accompanied by...more

Ropes & Gray LLP

FCA Extends Investment Research Payment Optionality to Fund Managers

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Last month the Financial Conduct Authority (FCA) set out its final rules related to the application of investment research payment optionality to fund managers. This move follows its consultation paper late last year which...more

A&O Shearman

FCA Handbook Notice 130

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The UK Financial Conduct Authority (FCA) has published Handbook Notice 130, which outlines updates to the FCA Handbook, including changes for fund managers stemming from the recommendations of the Investment Research Review...more

Conyers

Conyers Investment Funds Report | Q1 2025

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This inaugural edition of the Conyers Investment Funds Report presents a variety of updates and insights relevant to the investment funds space in the Cayman Islands, British Virgin Islands, and Bermuda. The report provides...more

Walkers

Thinking ahead: Key considerations for winding up Guernsey investment funds

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The process of winding up a Guernsey fund involves several important considerations that boards, fund managers, investment advisers and administrators must navigate carefully. This article explores six aspects which we...more

Torres Trade Law, PLLC

Outbound enforcement has started; Treasury contacting U.S. investors

Even though the Trump administration is reviewing the outbound foreign investment review regime, enforcement has begun. We’ve now heard multiple reports that the Treasury Department is reaching out to U.S. venture capital and...more

Maynard Nexsen

When Firms Receive Written Notice of Outside Business Activities

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In the world of outside business activity (OBA) disclosure, many FINRA enforcement actions center on whether a registered person gave, or did not give, prior written notice of those activities to their member firm. These...more

Katten Muchin Rosenman LLP

SEC Expands the Ability of Registered Closed-End Funds to Invest in Private Funds

Since 2002, the staff of the US Securities and Exchange Commission (SEC) consistently issued comments during the registration statement review process to closed-end funds (CEFs) registered under the Investment Company Act of...more

Conyers

Understanding Outsourcing Obligations for Cayman Islands Funds

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It has been two years since the Cayman Islands Monetary Authority (CIMA) introduced its Rule on Corporate Governance for Regulated Entities (the “Corporate Governance Rule”), and a year and a half since it came into force....more

Hogan Lovells

The impact of the outbound investment rules on LP trades

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The secondaries market continues to mature and evolve, offering limited partners (“LPs”) an essential tool for portfolio rebalancing, liquidity management and strategic realignment. However, the introduction of the U.S....more

Goodwin

Gaining Access to UK Pension Investors: Key Questions for Private Fund Managers

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We have written about the opportunities for the managers of private funds, such as private equity, real estate, venture, and infrastructure managers, to increase the investor base for the funds they manage (funds) to include...more

Alston & Bird

CFTC Guidance Clarifies Non-U.S. Person Status of Certain Offshore Trading Firms

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Our Investment Funds Team examines an interpretive letter from the Commodity Futures Trading Commission (CFTC) that may help to clarify when non-U.S. firms with U.S. contacts can be considered non-U.S. persons for...more

Ropes & Gray LLP

[Podcast] Navigating the SEC's New Marketing Rule FAQ Guidance

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On this Ropes & Gray podcast, Alyssa Horton and Colleen Meyer, both counsel in the private funds regulatory group, explore the recent SEC staff guidance on the Marketing Rule. They discuss the new FAQs issued on March 19,...more

Ropes & Gray LLP

SEC Drops 15% Limit in Private Funds for Retail Closed-End Funds

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Statements earlier this week by SEC Chairman Paul S. Atkins and by Division of Investment Management Director Natasha J. Greiner indicate that the SEC staff will no longer require retail closed-end funds to limit their...more

BCLP

Proposed Reform of UK Regime for Alternative Investment Fund Managers

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The Treasury (HMT) launched a consultation and the Financial Conduct Authority (FCA) published a call for input in April 2025 kick-starting a review of the UK’s regulatory regime for Alternative Investment Fund Managers...more

Gordon Rees Scully Mansukhani

Recent SEC AML Enforcement Against Securities Firms Engaged in Cannabis Sector

The evolving regulatory landscape for marijuana-related businesses poses unique compliance challenges for firms in the securities industry. The Financial Crimes Enforcement Network (“FinCEN”) continues to enforce its 2014...more

Proskauer Rose LLP

Update: SEC Approves Additional Flexibility for Co-Investment Relief for BDCs and Closed-End Funds that Previously Obtained...

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On April 29, 2025, the U.S. Securities and Exchange Commission ("SEC") issued an order granting Franklin Square's ("FS") exemptive relief application (the "FS Application") permitting certain business development companies...more

Blake, Cassels & Graydon LLP

A New Lease on LIFE: CSA Expands Listed Issuer Financing Exemption

On May 14, 2025, the Canadian Securities Administrators (CSA) announced Coordinated Blanket Order 45-935 – Exemption from Certain Conditions of the Listed Issuer Financing Exemption (Blanket Order) aimed at enhancing...more

Mayer Brown Free Writings + Perspectives

The SEC Spoke:  Private Fund Changes Coming

At yesterday's Practising Law Institute’s SEC Speaks program, Securities and Exchange Commission (“SEC”) Chair Paul Atkins shared his views on a wide range of topics.  Chair Atkins touched on innovation at the SEC, FinHub and...more

A&O Shearman

FCA policy statement on investment research payment optionality for fund managers

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The UK Financial Conduct Authority (FCA) has published a final policy statement (PS25/4), together with an updated webpage and press release, on final rules extending the new payment optionality for investment research to...more

Skadden, Arps, Slate, Meagher & Flom LLP

FCA Finalises Rules Providing Fund Managers a Joint Payment Option for Research and Execution Services

On 9 May 2025, the Financial Conduct Authority (FCA) issued policy statement PS 25/4, setting out, and bringing into force, final rules on investment research payment options for fund managers. The new rules follow the...more

Akin Gump Strauss Hauer & Feld LLP

Key Takeaways from the FCA’s Multi-Firm Review of Smaller Asset Managers and Alternatives Firms

On 8 May 2025, the United Kingdom Financial Conduct Authority (the FCA) released the findings from its multi-firm review aimed at smaller asset managers and alternatives firms. The review was conducted across three phases in...more

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