News & Analysis as of

Regulatory Oversight Investment Funds

Walkers

ESMA's findings on sustainability risk integration and disclosures: What you need to know

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ESMA has published its final report on the CSA on the integration of sustainability risks and disclosures in the investment fund sector and a thematic note on sustainability-related claims focusing on ESG credentials. ...more

Walkers

Going solo: Guernsey structures for single investor or single asset mandates

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Guernsey has established itself as a sophisticated, stable jurisdiction for the structuring of alternative investment funds and bespoke vehicles. Among its suite of offerings, Guernsey permits the formation of unregulated...more

Secretariat

Reflections on Initial SEC Policy Changes Early in the Atkins Era

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Since Paul Atkins became Chairman of the U.S. Securities and Exchange Commission (SEC) on April 21, 2025, the SEC has announced significant pivots in its approaches to enforcement, regulatory guidance, investment adviser...more

Foley & Lardner LLP

SEC and CFTC Extend Form PF Compliance Date Again

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On June 11, 2025 the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) again extended the compliance date for the most recent Form PF amendments, providing a near four-month reprieve for...more

Carey Olsen

Starting up a hedge fund in Hong Kong? Should I use a Hong Kong, BVI, or Cayman Islands structure?

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Hong Kong’s status as an open jurisdiction offers hedge fund managers unparalleled flexibility to choose the domicile of their fund structure, free from restrictive local mandates. This allows managers to align their fund’s...more

Ropes & Gray LLP

Supreme Court to Consider Closing a Back Door to Fund Litigation Claims Under the Investment Company Act

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On June 30, the U.S. Supreme Court agreed to hear a case that will determine whether Section 47(b) of the Investment Company Act of 1940 (ICA) creates a private right of action for shareholders of registered investment...more

Jones Day

ESMA Report on the Integration of Sustainability Risks and Disclosures Under SFDR

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The funds industry continues to wait for regulators and legislators to review and fix the multiple flaws in the existing SFDR regime. In the meantime, in July 2023, ESMA launched a “common supervisory action” ("CSA”)...more

A&O Shearman

FSB report identifies vulnerabilities in non-bank CRE investors

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The Financial Stability Board (FSB) has published a report, alongside a press release and updated webpage, examining vulnerabilities in non-bank commercial real estate (CRE) investors. The report identifies entities such as...more

Herbert Smith Freehills Kramer

ASIC public and private markets update

Following the substantial feedback provided in response to ASIC’s discussion paper, ‘Australia’s evolving capital markets: A discussion paper on the dynamics between public and private markets’ (Discussion Paper) on 10 June...more

Proskauer - The Capital Commitment

Three Risks to Monitor in Private Credit

Private credit has become an essential source of financing globally, with fund sponsors enjoying strong demand from borrowers, market participants, and investors.  However, as the industry’s “golden age” continues, regulatory...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Empower to offer 401(k) private equity investments to participants

Empower recently made headlines by announcing a bold new initiative: giving defined contribution (DC) retirement plan participants access to private market investments. On the surface, it sounds like a win—more choice,...more

K&L Gates LLP

United States: STOP! START AGAIN! JUST KIDDING, STOP AGAIN! SEC Provides 11th Hour Extension of Compliance Date for Amended Form...

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With less than a day to go before the 12 June 2025 compliance date for the SEC and CFTC’s jointly adopted amendments to Form PF, the SEC, together with the CFTC, voted today to further extend the compliance date for the...more

A&O Shearman

FCA supports move towards faster settlement cycle for fund trades

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The UK Financial Conduct Authority (FCA) has published a press release welcoming a joint statement from asset management trade associations supporting the transition to faster settlement of trades in funds. Effective from 11...more

A&O Shearman

IOSCO final report and guidance for liquidity risk management for CIS

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The International Organization of Securities Commissions (IOSCO) has published its final report containing revised recommendations for liquidity risk management for collective investment schemes (CIS), accompanied by...more

Conyers

Understanding Outsourcing Obligations for Cayman Islands Funds

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It has been two years since the Cayman Islands Monetary Authority (CIMA) introduced its Rule on Corporate Governance for Regulated Entities (the “Corporate Governance Rule”), and a year and a half since it came into force....more

Alston & Bird

CFTC Guidance Clarifies Non-U.S. Person Status of Certain Offshore Trading Firms

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Our Investment Funds Team examines an interpretive letter from the Commodity Futures Trading Commission (CFTC) that may help to clarify when non-U.S. firms with U.S. contacts can be considered non-U.S. persons for...more

Proskauer Rose LLP

SEC Chairman Paul Atkins to Urge SEC to Rethink Private Fund 15% Threshold

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On May 19, 2025, the Securities and Exchange Commission’s (the “SEC”) Chairman Paul Atkins delivered prepared remarks before the SEC Speaks Conference hosted by the Practicing Law Institute (PLI). In his remarks, Atkins...more

A&O Shearman

FCA findings from smaller asset managers and alternatives business model review

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The UK Financial Conduct Authority (FCA) has published findings of its review of smaller asset managers and alternatives business models, together with a press release. The review formed part of the FCA's alternatives...more

Conyers

ReConnect Recap: Key Takeaways from the 2025 Conference

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If last year’s first ReConnect conference embodied a successful proof of concept, the second iteration has not only maintained momentum, but leveraged last year’s foundation to propel towards greater success. The total number...more

Cadwalader, Wickersham & Taft LLP

New Regulatory Priorities Spring Into Focus, April 2025 - The UK Regulator Sets Out Its Supervisory Priorities for the Asset...

On February 26, the UK’s Financial Conduct Authority (FCA) wrote to Chief Executives in the asset management and alternatives sector to set out their current supervision priorities (the Portfolio Letter)....more

Carey Olsen

GLI Cayman Islands blockchain and cryptocurrency regulation 2025, seventh edition

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Regulatory clarity in the digital assets and crypto space continues to be a moving target. Yet, the interest among policymakers and regulators worldwide has never been more pronounced. In the United States, 2024 was a pivotal...more

Seward & Kissel LLP

Changes Are Coming

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Elections, as they say, have consequences. That bit of political wisdom certainly will be true again this time around—our president-elect has been announcing appointees for cabinet positions that are bound to bring about...more

Stikeman Elliott LLP

OSC Publishes Summary Report for Dealers, Advisers and Investment Fund Managers for 2023-2024

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The Registration, Inspections and Examinations Division (“RIE”) of the Ontario Securities Commission (“OSC”) has released its annual Summary Report for Dealers, Advisers and Investment Fund Managers (the “Report”) for the...more

Alston & Bird

SEC Does Not Appeal Fifth Circuit’s Overturn of SEC Private Funds Rules

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Our Investment Funds Team examines why the Securities and Exchange Commission is passing on the opportunity to appeal the Fifth Circuit’s ruling to vacate the Private Funds Rules....more

K&L Gates LLP

Global Survey of ESG Regulations for Asset Managers - ESG and the Sustainable Economy Handbook

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INTRODUCTION - Asset managers (i.e., investment advisers) offering funds in more than one country are accustomed to adapting to different regulatory requirements. However, the challenges presented by the global regulation...more

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