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
With more fintech’s looking to expand their businesses internationally, it can be daunting to navigate varying regulations across borders. This article focuses on regulations in the United Kingdom....more
5/1/2023
/ Anti-Money Laundering ,
Compliance ,
Cross-Border ,
Cross-Border Transactions ,
Cryptoassets ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinTech ,
FSMA ,
MiFID ,
Payment Services Directive ,
Regulatory Requirements ,
UK ,
UK GDPR
On 17 April 2023, HM Treasury (HMT) published the draft Insider Dealing (Securities and Regulated Markets) Order 2023 (the Order) and an explanatory memorandum.
The Order brings the list of securities captured under the...more
4/19/2023
/ Compliance ,
Criminal Justice Act ,
EU ,
EU Directive ,
Financial Instruments ,
Financial Services and Markets Act ,
HM Treasury ,
Insider Trading ,
Market Abuse ,
Securities ,
Securities Regulation ,
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
Since the European Commission (the Commission) published a proposed amending Directive (together with the results of its evaluation of AIFMD) in November 2021, there have been ongoing discussions between the European...more
Welcome to our January 2023 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 the...more
1/19/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Climate Change ,
Consultation ,
Corporate Taxes ,
Divestment ,
ELTIF ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Greenwashing ,
Investment Funds ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Regulatory Authority ,
Securities and Exchange Commission (SEC) ,
Sustainable Finance ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
UK
The advance of the regulation of crypto-assets and crypto-related service providers has been piecemeal in the U.K. The latest round of changes took place in the Money Laundering Regulations 2017 (MLR) on 1 September...more
9/21/2022
/ Acquisitions ,
Anti-Money Laundering ,
Change in Control ,
Change of Ownership ,
Corporate Counsel ,
Crypto Exchanges ,
Cryptoassets ,
Due Diligence ,
EU ,
Financial Conduct Authority (FCA) ,
FSMA ,
Investment Firms ,
Notice Requirements ,
Popular ,
Regulatory Oversight ,
Regulatory Standards ,
UK
SCOPE -
On 2 August 2021, The European Securities and Markets Authority (“ESMA”) published the Guidelines on Marketing Communications (the Guidelines) under the regulation on cross-border distribution of funds, which...more
1/26/2022
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Cross-Border ,
EU ,
European Securities and Markets Authority (ESMA) ,
Fund Distribution ,
Fund Management Companies ,
Fund Managers ,
Investors ,
Marketing ,
UCITS ,
Venture Capital
The European Securities and Markets Authority (“ESMA”) Final Report Guidelines on outsourcing to cloud service providers (“the Guidelines”) came into force on 31 July 2021 and apply to all cloud outsourcing arrangements...more
1/19/2022
/ Audits ,
Cloud Service Providers (CSPs) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Exit Strategies ,
Financial Services Industry ,
Information Security ,
Investment Firms ,
Outsourcing ,
Termination ,
UK
As the Alternative Investment Fund Managers Directive (“AIFMD”) was being developed prior to 2011, there were serious concerns across the funds industry that it might force managers to set up their funds offshore to avoid the...more
12/10/2021
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Disclosure Requirements ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Fees ,
Fund Managers ,
Investors ,
Loan Origination Funds ,
Member State ,
Portfolio Managers ,
Proposed Amendments ,
Reporting Requirements
The purpose of this Client Alert is to consider some practical issues for managers when undertaking pre-marketing activities in the European Union following the implementation of the Cross Border Distribution of Funds...more
Although there is still significant uncertainty regarding any possible withdrawal agreement from the European Union in relation to financial services, the publication of the government’s draft financial services withdrawal...more
The implementation of the “packaged retail insurance-based investment products,” or PRIIPs, regulation throughout the European Union may have implications for REITs in the United States if their shares are determined to be...more
The European Commission has proposed a new directive to amend the Alternative Investment Managers Directive to standardise acceptable pre-marketing within the EU....more
Many managers may have assumed that the EU PRIIPS Regulation (the Regulation) does not apply to them because they do not generally raise capital from retail investors. Because, however, of the wide definition of “retail...more
When the Alternative Investment Fund Managers’ Directive (AIFMD) arrived, an alternative, lighter touch, regime for venture capital fund managers known as EUVECA was also introduced. The intention of EU legislators was a...more
Separate account managers and fund managers in the EU will need to comply with the regulatory rules under the new Markets in Financial Instruments Directive (MiFID II) with effect from 3 January 2018. There has been...more
The European Securities and Markets Authority gives the green light to the extension of the marketing passport to major non-EU funds markets.
...more
There are two substantive issues: the first relates to the rules faced by UK firms in undertaking domestic UK financial services business and whether these will be amended/repealed since the UK will no longer be subject to...more
6/29/2016
/ Alternative Investment Fund Managers Directive (AIFMD) ,
EMIR ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
MiFID II ,
MiFIR ,
Referendums ,
Solvency II ,
UK ,
UK Brexit
Background -
Under the current structure of the Alternative Investment Fund Manager’s Directive (AIFMD), European firms are permitted to market EU funds to professional investors throughout the European Union through the...more
The implementation of the Alternative Investment Fund Managers Directive throughout the European Union may have implications for REITs in the United States if they are determined to be alternative investment funds or “AIFs”....more
With all the discussion over the past couple of years on the Alternative Investment Fund Managers Directive and, in particular, marketing to investors in the European Union, less attention has been paid to the regulation of...more
It has now been a full year since US and other non-EU managers of private funds became subject to the Alternative Investment Fund Managers Directive when seeking to market or sell funds in countries in the European Union. The...more
EU Member States were obliged to implement the Alternative Investment Fund Managers Directive into their laws by this past July. As we have reported previously, most of the major countries for fund investors have published...more
The UK Financial Conduct Authority’s new guidance on AIFMD remuneration requirements has now provided some clarity for EU and non-EU managers, including relief from many of the requirements for small UK managers....more