Regulatory update

27 January 2023
Top of the chain
With the Consumer Duty expected to come into effect on 31 July 2023, the responsibility to comply will apply to the entire supply chain, including fund managers

25 January 2023
Travers Smith names Cawood as PE head
The appointment follows several departures from the law firm as US-led groups build their European practices

16 January 2023
A question of intent
EFAMA responds to ESA’s consultation on greenwashing, distinguishing between misleading with intent and regulatory uncertainty

12 January 2023
Capital-raising punishment: Painful process
A sleek and streamlined onboarding process is vital to make sure hard-won commitments aren’t scared off

9 January 2023
Regulatory roadmap 2023
ESG is set to be the biggest bump in the regulatory roadmap for 2023, along with AIFMD and AML reforms in tow

9 January 2023
Highvern Ireland to offer fund administration services
The Central Bank of Ireland has granted the firm regulatory approval for fund administration services

9 January 2023
Capital raising punishment: Marketing madness
Compliance and legal obligations for raising a fund have been building steadily in recent years. But given the sudden tightening of the fundraising market, the myriad rules managers must navigate have made capital raising a punishingly cruel exercise.

5 January 2023
State of New York increases cap on alternative allocations for pensions
Governor has signed bill increasing permitted allocations from 25% to 35%

3 January 2023
5 minutes with… David Genn, CEO of Goji
We spoke to the CEO of Goji to find out how they are using digitisation to open up investor access to private equity funds

15 December 2022
A piece of the pie
As the alternative assets sector becomes more attractive for DC pension schemes, fund managers are tasked with scaling up to accommodate liquidity management

14 December 2022
IPEV publishes updated guidelines
The latest version includes updates reflecting the impact of distressed market conditions

12 December 2022
Edinburgh reforms cement UK financial divergence
The Chancellor of the Exchequer revealed more than 30 regulatory reforms to the UK financial industry to drive competitiveness and growth

9 December 2022
PRI welcomes sustainability due diligence legislation
Eurosif and the Investor Alliance for Human Rights among consortium supporting EU proposal; which has issued additional recommendations

9 December 2022
CSRD implementation removes GP hurdle
The CSRD has been officially adopted as EU legislation, removing a GP operational burden

6 December 2022
Exclusion exemption
FCA clarifies which investors are exempt from Consumer Duty in latest quarterly consultation paper

5 December 2022
Comment: Known or knowable? It depends
Nic Müller, CEO of Avega Capital Management, looks at a recent clarification to the IPEV guidelines, and hopes greater harmonisation is coming

5 December 2022
Managers downgrading SFDR fund labels
Continued tightening of the SFDR has seen several funds move from Article 9 to Article 8

1 December 2022
ESG-related terms: a new circle of confusion
ESMA’s consultation on ESG-related terms risks adding more uncertainty to an already fragmented legal framework

22 November 2022
Valuations decrease predicted for Q4
Macroeconomic instability causes valuation concerns for GPs and LPs as Q4 year-end reporting approaches

14 November 2022
Stepping up to the plate: The transformative role of the Irish ILP
Sam Metland, head of private equity product at Citco, says the Irish fund regime reform provides valuable optionality to managers across Europe

8 November 2022
“QAHC, QAHC!”
The Qualifying Asset Holding Company regime is set to close the gap between the UK and other fund domiciles


8 November 2022
Ireland makes tax changes
The Finance Bill 2022 introduces amendments around reporting, VAT treatment and enforcement for alternative asset managers

27 October 2022
IPEV board opens consultation
GP feedback requested on the association’s latest draft amendments to valuation guidelines

27 October 2022
FCA takes stance on greenwashing
Our in-depth analysis of the regulator’s consultation paper unveils increasing complexity of fund categorisation and disclosures coming to private equity

20 October 2022
ELTIF reform progresses
The European Council and the European Parliament have reached agreement on regulatory reforms to the unpopular fund structure

12 October 2022
Comment: UK LP reform package
Goodwin lawyers outline key proposals of the UK limited partnership legislative reform package introduced in the Economic Crime and Corporate Transparency Bill

10 October 2022
Comment: Brexit and PE - where are we now?
John Young, international counsel at Debevoise & Plimpton, highlights growing concerns around the EU granting equivalence to the UK and the implications for PE firms

3 October 2022
Invest Europe releases new ESG reporting guidelines
New guidelines aim to be user friendly and include a voluntary reporting template

2 September 2022
Domicile watch: August 2022
Key takeaways from the major private equity domiciles, including: JFSC’s extension of its AIF reporting deadlines, the FCA’s new rules for its AR scheme as well as AMF’s consultation on PE funds’ end of life

31 August 2022
Legal lowdown: Michael Halford, Goodwin
The partner, co-chair of global private investment funds discusses recent client challenges, thoughts on the FCA’s new AR rules and what he makes of PE’s reputation

18 August 2022
FCA sets sights on conflicts of interest
The UK watchdog has highlighted conflicts of interest as a key area of focus in its latest portfolio letter

4 August 2022
BOE interest rate hike to impact valuations
“I think we can expect to see the interest rate hike exert some downwards pressure on valuations, though how much is difficult to forecast given the broader market conditions.”

