Regulatory update
12 March 2024
European Commission rejects ESMA’s ELTIF 2.0 draft RTS
Liquidity mechanisms have been revised to make it easier to set up evergreen funds and to better attract individual investors to private markets, but the proposals still divide the investment community
12 March 2024
Comment: This far, but no further
Charlie Chipchase, managing director and head of Europe at Petra Funds Group, assesses whether the SEC’s long-awaited Climate Disclosure Rule goes too far or not far enough
7 March 2024
FCA increases AML oversight
Recipients of the regulator’s recent Dear CEO letter have six months to perform a gap analysis
29 February 2024
FCA consults on open investigations
The UK regulator expects to publish more information on ongoing investigations, whether or not any breaches have been made
29 February 2024
Tyrannosaurus Regs?
How are global regulators scrutinising AML procedures and is that oversight increasing?
15 February 2024
Seven out of 10 fund managers received AML fines in last two years
Ocorian’s latest survey finds alternative investment firms concerned about increasing AML risks
5 February 2024
Sweet sorrow
The alluring attraction of semi-liquid strategies brings with it a cautionary tale of liquidity (mis)management
30 January 2024
Financial Policy Committee outlines systemic risks in private credit
More regulatory scrutiny is expected to be placed on valuations, risk management, liquidity and leverage mechanisms to monitor systemic risks in private credit
19 January 2024
ESAs publish DORA draft RTS
Subject to approval by the European Commission, the technical standards outline the framework for good governance of ICT critical third parties
15 January 2024
What the AI?!... Ropes & Gray
Partner Rohan Massey and counsel Edward Machin at Ropes & Gray discuss how AI regulation might develop, along with key legal considerations for fund managers contemplating the technology’s adoption
9 January 2024
ALFI appoints new DG
Serge Weyland joins from Edmond de Rothschild and replaces Camille Thommes who held the position for 17 years
8 January 2024
Dear Irish AIFMs…
After the Central Bank of Ireland’s review of asset valuation processes, Irish AIFMs must make sure their governance models are up to scratch before the end of Q2 2024
4 January 2024
UK regulators consult on the operational resilience of critical third parties
FCA, PRA and Bank of England welcome feedback on the proposed framework deeming certain third-party organisations as ‘critical’, to reduce any associated systemic risks to the financial services industry
21 December 2023
Efama argues for sustainable product categories
Call comes in wake of publication of the UK’s SDR and as SFDR consultation is underway
20 December 2023
The ELTIF on the shelf
ESMA’s final draft ELTIF Regulatory Technical Standards have been released, subject to the European Commission's approval
19 December 2023
Voluntary ESG ratings code of conduct launches
ICMA and IRSG have launched the code to increase transparency in the services of ESG data providers
11 December 2023
The UK’s nice green labelling machine
Response to FCA’s SDR positive as regulatory arbitrage remains around applicability to overseas funds, portfolio management and practice of its highly anticipated anti-greenwashing rule
7 December 2023
Comment: Appeals to better nature
William Yonge, a partner at Morgan, Lewis & Bockius, analyses the recommendations of the Taskforce on Nature-related Financial Disclosures and how GPs can respond
7 December 2023
BoE to assess risks of AI in financial services
The bank has plans to review what it sees as systemic threats the technology poses to the financial industry
6 December 2023
ESAs add granularity to RTS
The draft technical standards have some suggested amendments, improving the detail of the disclosures made
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's Autumn 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
Column: 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