News & Analysis as of August 24, 2025

Alternative Investment Funds

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

ESMA publishes overview of planned consultations for 2025

A&O Shearman on 3/19/2025

The European Securities and Markets Authority has published an overview of its planned consultations for 2025. The consultations relate to workstreams under the EU Listing Act,...more

Regulation Round Up - February 2025

Proskauer Rose LLP on 3/10/2025

Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

Open End Credit Funds – ESMA Is Looking for Answers

King & Spalding on 3/6/2025

The ESMA Consultation Paper on draft regulatory technical standards on open-ended loan-originating AIFs (OE LO AIFs) under the AIFMD, published on the 12 December 2024, aims to set out the requirements which OE LO AIFs must...more

ESMA Guidelines on Fund Names

Proskauer - Regulatory & Compliance on 11/14/2024

The recent ESMA Final Report on the Guidelines for funds’ names using ESG or sustainability-related terms (the “Guidelines”) marks a critical moment for asset managers. These Guidelines aim to clarify when the use of ESG or...more

Global Legal Insights FinTech 2024: Ireland chapter

Walkers on 9/27/2024

The Irish government has been supportive of the development of the financial services sector in Ireland and this extends to fintech. The government’s strategy for the development of Ireland’s international financial services...more

AIFMD II and Loan Origination Funds

Cadwalader, Wickersham & Taft LLP on 11/16/2023

On 6 November 2023, the Council of the European Union published its long anticipated final compromise text ‘as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and...more

AIFMD II European Parliament draft report provides positive amendments and points of clarity

BCLP on 5/25/2022

On 18 May 2022 a draft report on ‘AIFMD II’ was published, containing proposals by a rapporteur presented to the ECON committee. It sets out a list of suggested amendments to the European Commission (the Commission)’s draft...more

ESMA Guidelines on marketing communications for funds will start to apply

Proskauer Rose LLP on 2/1/2022

On 2 February 2022, the new ESMA guidelines on marketing communications under the Regulation on cross-border distribution of funds (EU) 2019/1156) (“Guidelines”) will start to apply....more

Guidelines on Marketing Communications Under the Regulation on Cross-Border Distribution of Funds

Goodwin on 1/26/2022

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

European Commission Outlines Proposals For AIFMD 2

Goodwin on 12/10/2021

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

Funds and asset management regulatory news, May 2021 # 2

Hogan Lovells on 6/1/2021

EU cross-border distribution of funds: ESMA guidelines on marketing communications - Following its consultation in November 2020, the European Securities and Markets Authority (ESMA) has published a final report on...more

ESMA guidelines in respect of performance fees in UCITS and certain types of AIFs

A&O Shearman on 11/11/2020

In its Report, ESMA stressed the lack of harmonisation between member states of the European Union with respect to performance fee structures, as well as the circumstances under which performance fees may be paid by...more

Funds and asset management regulatory news, October 2020 # 4

Hogan Lovells on 10/26/2020

AIFMD review: European Commission consultation - The European Commission has launched a consultation questionnaire relating to its review of the Alternative Investment Fund Managers Directive (AIFMD)....more

Funds and asset management regulatory news, October 2020 # 3

Hogan Lovells on 10/20/2020

ESMA guidelines on liquidity stress testing in UCITS and AIFs: FCA comment - Among other things covered in its latest Regulation round-up, the UK Financial Conduct Authority (FCA) comments on the European Securities and...more

ESMA Consults on Guidelines to Address Leverage Risk in the Alternative Investment Fund Sector

Akin Gump Strauss Hauer & Feld LLP on 7/9/2020

On 27 March 2020, the European Securities and Markets Authority (ESMA) launched a public consultation on its draft guidelines to assess leverage risks in the Alternative Investment Fund (AIF) sector. In particular, ESMA is...more

European Commission Report Assesses AIFMD Application and Scope

Latham & Watkins LLP on 6/18/2020

The European Commission has published its long awaited report that assesses the application and scope of AIFMD. On 10 June 2020, the European Commission published a report assessing the application and scope of the...more

European Commission's Review into AIFMD

BCLP on 6/17/2020

The European Commission has published its long awaited report into the application and scope of AIFMD. The report is generally positive and concludes that overall AIFMD has been successful in meeting its objectives....more

Changes to EMIR Reporting Responsibilities from 18 June 2020 – Key Considerations

Akin Gump Strauss Hauer & Feld LLP on 6/16/2020

Derivatives reporting responsibilities under the European Market Infrastructure Regulation (EMIR) will change from 18 June 20201, as (i) alternative investment fund managers (AIFMs) will become responsible for reporting for...more

Key Regulatory Topics: Weekly Update

A&O Shearman on 2/18/2020

PUBLICATIONS - APAC Financial Regulatory Focus: Expected Developments in the Year of the Rat - As we move into the year of the rat, our team across Asia Pacific consider some of the key areas of financial regulatory...more

European Securities and Markets Authority Publishes Final Guidance on Liquidity Stress Tests for Investment Funds

A&O Shearman on 9/16/2019

The European Securities and Markets Authority has published a report containing its final guidelines on liquidity stress testing in Alternative Investment Funds and Undertakings for Collective Investment in Transferable...more

EMIR REFIT – Implications for Fund Managers

Herbert Smith Freehills Kramer on 6/3/2019

On April 18, 2019, the final text amending the European Market Infrastructure Regulation (EMIR) was adopted by the European Parliament. The update to EMIR is widely referred to as EMIR REFIT and will come into effect on June...more

Emir Refit: Impact of the Reclassification of Funds

A&O Shearman on 4/3/2019

The EU proposals to amend technical aspects of the European Market Infrastructure Regulation (EMIR), known colloquially as ‘EMIR 2.1’ or ‘EMIR Refit’, have been politically agreed. The final text is likely to be published in...more

Sustainability in EU Capital Markets: New Rules for Fund and Asset Managers Ahead

Jones Day on 2/21/2019

Currently in the European Union, no level playing field exists for asset management and rating agency activities when it comes to ensuring sustainability. The European Securities and Market Authority ("ESMA") is proposing...more

European Commission Publishes Legislative Package for Cross-Border Distribution of Investment Funds

A&O Shearman on 3/23/2018

As part of its work on creating a European Capital Markets Union, the European Commission has published a legislative package of amendments, comprising a proposed Regulation and a proposed Directive....more

ESMA Statements on ICO Risks for Firms and Investors

Orrick - Finance 20/20 on 11/24/2017

Following the European Securities and Markets Authority‘s (“ESMA“) observation in rapid-growth initial coin offerings (“ICOs“)s, on November 13, 2017, ESMA issued two statements on ICOs. ESMA notes in a statement for firms...more

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