The Ontario Securities Commission (“OSC”) announced the formation of a new OSC LaunchPad Long-Term Asset Fund Project (the “Project”) as part of an update on its proposed framework (the “Proposal”) to facilitate retail...more
We have written about the opportunities for the managers of private funds, such as private equity, real estate, venture, and infrastructure managers, to increase the investor base for the funds they manage (funds) to include...more
On 27 March 2025, the Monetary Authority of Singapore (MAS) issued a consultation paper on a proposed regulatory framework to allow retail investors to access private market investments through authorised long-term investment...more
The Ontario Securities Commission (“OSC”) published for comment a proposed framework (the “Proposal”) to facilitate retail investment in illiquid Long-Term Assets (as defined below) through a new type of prospectus-qualified...more
Commission Delegated Regulation (EU) 2024/2759 supplementing the European Long-Term Investment Funds Regulation with regard to certain regulatory technical standards was published in the Official Journal of the European...more
The Pension Schemes Bill announced in the King’s Speech on 17 July builds on the UK Government’s drive to encourage defined contribution (DC) pension investment in long-term illiquid investments such as private equity,...more
Licensed by the U.S. Small Business Administration (SBA) under the Small Business Investment Act of 1958, a small business investment company (SBIC) represents a privately owned and operated investment fund that makes...more
On 6 March 2024, the European Commission published a letter to the European Securities and Markets Authority (“ESMA”), in which it proposed certain amendments to the draft regulatory technical standards (“Draft RTS”) that...more
On 10 January 2024, Regulation (EU) 2023/606 amending Regulation (EU) 2015/760 as regards the requirements pertaining to the investment policies and operating conditions of European long-term investment funds and the scope of...more
On 11 March 2024, the Central Bank of Ireland (the "Central Bank") reached a significant milestone in finalising its framework for authorisations under the revised European Long-Term Investment Funds Regulation (EU) 2023/606...more
As the shift from fossil-based energy production to renewable energy sources continues, growth in renewable energy projects under development has been staggering. But moving projects from early-stage development to commercial...more
Welcome to the first edition of our Horizon Scan for 2024: key recent and expected funds, regulatory and tax developments to look out for. As before, we focus on the most important developments and changes that we expect to...more
In our previous alert ELTIF Reform: A Milestone in the Development of an EU Private Fund Structure for Accessing Wholesale Markets, we discussed the EU Commission’s adoption of a revised regulation for the European Long-Term...more
Regulation (EU) 2023/606 (“ELTIF 2 Regulation”), which will amend Regulation (EU) 2015/760 (“ELTIF Regulation”), will come into force on 10 January 2024. The original ELTIF Regulation was aimed at boosting European...more
Today sees a significant and very welcome announcement by Irish Funds in relation to the Irish implementation of the ELTIF 2.0 framework. Irish Funds has confirmed in a communication to member firms that following...more
Following its August 2022 consultation on the broader retail distribution of interests in a Long Term Asset Fund (LTAF), the FCA published its Policy Statement PS23/7 including final Handbook rules on 29 June 2023....more
The Institutional Limited Partner Association (ILPA) published new guidance on May 15, 2023, relating to continuation funds. The guidelines build on ILPA's prior (2019) guidance on best practices for GP-led secondary fund...more
The President of Mexico, Andres Manuel López Obrador (AMLO), from the outset of his six-year term, made it abundantly clear that his government will exercise greater control and intrusive state supervision over mining...more
April Interest Rates for GRATS, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts - The April Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more
In March 2023, the Office of the National Cyber Director released the public version of the National Cybersecurity Strategy, which provides strategic guidance for how the U.S. should protect internet users from cyberattacks...more
On 20 March 2023, the revised European Long-Term Investment Funds Regulation (EU) 2023/606 (the “Regulation”) was published in the Official Journal of the European Union, entering into force on the twentieth day following...more
The UK Financial Conduct Authority (FCA) has just announced its first authorisation of a Long Term Asset Fund (LTAF). We have written about the FCA’s increased focus on continuing access by retail investors to wholesale or...more
This memorandum aims to provide a comprehensive overview of the current ELTIF regime (see section 2 below) as well as the most salient features of the new ELTIF regime (see section 3 below), including a table showing the...more
The EU has published its final text for the proposed revision of the European Long-Term Investment Fund ("ELTIF") regime by means of the European Long-Term Investment Funds Regulation....more
As widely reported, on July 27, 2022 Democratic Majority Leader Senator Chuck Schumer and Senator Joe Manchin (D-W.Va) agreed to a reconciliation bill package titled the Inflation Reduction Act of 2022. The bill contains...more