On 15 July 2025, Chancellor of the Exchequer Rachel Reeves delivered her Mansion House 2025 speech unveiling the Leeds Reforms, a programme for financial services reforms to drive investment and growth in the sector....more
7/23/2025
/ AIFM ,
Asset Management ,
Capital Markets ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
FSMA ,
HM Treasury ,
Investment Funds ,
Investment Management ,
Popular ,
Private Funds ,
Private Investment Funds ,
Prudential Regulation Authority (PRA) ,
Prudential Standards ,
Regulatory Reform ,
SMCR ,
UK
In a previous alert titled “UK Limited Partnership Reform Becomes Law: A Practical Guide of How Best to Get Ready to Comply,” we discussed the changes to limited partnership law ushered in by the Economic Crime and Corporate...more
7/15/2025
/ Amended Legislation ,
Failure to Prevent ,
Financial Crimes ,
Fraud ,
Fraud Prevention ,
Investment Funds ,
Limited Partnerships ,
Portfolio Companies ,
Private Equity Firms ,
Regulatory Requirements ,
Risk Management ,
UK
In a previous alert, “FCA D&I Standards for Large Firms Abandoned (for now), Non-financial Misconduct Rules Delayed (but Still Important),” we discussed the proposals put forward by the UK Financial Conduct Authority (FCA)...more
7/8/2025
/ Banking Sector ,
Code of Conduct ,
Consultation ,
Corporate Misconduct ,
Employee Misconduct ,
Financial Conduct Authority (FCA) ,
FinTech ,
Fund Managers ,
Investment Funds ,
New Guidance ,
Private Funds ,
Proposed Guidance ,
SMCR ,
UK
In this horizon scan for private investment funds, which is aimed at managers based in Europe, we have set out the some of the principal legal and regulatory-focused developments to look out for in the coming months....more
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
5/29/2025
/ Defined Contribution Plans ,
Financial Conduct Authority (FCA) ,
Fund Managers ,
Investment Funds ,
Long-Term Investment Funds ,
MiFIR ,
Pension Schemes ,
Pensions ,
Private Equity ,
Professional Investors ,
Regulatory Requirements ,
Retirement Plan ,
UK
In our recent alert “Properly Valuing Private Equity, Venture, Real Estate, and Other Private Market Assets: Some Pointers for UK and EU Managers”, we discussed the Financial Conduct Authority’s (FCA’s) focus on fund...more
4/10/2025
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Consultation ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Fund Managers ,
HM Treasury ,
Investment Funds ,
Private Funds ,
Proposed Rules ,
Regulatory Reform ,
UK ,
Venture Capital
The new UK fund vehicle Reserved Investor Fund (RIF) is available beginning today, 19 March 2025.
The RIF is available for all investment strategies, but what might make it an appealing option, particularly certain tax...more
On 26 February 2025, the Financial Conduct Authority (FCA) published a portfolio letter (Letter) explaining its supervision priorities for the asset management and alternatives portfolios....more
3/3/2025
/ Asset Management ,
Consumer Financial Products ,
Due Diligence ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Fund Managers ,
Investment Funds ,
Know Your Customers ,
Market Abuse ,
Portfolio Companies ,
Private Equity ,
Private Funds ,
Risk Management ,
Supervision ,
Sustainable Finance ,
UK
A recent case, Flohr v Frontiers Capital, has provided additional guidance on limited partnership dissolution. In this case, the Court of Appeal considered the scope of the statutory power of a partnership to do what is...more
On 14 November 2024, Chancellor Rachel Reeves delivered her inaugural Mansion House 2024 speech, announcing a collection of reforms designed to drive growth and competitiveness in the financial services sector....more
11/21/2024
/ Economic Growth ,
Financial Regulatory Reform ,
Fund Managers ,
MiFID II ,
Pensions ,
Private Funds ,
Privately Held Corporations ,
Senior Management Regime (SMR) ,
Senior Managers ,
Sustainable Finance ,
Trading Platforms ,
UK
Welcome to the third edition of our Horizon Scan for 2024: key recent and expected funds, regulatory and tax developments to look out for. As before, we focus on the most important developments and changes that we expect...more
11/1/2024
/ Corporate Governance ,
Disclosure Requirements ,
Economic Sanctions ,
EU ,
Financial Crimes ,
Fund Managers ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Private Funds ,
Regulatory Requirements ,
SFDR ,
Sustainable Finance ,
UK
As venture fund formation lawyers, we take a keen interest in helping our clients raise capital for their funds. If you are currently fundraising or expect to do so soon, we have pulled together a summary of some key recent...more
