Regulatory update
1 December 2023
ESG, retail investors and you
The latest Efama conference brought together regulators and asset managers who championed the idea for product instead of fund labels and brainstormed ideas for retailisation
29 November 2023
SDR policy launched
The FCA is introducing an anti-greenwashing rule, four product labels and marketing requirements for investment funds
23 November 2023
Budget breakdown
The Drawdown watched the UK Budget statement so you didn’t have to
22 November 2023
Cayman Islands removed from FATF’s grey list
Effective prosecution of financial crimes was key element to de-list but domicile stays on EU’s AML blacklist
20 November 2023
There and back again
Matthias Plötz reports on the success or otherwise of German GPs´ Luxembourg holidays
16 November 2023
A contribution ill defined
The advantages of greater volumes of UK pension money being allocated to alternatives are obvious, says Zetland Capital partner Malcolm Goddard, if an attitude of inertia can be overcome
14 November 2023
AIFM-Done
As the EU concludes technical discussions around the AIFMD review, The Drawdown takes stock
13 November 2023
ESMA prioritises cyber risks
Digital resilience, including cybersecurity risk management, will be a key priority for the Authority
1 November 2023
CMA publishes Green Agreements Guidance
GPs and LPs are unlikely to infringe upon UK competition law for pursuing environmental sustainability agreements
1 November 2023
FCA joins Project Guardian
The regulator has joined the policymaker group to assess the use cases of asset tokenisation
30 October 2023
BoE’s Financial Policy Committee promotes operational resilience around cybersecurity
Elisabeth Stheeman, external member of the FPC, outlines key risk factors for the finance industry
23 October 2023
Kirkland launches SideTrack
Proprietary software to assist with side letter management, specifically most favoured nations clauses
23 October 2023
weather eye
Matthias Plötz asks: Will the distant winds of the SEC's Private Funds Rules force changes to European GPs' playbooks
23 October 2023
Rubbish in, rubbish out?
The latest SFDR consultation gets the industry thinking about improving entity-level disclosures
20 October 2023
European Parliament rejects ESRS objection
MEPs call for private sector to contribute to corporate sustainability transparency
19 October 2023
FCA lays out priorities for asset management regime
Regulator´s chair discusses AIFMD´s future in UK regulatory regime and highlights proportionality as guiding principle
13 October 2023
Comment: Beware non-EU entities bearing gifts
Dechert partners Michael Okkonen and Clemens York examine the impact of the Foreign Subsidies Regulation on private equity transactions
9 October 2023
Waystone finalises LFS deal
LFS’s UK ACD, Irish ManCo, fund administration and TA businesses will be incorporated into Waystone as all contractual conditions have finally been satisfied
4 October 2023
DORA the implementer
Following ESA’s public consultation, The Drawdown takes a closer look at the impending regulatory technical standards
28 September 2023
FCA cracks down on private market valuations
The review is expected to scrutinise valuation processes, governance and professionals in charge of the process
26 September 2023
FCA and PRA propose D&I reporting measures
The consultation papers aim to introduce frameworks to measure D&I objectives
21 September 2023
EU to sharpen ban on greenwashing
Predominantly aimed at consumers, some rules of new directive could target funds’ marketing communications
21 September 2023
Comment: Ensuring insurers and pension funds invest in PE
Eric de Montgolfier, CEO of Invest Europe, says amendments voted on in July offer a unique opportunity to address the shortcomings of Solvency II
15 September 2023
European Commission opens SFDR consultation
Regulator aims to address shortcomings of legal certainty, usability and potential to counter greenwashing
6 September 2023
EFAMA calls for more transparency in ESG ratings framework
The organisation says the European Commission must bring ESG data providers within the regulatory perimeter
4 September 2023
Gimme a break
Germany to exempt private equity funds from VAT as part of a broader finance reform package
24 August 2023
What’s in a name?