3 August 2022
FCA sets out new rules for AR scheme
The new rules aim to improve oversight of appointed representatives, while placing more responsibility on principal firms

2 August 2022
FCA consults on retail access to LTAFs
The regulator has proposed draft rules to open up access to a broader range of retail investors, while providing further investor protection

25 July 2022
House of Lords slams PE for “financial engineering and tax avoidance”
Lord Sikka pointed to private equity fund and deal structures in Switzerland, Jersey and the Caribbean, created for the purpose of “asset stripping, profit shifting and tax avoidance”

12 July 2022
FCA delays consultation on SDR
The FCA has delayed its internal consultation period from Q2 2022 to autumn 2022

5 July 2022
Key reporting deadlines for Q3 2022
Need to know dates for private equity filings in the third quarter of 2022

7 June 2022
Comment: ESG and PE in Asia: rules of attraction
Stephanie Keen, leader of Hogan Lovells’ corporate & finance practice in Asia Pacific and associate Amelia Lee detail regulatory developments putting ESG firmly on the map in Asia.

7 June 2022
ESAs clarify SFDR and Taxonomy Regulation compliance
Recent statement aims to clear up confusion over the application of SFDR and the Taxonomy Regulation ahead of their adoption

6 June 2022
Force of nature
The TCFD has put action to prevent climate change to the forefront of investing, now a new nature-related framework aims to put the spotlight on biodiversity

30 May 2022
Domicile watch: May 2022
Key takeaways from the major PE domiciles: including JFSC’s fee increases, Jersey’s amendment to its Limited Partnership Law and GFSC joining TNFD

3 May 2022
In the dog house
How effective are financial regulators when it comes to keeping private equity in check?

12 April 2022
EU Commission publishes finalised RTS under SFDR
The Commission Delegated Regulation will come into force on 1 January 2023, when SFDR is expected to come into effect

1 April 2022
Domicile watch: March 2022
Key takeaways from the major PE domiciles: including the FCA’s PRIIPs regulation, JFSC’s proposal to increase investment business fees and the latest addition to Guernsey’s blacklist

28 March 2022
“C-Suite and non-competes in the age of the tweet” – restrictive covenants and social media
Proskauer Rose’s Dorothy Murray and Nicola Bartholomew discuss the increasingly blurred lines when it comes to non-competes and personal social media accounts

22 March 2022
Key reporting deadlines for Q2 2022
Need to know dates for private equity filings in the second quarter of 2022

14 March 2022
LISTEN: Lessons learned with Steve Darrington
Our latest podcast details his approach to risk management, walking the line between optimism and realism, and thinking the unthinkable.

21 February 2022
5 minutes with… Global Regulatory Surveillance Services
We caught up with Joe Vittoria and Sarah Donnelly of GRSS to find out about the new firm and its surveillance system offering for regulated businesses

21 February 2022
ESG outsourcing: who’s who?
We've compiled a directory of who does what when it comes to ESG outsourcing, to help get those boxes ticked.

31 January 2022
ATAD 3: How will private equity measure up?
Andrew Howard, Ropes & Gray tax partner, outlines his thoughts on the likely impacts on private equity of the ‘ATAD 3’ EC proposal, designed to prevent the misuse of shell entities for tax purposes

24 January 2022
Domicile watch: January 2022
Key takeaways from the major PE domiciles: including the FCA's approach to EU firms temporary UK operations, Central Bank of Ireland's outsourcing guidance, Jersey fee changes and The Bahamas removal from the EU's blacklist

20 January 2022
Navigating new rules
Ropes & Gray partner, Eve Ellis, takes a look back at private equity fund regulations throughout 2021, and looks ahead to what's in store for 2022 and beyond

16 December 2021
Key reporting deadlines for Q1 2022
Need to know dates for private equity filings in the first quarter of 2022

9 December 2021
Majority of managers say greenwashing is a problem
Most managers support the FCA’s adoption of the TCFD reporting framework

2 December 2021
Compliance calendar
Need to know dates for your diary as UK rules diverge post-Brexit, as well as upcoming key European regulations

25 November 2021
European Commission puts AIFMD and ELTIF under review
The legislative proposals adopted include clarification on delegation rules


4 November 2021
Comment: New tax regime for UK asset holding companies
Ropes & Gray partner Brenda Coleman and associate Tim Waters detail the latest development for the UK funds industry

28 October 2021
Profile: Jon Fredrik Vassengen, Argentum
The manager and compliance officer discusses how the fund-of-fund determines ESG criteria and the challenges of collecting quantitative ESG data