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European Union › Risk Management › Investment Funds

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... more +
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 -
Ropes & Gray LLP

UK and EU Money Laundering Risk Assessments 2025: Key Findings for Asset Managers

Ropes & Gray LLP on

In July 2025 HM Treasury and the Home Office issued the UK National Risk Assessment of Money Laundering and Terrorist Financing 2025 ('NRA 2025'), while the European Banking Authority (EBA) published its fifth Opinion on...more

King & Spalding

Haftungsbegrenzung für KVGen und andere Geniestreiche des Gesetzgebers

King & Spalding on

Entwurf eines Fondsrisikobegrenzungsgesetzes veröffentlicht - Anfang August 2025 hat das Bundesministerium der Finanzen den Referentenentwurf eines Gesetzes zur Begrenzung der Risiken durch Investmentfonds und zur...more

A&O Shearman

ESMA revises cloud outsourcing guidelines to align with DORA

A&O Shearman on

The European Securities and Markets Authority (ESMA) has published its final report, updating the 2021 guidelines on outsourcing to cloud service providers in line with the Digital Operational Resilience Act (DORA). The 2021...more

Ropes & Gray LLP

ESMA Proposes Significant Reforms to UCITS Eligible Assets Rules

Ropes & Gray LLP on

ESMA has recently recommended notable amendments to the UCITS Eligible Assets Directive, which sets the standards for permissible investments by UCITS funds across Europe. These reforms could redefine permissible investment...more

Walkers

ESMA advice on the review of the UCITS Eligible Assets Directive

Walkers on

On 26 June 2025, ESMA published its keenly awaited technical advice to the Commission on the review of the UCITS Eligible Assets Directive 2007/16/EC (EAD). The report assesses EAD implementation across member states and...more

Ropes & Gray LLP

Energy Transition: Navigating Europe's Short-Term Volatility and Long-Term Gains

Ropes & Gray LLP on

It might appear as though investors are struggling to see how to make the energy transition profitable, but European investor appetite hasn’t waned for the right transaction. Below we consider some topical issues and risk...more

Ropes & Gray LLP

ESMA’s 2023-2024 Common Supervisory Action on Sustainability Risks and Disclosures: Key Findings

Ropes & Gray LLP on

On 30 June 2025, the European Securities and Markets Authority (ESMA) published its Final Report on the 2023-2024 Common Supervisory Action (CSA) concerning the integration of sustainability risks and disclosures within the...more

A&O Shearman

Corrigendum to EMIR 3 clarified counterparty risk rules for MMFs

A&O Shearman on

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

Goodwin

Liquidity Management Under AIFMD2: Near-Final RTS for Open-Ended Funds

Goodwin on

Following our September 2024 Alert “Liquidity Management Under AIFMD2: RTS for Open-Ended Funds,” the European Securities and Markets Authority (ESMA) has now published Final Reports for “Guidelines on LMTs of UCITS and...more

A&O Shearman

ESMA publishes final draft RTS and guidelines on Liquidity Management Tools for Funds

A&O Shearman on

The European Securities and Markets Authority (ESMA) has published its final draft regulatory technical standards (RTS) relating to liquidity management tools (LMTs) under the Alternative Investment Fund Managers Directive...more

Proskauer - Regulatory & Compliance

AIFMD 2.0 – Draft RTS and Final Guidelines Published on Liquidity Management Tools

Proskauer - Regulatory & Compliance on

On 15 April 2025, the European Securities and Markets Authority (“ESMA”) published draft regulatory technical standards (the “Draft RTS”) and final guidelines (the “Guidelines”) on Liquidity Management Tools (“LMTs”), as...more

Walkers

AIFMD II: Timeline to implementation - One year on

Walkers on

On 15 April 2024, the Alternative Investment Fund Managers Directive II (AIFMD II) as regards delegation arrangements, liquidity risk management, supervisory reporting, the provision of depositary and custody services and...more

Cadwalader, Wickersham & Taft LLP

Capital Call Securitisation, March 2025 - Subscription Finance Facilities – the Allure to Securitise: A European Perspective

Cadwalader, Wickersham & Taft LLP on

Securitisation of subscription finance facilities is en vogue in fund finance. We have written previously on this topic, offering a primer on capital call securitisations and a Q&A regarding a first publicly rated cash...more

Walkers

Fund Finance: Central Bank of Ireland relaxes regulatory prohibition on provision of third-party guarantees by QIAIFs

Walkers on

Subject to certain requirements, a QIAIF may now guarantee the obligations of third-party entities in respect of investments and/or intermediate vehicles in which the QIAIF has a direct or indirect economic interest. This is...more

Goodwin

AML/CFT Compliance in Luxembourg: New Obligations for Funds

Goodwin on

Against the backdrop of reinforced European and international anti-money-laundering and countering the financing of terrorism (AML/CFT) requirements, the Administration de l’enregistrement, des domaines et de la TVA (AED) has...more

A&O Shearman

ESMA guidelines on stress test scenarios under MMF Regulation

A&O Shearman on

The European Securities and Markets Authority (ESMA) has published official translations of its guidelines on stress test scenarios under the Money Market Funds Regulation (MMF Regulation). These guidelines apply to competent...more

King & Spalding

Open End Credit Funds – ESMA Is Looking for Answers

King & Spalding on

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

A&O Shearman

ESMA CSA on fund manager compliance and internal audit functions launched

A&O Shearman on

The European Securities and Markets Authority (ESMA) has published a press release confirming the launch of a Common Supervisory Action (CSA) with national competent authorities on compliance...more

Hogan Lovells

Depositaries and capital management companies: Responsibilities in the Crypto Era

Hogan Lovells on

On 25 February 2025, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) published a consultation paper outlining a circular that addresses the responsibilities of...more

Akin Gump Strauss Hauer & Feld LLP

2025 Perspectives in Private Equity: International Trade Regulations & Tariffs

Akin Gump Strauss Hauer & Feld LLP on

If there is one thing that we can be sure of as the new administration settles into the White House, it is that there will be a heightened focus on, and more aggressive use of international trade regulatory, enforcement and...more

A&O Shearman

EU final report on updated guidelines on stress test scenarios under Money Market Funds Regulation

A&O Shearman on

The European Securities and Markets Authority has published its final report on guidelines on stress test scenarios under the Money Market Funds Regulation. The MMF Regulation requires ESMA to annually update the guidelines,...more

A&O Shearman

Regulatory monitoring - December 2024

A&O Shearman on

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) International - FSB: Plenary December 2024 - Status: Final - The FSB has set out the outcomes of its Plenary that met on 3 and 4 December. Points of...more

Walkers

Department of Finance public consultation on exercise of AIFMD II national discretions

Walkers on

On 22 November 2024, the Department of Finance ("DoF") launched its public consultation on the exercise of the national discretions in Directive (EU) 2024/927 amending AIFMD (2011/61/EU) and the UCITS Directive (2009/65/EC),...more

A&O Shearman

Consultation on Updated Liquidity Risk Management Recommendations for Collective Investment Schemes

A&O Shearman on

The International Organization of Securities Commissions has published a consultation report on its proposed revised recommendations for liquidity risk management for collective investment schemes. The Liquidity Risk...more

Goodwin

Liquidity Management Under AIFMD2: RTS for Open-Ended Funds

Goodwin on

In our recent alert Loan Origination Under AIFMD2: A Guide, on loan origination under the revised Alternative Investment Fund Managers Directive (AIFMD2), we noted that the European Securities and Markets Authority (ESMA)...more

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