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Regulatory update

ESMA issues opinion on ‘undue costs’

Regulatory authority is concerned about diverging levels of investor protection across the bloc

ESMA calls for input on ELTIF regime

Regulator is taking a closer look at redemption policy and matching mechanism

Blackrock to launch LTAF

The FCA has granted Blackrock approval to launch fourth LTAF on the market

In-house rules: legal versus compliance

As more lawyers move into in-house roles within private equity, they can take up the mantle of either legal or compliance – but how do these functions cross and diverge?

Help your LP help you

As regulatory and economic perspectives on capital allocation diverge, LPs’ expectations towards their GPs are changing

Who watches the watchdogs?

Macfarlanes calls for new independent body to increase democratic accountability and expertise of the UK’s financial services regulator

Jersey widens AML/CFT scope

Jersey private entities with a local administrator no longer exempt from regime

Up close and personal

FCA and HM Treasury take a deep dive into the effectiveness of SMCR so far; we explore what’s included in the consultation papers and what might be up for reform

Not on the guestlist

A connection to public entities could see the EU's new Foreign Subsidies Regulation crash the dealmaking party

Waystone acquires Link Fund Solutions

The deal is dependant on LFS settling with the FCA

Critical about clouds

The UK's bill on operational resilience could empower GPs vis-à-vis cloud service providers, but concerns about regulatory fragmentation leave a bitter aftertaste

The neverending SFDR story

EU’s supervisory authorities look to broaden SFDR disclosure requirements

Invest Europe voices concern over FSR

The EU’s proposed Foreign Subsidies Regulation regime “risks creating a chilling effect on investment and participation in the European economy”

ESMA publishes product governance guidelines

The requirements are akin to the FCA’s Consumer Duty but are not legally binding

Climate vs competition: A balancing act

In relatively new territory, GPs must juggle climate-based agreements with competition law risks

Comment: DORA - a paradigm shift

Robert D Maddox and Tristan Lockwood at Debevoise & Plimpton assess new continuity requirements and suggest organisational and technical changes will be needed to comply

FCA updates on SDR consultation

Final policy statement to come in Q3 2023 due to significant amount of responses

Lord Mayor of London calls for pensions reform

City of London hopes to create Future Growth Fund to invest in UK’s tech industry

Comment: Antitrust in me

Merger enforcers turn up the heat on private equity: what can you do to stay cool?

Mean green litigation machine

ESG jurisprudence continues to develop as BNP Paribas first private player to be hit with lawsuit

CSSF updates SFDR FAQ

Luxembourg regulator adds three new questions to help clarify SFDR

UK updates QAHC regime

‘Qualifying fund’ requirement more easily met with further amendments on the way

Khepri launched via MBO of MJ Hudson UK unit

Will Roxburgh and Mike Booth have led the buyout of MJ Hudson’s UK regulatory and fund management business

ESLitiGation

As regulators gear up for ESG enforcement action, private litigation is revving its engines, ready to hit the streets

ELTIF: second time’s the charm

Possibility to set up master feeders and fund-of-funds structures could open up retail investment for small and mid-cap firms

FCA eyes regulatory streamlining for UK funds

Financial watchdog launches consultation paper as it seeks to modernise current regulatory framework and the use of tech in asset management

FCA addresses sustainability regulations ‘alphabet soup’

Regulator requests feedback on sustainability-related governance to help reform industry obligations

Katten launches ESG risk and investigations practice

India D Williams joins firm as practice co-chair with partner Johnjerica Hodge

AIFMD II: Electric Boogaloo

Regulator expands the scope of delegation and adds new rules for loan-origination funds

AMF calls for more stringent SFDR regulations

French financial watchdog proposes the introduction of minimal environmental requirements

Firms’ operations a concern for FCA

Financial watchdog’s recent ‘Dear CEO’ letter holds a lens up to firms’ operational and financial resilience alongside ESG

UK - Same same but different

The UK's similarly named SDR is akin to the EU's SFDR, but it's best to contrast rather than compare

Germany - Wait and see

The regulator’s focus on Article 8 funds and failure to address real concerns leaves the industry frozen

France - Layers and labels

The regulator requires additional disclosures not required by other Member States

Ireland - Our survey says…

The regulator has taken a pragmatic, survey-informed approach

SFDRRRGGHHH!!!

European member states are interpreting and applying incoming esg disclosure rules differently, creating even more confusion and frustration for managers

Sun, sea and… startups!

The Spanish Startup Act aims to boost growth in the startup ecosystem with enticing tax relief for GPs

PRI updates reporting framework

Following signatory feedback, changes aim to reduce duplication while increasing alignment with other private market modules and external regulatory standards

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

Travers Smith names Cawood as PE head

The appointment follows several departures from the law firm as US-led groups build their European practices

A question of intent

EFAMA responds to ESA’s consultation on greenwashing, distinguishing between misleading with intent and regulatory uncertainty

Capital-raising punishment: Painful process

A sleek and streamlined onboarding process is vital to make sure hard-won commitments aren’t scared off

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

Highvern Ireland to offer fund administration services

The Central Bank of Ireland has granted the firm regulatory approval for fund administration services

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.

State of New York increases cap on alternative allocations for pensions

Governor has signed bill increasing permitted allocations from 25% to 35%

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

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

IPEV publishes updated guidelines

The latest version includes updates reflecting the impact of distressed market conditions

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

PRI welcomes sustainability due diligence legislation

Eurosif and the Investor Alliance for Human Rights among consortium supporting EU proposal; which has issued additional recommendations

CSRD implementation removes GP hurdle

The CSRD has been officially adopted as EU legislation, removing a GP operational burden

Exclusion exemption

FCA clarifies which investors are exempt from Consumer Duty in latest quarterly consultation paper

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

Managers downgrading SFDR fund labels

Continued tightening of the SFDR has seen several funds move from Article 9 to Article 8

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

Valuations decrease predicted for Q4

Macroeconomic instability causes valuation concerns for GPs and LPs as Q4 year-end reporting approaches

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

“QAHC, QAHC!”

The Qualifying Asset Holding Company regime is set to close the gap between the UK and other fund domiciles

CSC finalises Intertrust acquisition

CSC first bid for Intertrust in December 2021