8/19/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Formation ,
Capital Raising ,
Defined Contribution Plans ,
Equity Financing ,
Financial Conduct Authority (FCA) ,
Investment Funds ,
Investors ,
Private Equity ,
Startups ,
UK ,
Venture Capital
The Pension Schemes Bill announced in the King’s Speech on 17 July builds on the UK Government’s drive to encourage defined contribution (DC) pension investment in long-term illiquid investments such as private equity,...more
Welcome to the second edition of our Horizon Scan for 2024: key recent and expected funds, regulatory, and tax developments to look out for. As before, we focus on the most important developments and changes that we expect to...more
5/24/2024
/ Climate Change ,
Cross-Border ,
Disclosure Requirements ,
EU ,
False Claims Act (FCA) ,
Fund Managers ,
Investment Funds ,
Private Funds ,
Private Investment Funds ,
Regulatory Standards ,
Reporting Requirements ,
SFDR ,
Sustainability ,
Sustainable Business Practices ,
Sustainable Finance ,
Transitional Arrangements ,
UK
In our previous alert The FCA’s Sustainability Disclosure Requirements and Labelling Regime (SDR): A Flexible Regime for UK Private Fund Managers, we examined the final framework under policy statement PS23/16, on...more
4/26/2024
/ AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Climate Change ,
Consultation ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Greenwashing ,
Investment Management ,
Portfolio Companies ,
Portfolio Managers ,
Sustainability ,
Sustainable Business Practices ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
On 6 March 2024, following the Chancellor’s budget statement, the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment and Transitional Provision) Order 2024 (SI 2024/301) (the March Amendment) was...more
In our previous alert, The Sustainability Disclosure Requirements and Investment Labels Rules: Tougher ESG Standards for UK Private Fund Managers, we discussed the Financial Conduct Authority (FCA) October 2022 consultation...more
As venture fund formation lawyers, we take a keen interest in helping our clients raise capital for their funds. If you are currently fundraising or expecting to do so soon, we have pulled together a summary of some key...more
We wrote on the impact of changes to the financial promotion rules that came into effect earlier this year. On 7 November 2023, the UK Government published the proposed changes to the Financial Promotion Order 2005 (FPO). The...more
The Economic Crime and Corporate Transparency Act (ECCTA) became law on 26 October 2023, having completed the legislative process and received Royal Assent. Part 2 of ECCTA introduces significant reforms to UK limited...more
On 25 September, the Financial Conduct Authority (FCA) published its consultation paper CP23/20: Diversity and inclusion in the financial sector – working together to drive change alongside a similar consultation paper...more
Following its August 2022 consultation on the broader retail distribution of interests in a Long Term Asset Fund (LTAF), the FCA published its Policy Statement PS23/7 including final Handbook rules on 29 June 2023....more
Welcome to the second edition of our Horizon Scan, where we focus on some of the principal recent and expected developments and changes that we expect to be of interest to those in the non-listed funds sector. We have grouped...more
5/17/2023
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
EU Directive ,
Financial Regulatory Reform ,
International Tax Authority ,
Investment Funds ,
MiFID ,
Partnerships ,
Popular ,
Private Investment Funds ,
Regulatory Oversight ,
Regulatory Requirements ,
Sustainable Finance ,
Tax Authority ,
UK
The UK Financial Conduct Authority (FCA) has just announced its first authorisation of a Long Term Asset Fund (LTAF). We have written about the FCA’s increased focus on continuing access by retail investors to wholesale or...more
In our previous client alert, The UK Consumer Duty: Next Steps for Private Fund Managers, we explored the new consumer duty rules contained in PS22/9: A new Consumer Duty. As we noted, the duty applies to managers who provide...more
2/8/2023
/ Alternative Investment Funds ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Protection Laws ,
Dear CEO Letter ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Fund Managers ,
Private Funds ,
Retail Investors ,
UK