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Mayer Brown

UK Regulatory Update Asset Management Sector - Quarterly Newsletter Q2 - 2025

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FCA finalises rules for PISCES – new secondary private stock market – On 10 June 2025, the FCA issued its final rules for the Private Intermittent Securities and Capital Exchange ("PISCES"). PISCES is a new type of private...more

Proskauer - Tax Talks

UK Government Carried Interest Tax Reforms Consultation Process: No New Conditions, Territorial Limits Clarified

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June 2025 – The UK Government has published its response to the consultation on its proposal to change the tax treatment of carried interest, confirming the expected final shape of the new regime which will take effect from...more

Ropes & Gray LLP

FCA Extends Investment Research Payment Optionality to Fund Managers

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Last month the Financial Conduct Authority (FCA) set out its final rules related to the application of investment research payment optionality to fund managers. This move follows its consultation paper late last year which...more

A&O Shearman

FCA policy statement on investment research payment optionality for fund managers

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The UK Financial Conduct Authority (FCA) has published a final policy statement (PS25/4), together with an updated webpage and press release, on final rules extending the new payment optionality for investment research to...more

Skadden, Arps, Slate, Meagher & Flom LLP

FCA Finalises Rules Providing Fund Managers a Joint Payment Option for Research and Execution Services

On 9 May 2025, the Financial Conduct Authority (FCA) issued policy statement PS 25/4, setting out, and bringing into force, final rules on investment research payment options for fund managers. The new rules follow the...more

Cadwalader, Wickersham & Taft LLP

Certainty and Uncertainty, May 2025 - Final UK Rules on Options for Fund Managers’ Payment for Investment Research

The UK’s Financial Conduct Authority ("FCA") has published its final Policy Statement on Investment research payment optionality for fund managers (PS25/4) (see here for our note on PS25/4’s preceding Consultation Paper). The...more

Goodwin

Further easing the US-UK Divide: Extending the Buy-Side Investment Research Rules to Fund Managers

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In our previous alert Paying for Buy-Side Investment Research: New Rules Ease the US-UK Divide | Insights & Resources | Goodwin we discussed the Financial Conduct Authority (FCA) final rules in its policy paper PS24/9:...more

Goodwin

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

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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

Akin Gump Strauss Hauer & Feld LLP

March – April 2025 Regulatory Round-Up

His Majesty’s Treasury issued consultation paper—and the Financial Conduct Authority's (FCA) Call for Input—in April, setting out proposals for a revised regime under the Alternative Investment Fund Managers (AIFM)...more

K&L Gates LLP

ESMA Releases Final Draft RTS and Guidelines on Liquidity Management

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ESMA Guidelines and Final Draft RTS on Liquidity Management Tools of UCITS and Open-Ended AIFs - Pursuant to the revised Directive 2011/61/EU (AIFMD) and Directive 2009/65/EC (UCITS Directive), the European Securities and...more

Seward & Kissel LLP

SEC Extends Effective and Compliance Dates for Amendments to Investment Company Reporting Requirements

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Who may be interested: Registered Investment Companies; Registered Investment Advisers; Compliance Officers - Quick Take: The SEC announced a two-year extension to the effective and compliance dates for rule amendments...more

Katten Muchin Rosenman LLP

SEC Extends Compliance Dates for the 'Names Rule' Amendments

On March 14, 2025, the Securities and Exchange Commission (SEC) issued the following press release (Release) to extend compliance with the amendments (Amendments) to Rule 35d-1 (Names Rule) under the Investment Company Act of...more

Ropes & Gray LLP

SEC Defers Names Rule Compliance Date; Permits Rolling Compliance for Existing Funds

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On March 14, 2025, the SEC issued a release (the “Release”) that (i) for new funds, defers by six months the compliance date for amendments to Rule 35d-1 under the 1940 Act (the “Names Rule”) (described in a Ropes & Gray...more

Mayer Brown Free Writings + Perspectives

The Rules of the Name: SEC Staff Updates Guidance on Fund Naming Rules

The Securities and Exchange Commission (SEC) staff issued updated FAQs regarding Rule 35d-1 under the Investment Company Act of 1940 (the “Names Rule”) on January 8, 2025.  These updates reflect amendments that were adopted...more

K&L Gates LLP

SEC Updates Names Rule FAQs

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On 8 January 2025, the staff of the Division of Investment Management of the US Securities and Exchange Commission (the SEC) released an updated set of Frequently Asked Questions (the FAQs) related to the amendments to Rule...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

Goodwin

FinCEN Adopts Final AML Program Rule for Investment Advisers

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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) adopted a final rule (the Final Rule) on August 28 that will treat certain investment advisers and exempt reporting advisers as financial...more

K&L Gates LLP

SEC Expands "Dealer" Definition to Capture Liquidity Providers

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Introduction - On 6 February 2024, the US Securities and Exchange Commission (SEC) voted 3-2 to adopt two new rules that significantly expand the definitions of a “dealer” and “government securities dealer” in Sections...more

Alston & Bird

A Practical Guide to the SEC’s Private Fund Adviser Rules: Commentary and Industry Insight

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In August 2023, the U.S. Securities and Exchange Commission adopted new rules and amendments to rules under the Investment Advisers Act of 1940, as amended, affecting registered and unregistered advisers to private funds. We...more

Troutman Pepper Locke

Amendments and Clarifications to the Small Business Investment Company Investment Diversification and Growth Rules

Troutman Pepper Locke on

On January 19, the U.S. Small Business Administration (SBA) published a direct and final rule (the rule), including substantive and technical amendments and clarifications to the Small Business Investment Company Investment...more

Goodwin

SEC Adopts Rule Enhancements to Prevent Misleading or Deceptive Investment Fund Names

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On September 20, 2023, the US Securities and Exchange Commission (the “SEC”) voted, by a 4-1 vote, to adopt certain amendments (the “final rule” or the “amendments”) to Rule 35d-1 (the “Names Rule”) under the Investment...more

Eversheds Sutherland (US) LLP

SBA modernizes the SBIC program

On July 13, 2023, the US Small Business Administration (SBA) finalized major revisions to the regulations governing the small business investment company (SBIC) program (Final Rule). The updated regulations represent the most...more

Dorsey & Whitney LLP

The SEC Adopts Significant New Rules for Private Fund Advisers

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On August 23, 2023, the Securities and Exchange Commission (“SEC”) adopted new rules and rule amendments (the “Final Rules”) under the Investment Advisers Act of 1940 (“Advisers Act”) to enhance the regulation of private fund...more

Eversheds Sutherland (US) LLP

SEC finalizes highly controversial private fund adviser rule set - a quick review of where things landed

In a Legal Alert issued before yesterday’s SEC Open Meeting, we posed questions relating to six things that our Investment Services team would be looking for. We now have answers to some of those questions....more

Goodwin

SEC Adopts Reforms for Money Market Funds

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On July 12, 2023, the US Securities and Exchange Commission ("SEC") voted, by a 3-2 vote, to adopt money market fund reforms that will significantly impact the regulatory framework governing money market funds ("money funds"...more

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