Popular, Asset Management, Investment Funds

Further Reform for UK Private Fund Managers: The Government’s Road Map for Growth in Financial Services

Goodwin on 7/23/2025

On 15 July 2025, Chancellor of the Exchequer Rachel Reeves delivered her Mansion House 2025 speech unveiling the Leeds Reforms, a programme for financial services reforms to drive investment and growth in the sector....more

SEC Could Broaden Path to Private Equity Fund of Funds Investment

DarrowEverett LLP on 7/14/2025

Since the enactment of the Investment Company Act 85 years ago, the asset management industry has grown from $2 billion in assets to more than $39 trillion in assets. Under existing Securities and Exchange Commission (“SEC”)...more

May – June 2025 Regulatory Round-Up

Akin Gump Strauss Hauer & Feld LLP on 7/11/2025

HM Treasury (HMT) and the Financial Conduct Authority (FCA) have launched consultations proposing a streamlined regulatory framework for UK AIFMs. The key proposals include: These reforms aim to introduce a more proportional...more

Texas Federal Court Allows an ERISA Fiduciary Challenge Against Alleged "ESG Investing" Without Any ESG Funds

Troutman Pepper Locke on 5/16/2025

On January 10, 2025, in Spence v. American Airlines, a federal district court in Texas ruled that American Airlines (the company) and the committee overseeing its 401(k) plans (the committee) breached their duty of loyalty...more

UK Government Targets Reform of the Investment Manager Exemption

Skadden, Arps, Slate, Meagher & Flom LLP on 5/6/2025

On 28 April 2025, the UK government published draft legislative amendments to: - Align the UK’s domestic tax rules on permanent establishments (PE) with the 2017 Organisation for Economic Co-operation and Development (OECD)...more

Segregated Portfolio Companies: Cayman Courts Upholding the Segregated Principle

Conyers on 1/2/2025

A Segregated Portfolio Company (SPC) provides for the protection of the assets held under one portfolio by ring-fencing them from the liabilities of other portfolios in the same company. SPCs were introduced in the Cayman...more

A New Sustainable Investment Framework for the EU? ESMA’s Latest Opinion

Goodwin on 7/26/2024

Those who have had to navigate and consider the EU Sustainable Finance Disclosure Regulation (SFDR) have faced its challenges and noted its deficiencies. Specifically, these have included data gaps, the SFDR’s use as a...more

California Enacts Landmark Crypto Licensing Law

K&L Gates LLP on 10/18/2023

To date, crypto companies have been able to operate in California without a license, but that will change effective July 2025 under the state’s newly-enacted “Digital Financial Assets Law” (the Law), signed by Governor Newsom...more

Republican AGs Target 53 Large Asset Managers' ESG Practices

Cadwalader, Wickersham & Taft LLP on 5/9/2023

On March 30, 2023, 21 Republican Attorneys General (AGs) wrote a letter addressed to over 50 U.S. asset managers citing “concerns about the ongoing agreements between asset managers to use Americans’ savings to push political...more

To Change or Not To Change: FCA Considers Updates to the UK Regulatory Regime for Asset Management

Skadden, Arps, Slate, Meagher & Flom LLP on 3/8/2023

On 20 February 2023, the UK’s Financial Conduct Authority (FCA) released a discussion paper titled “Updating and Improving the UK Regime for Asset Management” (Discussion Paper), seeking industry feedback on potential changes...more

European Union Mandates IT and Cybersecurity Resilience Requirements for Investment Managers and Firms with Enactment of DORA

Akin Gump Strauss Hauer & Feld LLP on 3/2/2023

The European Union (EU) adopted Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (the “DORA Regulation”) in January 2023. The DORA Regulation seeks to establish a harmonised digital...more

FCA ESG Rules: The Next Deadline for U.K. Private Fund Managers

Goodwin on 10/18/2022

In our previous client alert, Back to Work: The FCA's 2022-23 Priorities for Private Fund Managers, we mentioned the need for FCA-authorised private fund managers with assets under management (AuM) of over £5 billion and who...more

Asset Protection Trusts for Cryptocurrency and Digital Assets

Freeman Law on 4/18/2022

With more investors diversifying their investment portfolios, cryptocurrencies and other kinds of digital assets (i.e., non-fungible tokens “NFTs”) have become a more popular option in recent years. With the Internal Revenue...more

The SEC's Modernized Marketing Rule for Investment Advisers

K&L Gates LLP on 1/20/2021

On 22 December 2020, the U.S. Securities and Exchange Commission (SEC) adopted amendments (the final rule) to Rule 206(4)-1 under the Investment Advisers Act of 1940 (the Advisers Act) to modernize the regulation of...more

Funds and asset management regulatory news, November 2020

Hogan Lovells on 11/10/2020

COVID-19: EFAMA updates cyber-prevention standards for investment management companies - The European Fund and Asset Management Association (EFAMA) has published a document updating the International Investment Funds...more

Investment Management Roundtable Discussion – Data Privacy and Security

Troutman Pepper Locke on 1/10/2020

Gregory J. Nowak, a partner and practice leader for hedge funds in Pepper Hamilton’s Private Fund Services Practice Group, hosts a series of candid, interactive webinar discussions for West LegalEdcenter on what is going on...more

Fund-to-Fund Transfers on the Rise as Deal Flow Slows

Latham & Watkins LLP on 12/9/2019

Negotiating market price, fund economics, management and other investors, documents, and approvals are key to leveraging fund-to-fund transfers. Following significant fundraising activity, sponsors have substantial capital...more

In Principle: 10 Things Authorised Firms Need to Know for 2018 – The World of Financial Regulation as the UK Prepares to Exit the...

Akin Gump Strauss Hauer & Feld LLP on 1/25/2018

There is much for authorised firms to consider in the year ahead. Firms have been through the intensive period of the enactment of the second Markets in Financial Instruments Directive (MiFID II), but must now step up their...more

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