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
On 7 April 2025, HM Treasury published a consultation to overhaul the regulation of Alternative Investment Fund Managers (“AIFMs“) in the United Kingdom (“Consultation“). The Financial Conduct Authority (“FCA“) has published...more
As Jersey is considered from a UK and an EU perspective to be a "third country", it is outside the scope of full compliance with the AIFMD and can take advantage of the NPPR marketing routes. A Jersey domiciled AIFM will...more
The text of the Directive amending the Alternative Investment Fund Managers Directive (AIFMD) (AIFMD II) was published on 26 March 2024 and will enter into force on 15 April 2024. AIFMD II introduces, among other changes,...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
The FCA’s Policy Statement published on 25 October 2021 provides feedback to its May 2021 consultation (the Consultation) and sets out the final rules and guidance for the new authorised open-ended fund regime to invest in...more
On 2 August 2021, changes to fund marketing rules will come into effect in the European Union (“EU”). The revised rules (the “Marketing Rules”) amend the existing regime relating to the marketing of alternative investment...more
The negotiations that culminated in the establishment of the Trade and Cooperation Agreement (TCA) at the end of 2020 concluded with no meaningful agreement in relation to the provision of financial services between the...more
ESMA has issued a stark reminder that reverse solicitation, where it can be used, has to be carefully managed and documented, and is an area of regulatory scrutiny and focus. This short note also takes stock on the EU27...more
With the transition period coming to an end by the end of 2020, many UK managers are questioning the implication of Brexit to the fundraising and management of Luxembourg-based funds. As forecasted in our previous market...more
Three questions relevant for UK managers still considering whether to apply or not. 1. We are a UK manager acting as portfolio manager based on a delegation from a Luxembourg AIFM or UCITS management company. Should we...more
In the middle of February 2019, Brexit continues to be debated between Westminster and Brussels, despite the rapidly approaching deadline for the United Kingdom (U.K.) to leave the European Union (EU) on March 29, 2019. With...more
3 October - The Prudential Regulator Authority (PRA) published a policy statement on strengthening accountability in banking and changes to senior managers regime (SMR) forms. The changes to the SMR forms will become live on...more
2 May - The FCA published its Policy Statement on the FCA's disclosure rules following application of PRIIPs Regulation (PS17/6). The Policy Statement sets out how the FCA's disclosure requirements will change to reflect...more
On 29 June 2017, changes to the UK’s Financial Conduct Authority’s rules and guidance on Annex IV reporting under the Alternative Investment Fund Managers Directive (AIFMD) will come into effect....more
SEC/Corporate - SEC Releases Rule 504 Small Entity Compliance Guide for Issuers - The Securities and Exchange Commission recently released a Small Entity Compliance Guide for Issuers, which provides a brief summary...more
The U.K. referendum vote to leave the European Union has focused attention on Brexit’s potential impact on the U.K.’s financial services industry. The U.K. is home to a wide array of asset managers, banks, insurers,...more
Now that three months have passed since the Alternative Investment Fund Managers (AIFM) Directive became binding law in all European Union jurisdictions, US private fund managers (whether hedge funds, private equity funds or...more
On August 22, the UK Financial Conduct Authority (FCA) contacted a number of firms that had previously submitted to the FCA an earlier version of the required AIF schedule as part of their FCA application, to request that...more
In this issue: - Bylaw of Delaware Corporation Providing for Exclusive Forum in North Carolina Upheld - FINRA Board to Consider Rule Proposals Regarding Private Trading Platforms - CBOE and C2 in...more
The U.K. government has today published the final text of the 2014 Finance Bill. As discussed in our previous Alert, issued on March 19, the Finance Bill includes...more
Chancellor George Osborne delivered his fifth coalition Budget today. In a wide-ranging statement, there are a significant number of tax-focused proposals that will make changes across the U.K. tax system. Some of these...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
The EU Alternative Investment Fund Managers Directive (AIFMD) has now been in force for some six months. This overview note is aimed at US managers who have not yet had to get to grips with the AIFMD but will need to raise...more
This alert will be of interest to FCA-authorised investment management firms that are registering, or are currently considering registering, as alternative investment fund managers (“AIFMs”). ...more