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Regulatory update

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

Ireland makes tax changes

The Finance Bill 2022 introduces amendments around reporting, VAT treatment and enforcement for alternative asset managers

IPEV board opens consultation

GP feedback requested on the association’s latest draft amendments to valuation guidelines

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

ELTIF reform progresses

The European Council and the European Parliament have reached agreement on regulatory reforms to the unpopular fund structure

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

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

Invest Europe releases new ESG reporting guidelines

New guidelines aim to be user friendly and include a voluntary reporting template

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

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

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

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.”

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

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

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”

FCA delays consultation on SDR

The FCA has delayed its internal consultation period from Q2 2022 to autumn 2022

Key reporting deadlines for Q3 2022

Need to know dates for private equity filings in the third quarter of 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.

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

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

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

In the dog house

How effective are financial regulators when it comes to keeping private equity in check?

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

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

“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

Key reporting deadlines for Q2 2022

Need to know dates for private equity filings in the second quarter of 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.

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

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.

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

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

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

Key reporting deadlines for Q1 2022

Need to know dates for private equity filings in the first quarter of 2022

Majority of managers say greenwashing is a problem

Most managers support the FCA’s adoption of the TCFD reporting framework

Compliance calendar

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

European Commission puts AIFMD and ELTIF under review

The legislative proposals adopted include clarification on delegation rules

Kirkland & Ellis appoints Cox

Alexander Cox joins K&E's tax practice from Ashurst

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

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