European Commission’s Retail Investment Strategy to further amend AIFMD and do away with ‘undue costs’, broaden definition of professional investor and ban inducements
15 August 2023
The great rebundling
UK signals plans to reinstate research payment bundling, diverging from MiFID II
11 August 2023
FCA eyes funds’ fees
Financial watchdog sees improvements in funds’ value assessment processes but there is still a ways to go
10 August 2023
CIMA updates private funds governance
Statement of Guidance addresses oversight of funds, relationships with service providers, documentation and communication thereof.
7 August 2023
Comment: Avoiding the tripwires
Pinsent Masons partner Mark Shaw details how to avoid regulatory issues when distributing non-EU funds within the EU
4 August 2023
Provisional agreement reached on AIFMD reforms
Regulators hone in on liquidity management, loan origination funds and delegation rules and hope to increase investor protection and cooperation of national authorities
1 August 2023
EFRAG to develop sustainability reporting standards
Association to establish voluntary sustainability reporting standards for SMEs outside of the CSRD’s scope
31 July 2023
Guernsey updates compliance audit requirement
GPs are now required to appoint an independent audit role
27 July 2023
‘GPs are becoming more creative’
Following his move from Travers Smith to Dechert, we caught up with fund formation veteran Sam Kay to get his take on the current market
24 July 2023
Regulators continue to woo retail investors in PE
As France proposes to remove further ELTIF restrictions, the FCA issues a policy statement opening up LTAF to retail and DC pensions schemes investors
17 July 2023
Luxembourg toolbox updated
A bill has been passed to increase flexibility and clarify certain ambiguities for AIFMs and their investment fund products
11 July 2023
Unpacking the EU Commission’s sustainable finance package
Concerns about complexity remain as bloc aligns legislation on sustainable investments and looks to regulate ESG ratings providers
10 July 2023
FCA cracks down on liquidity management
Financial watchdog’s review finds governance failures around decision making, stress testing and redemption practices
6 July 2023
Raising the (global) standard
What impact are the ISSB’s disclosure standards expected to have on global sustainability reporting requirements?
4 July 2023
ESMA reviews cross-border marketing requirements
The body’s second report highlights frequent breaches of marketing requirements
3 July 2023
The French (ELTIF) revolution
Country further opens the door to individual investors’ capital in the private markets but operational concerns remain
3 July 2023
AIFMD reforms delayed
Change in presidency of Council of the European Union leaves little indication for new timeline
22 June 2023
Comment: Preparing for regulatory changes in 2023
Ros Clark, regulatory risk assistant director, NatWest Trustee & Depositary Services details the upcoming regulatory changes financial services firms need to prepare for in 2023.
14 June 2023
European Commission updates sustainable finance framework
The Commission has proposed the requirement to regulate ESG ratings providers under ESMA
8 June 2023
The Drawdown Awards 2023: Winners announced
Congratulations to all of the winners of The Drawdown Awards 2023
24 May 2023
ESMA issues opinion on ‘undue costs’
Regulatory authority is concerned about diverging levels of investor protection across the bloc
23 May 2023
ESMA calls for input on ELTIF regime
Regulator is taking a closer look at redemption policy and matching mechanism
19 May 2023
Blackrock to launch LTAF
The FCA has granted Blackrock approval to launch fourth LTAF on the market
15 May 2023
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?
10 May 2023
Help your LP help you
As regulatory and economic perspectives on capital allocation diverge, LPs’ expectations towards their GPs are changing
3 May 2023
Who watches the watchdogs?
Macfarlanes calls for new independent body to increase democratic accountability and expertise of the UK’s financial services regulator
3 May 2023
Jersey widens AML/CFT scope
Jersey private entities with a local administrator no longer exempt from regime
2 May 2023
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
24 April 2023
Not on the guestlist
A connection to public entities could see the EU's new Foreign Subsidies Regulation crash the dealmaking party
20 April 2023
Waystone acquires Link Fund Solutions
The deal is dependant on LFS settling with the FCA
17 April 2023
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
13 April 2023
The neverending SFDR story
EU’s supervisory authorities look to broaden SFDR disclosure requirements