News & Analysis as of July 24, 2025

Investment Management

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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 final report on 2023–2024 CSA on integration of sustainability risks and disclosures

A&O Shearman on 7/11/2025

The European Securities and Markets Authority (ESMA) has published its final report on the 2023-2024 common supervisory action (CSA) carried out with national competent authorities (NCAs)on the integration of sustainability...more

ESMA publishes technical advice on eligible assets for UCITS

A&O Shearman on 7/8/2025

The European Securities and Markets Authority (ESMA) has published its final technical advice to the European Commission (EC) on the review of the UCITS Eligible Assets Directive (EAD) accompanied by a press release. The EAD...more

Irish Quarterly Legal and Regulatory Report: Asset Management and Investment Funds January - March 2025

Walkers on 4/17/2025

Welcome to the January - March 2025 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds. This report covers key dates and developments during the quarter, such...more

Europe: ESMA and National Regulators Launch Coordinated Review of Fund Manager Compliance and Internal Audit Functions

K&L Gates LLP on 2/28/2025

On 14 February 2025, the EU’s securities and markets regulator, the European Securities and Markets Authority (ESMA), launched a Common Supervisory Action (CSA) with EU Member State National Competent Authorities (NCAs), in...more

ESMA CSA on fund manager compliance and internal audit functions launched

A&O Shearman on 2/28/2025

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

Great Fund Insights: ESMA Guidelines on funds’ names: Tell me your fund name, I’ll tell you your fund strategy

A&O Shearman on 7/15/2024

On 14 May 2024, ESMA published its final guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines). As a result, the use of certain environmental, social and governance (ESG) or...more

Reminder to Managers re Upcoming Changes to EMIR Reporting

Akin Gump Strauss Hauer & Feld LLP on 4/22/2024

The European Market Infrastructure Regulation (EMIR) data reporting requirements apply to European Union (EU) funds and EU fund managers. UK EMIR imposes reporting requirements on UK funds and UK managers. The reporting...more

Neufassung der AIFM- und UCITS- Richtlinien

McDermott Will & Emery on 2/28/2024

Die überarbeiteten Fassungen der AIFM- und der UCITS-Richtlinie stehen fest und sollen Mitte 2024 in Kraft treten. Die Mitgliedstaaten haben dann zwei Jahre Zeit zur Umsetzung. Änderungen sind insbesondere bei den Themen...more

Political Agreement Reached on Proposed Directive Amending Both AIFM and UCITS Directives

Cadwalader, Wickersham & Taft LLP on 8/3/2023

On 20 July 2023, the Council of the EU announced that it has reached political agreement with the European Parliament on the proposed Directive amending the Alternative Investment Fund Managers Directive (2011/61/EU) and the...more

The End of the Brexit Transition Period: Compliance Requirements for UK Investment Managers and Advisers

Akin Gump Strauss Hauer & Feld LLP on 1/6/2021

On 24 December 2020, the government of the United Kingdom (UK) and the European Union (EU) reached a Trade and Cooperation Agreement (the “Agreement”) in advance of the end of the Brexit transition period (11:00 p.m. GMT on...more

Sustainable Finance In Luxembourg — What Managers Should Do Now

Goodwin on 12/18/2020

Regulation (EU) 2019/2088 of 27 November, 2019 on sustainability-related disclosures in the financial services sector, as amended by Regulation (EU) of 18 June, 2020 on the establishment of a framework to facilitate...more

ESG: New Disclosure Rules for Investment Managers

Akin Gump Strauss Hauer & Feld LLP on 11/25/2020

1. New EU and UK disclosure requirements - The new disclosure requirements for investment managers and advisers with respect to their environmental, social and corporate governance (ESG) policies will apply in the European...more

ESMA Recommends Key Changes to the AIFMD

Proskauer Rose LLP on 8/31/2020

On 19 August 2020, the European Securities and Markets Authority (“ESMA”) published a letter (“Letter”) received by the European Commission (“Commission”) making several recommendations with regard to the Commission’s...more

European Securities and Markets Authority Reports on Sanctions Imposed Under UCITS Directive

A&O Shearman on 12/30/2019

The European Securities and Markets Authority has published its second annual report on the sanctions imposed in 2018 under the Undertakings for Collective Investments in Transferable Securities Directive. The UCITS Directive...more

Investment Firms: A new prudential framework

BCLP on 12/2/2019

What is it? The EU has finalised and issued a new framework for the prudential regulation of investment firms. It will set new classification for investment firms that will in turn determine which of the new capital...more

EU Sustainable Finance Regulation

White & Case LLP on 6/5/2019

The EU sustainable finance market has developed organically, guided by voluntary but universally accepted principles. According to recent research, climate change could cost up to 19 per cent. of Global GDP by the end of...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 7/20/2018

U.S. Financial Industry Developments - LIBOR "Transition" - While there is a way to go until the end of 2021 when panel banks will no longer be required to provide LIBOR quotes to the FCA, we expect to see more and more...more

Securities Financing Transactions Regulation—Update

Akin Gump Strauss Hauer & Feld LLP on 5/19/2017

Regulation (EU) 2015/2365, the Securities Financing Transactions Regulation (SFTR), imposes a number of requirements on EU fund managers (see the previous Akin Gump client alert on SFTR, The New Securities Financing...more

"Continental Drift? Brexit’s Potential Impact on International Investment Managers"

Skadden, Arps, Slate, Meagher & Flom LLP on 8/1/2016

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

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 7/30/2016

EBA Final Draft RTS on Assessment Methodology for Internal Ratings-Based Approach - The EBA has published final draft regulatory technical standards (RTS) on the specification of the assessment methodology for competent...more

FCA Assesses Whether Fund Managers are Meeting Investor Expectations

Proskauer Rose LLP on 5/6/2016

On April 7, 2016, the United Kingdom (UK) Financial Conduct Authority (FCA) published a report (Thematic Review TR16/3: Meeting investors' expectations) (Report) containing its conclusions regarding a thematic review...more

Financial Services Sector Implications of ‘Brexit’

Morgan Lewis on 3/9/2016

Should Britain decide to leave both the EU and EEA as a result of a “Brexit” vote on 23 June 2016, the impact on UK and EU financial services firms could be significant. The City of London is Europe’s key financial...more

"MiFID II Expected to Have Significant Impact on Investment Managers"

Skadden, Arps, Slate, Meagher & Flom LLP on 1/21/2016

When implemented, revisions to the EU’s Markets in Financial Instruments Directive (MiFID II) will radically change the regulation of EU securities and derivatives markets, and significantly impact the investment management...more

UCITS V Directive—Overview and Practical Implications

K&L Gates LLP on 10/15/2015

Changes to the UCITS Directive (known as “UCITS V”) were published in the Official Journal of the European Union and came into force on 17 September 2014. EU Member States are required to transpose UCITS V into national law...more

Corporate & Financial Weekly Digest - Volume X, Issue 29

Katten Muchin Rosenman LLP on 8/3/2015

SEC to Consider Adoption of Pay Ratio Disclosure Rules at August 5 Opening Meeting - On July 29, the Securities and Exchange Commission, pursuant to a “Sunshine Act” notice, stated that it will hold an open meeting on...more

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