Regulatory Insights

Nick Baldwin October 24, 2024  The Commission de Surveillance du Secteur Financier (CSSF) recently issued a detailed report on the delegation of portfolio management by Investment Fund Managers (IFMs) in Luxembourg. This report provides guidance to ensure IFMs comply with the regulatory...

Zahra Mansuri  June 28, 2024 The CSSF has published a paper outlining their considerations on macroprudential policy for investment funds. Studies by the Financial Stability Board (FSB) and European Central Bank (ECB) demonstrate a significant increase in the investment fund sector since the...

Zahra Mansuri  May 24, 2024 The Securities & Exchange Commission announced on 15 May 2024 amendments to Regulation S-P directing how financial institutions handle non-public personal information. These revisions modify the requirements applicable to registered investment advisors, broker...

Zahra Mansuri  March 19, 2024 The European Securities & Markets Authority (ESMA) issued a cautionary statement on 6 February 2024 regarding the posting of investment recommendations on social media platforms. It highlighted the requirements set out by the Market Abuse Regulation (MAR)...

Zahra Mansuri  February 9, 2024 On 30 January 2024 the European Securities & Markets Authority (ESMA) published their findings regarding the risks that leveraged Alternative Investment Funds (AIFs) pose within the EU. In particular, the findings highlighted the risks of real estate funds...

Zahra Mansuri  October 13, 2023 On 10 October 2023, revisions to Schedule 13D and 13G were adopted by the Securities and Exchange Commission. These are filing sections of the Exchange Act applicable to investors who hold over five percent beneficial ownership of covered class equity...

Zahra Mansuri  August 23, 2023 The Securities & Exchange Commission adopted its final rule on 23 August 2023 regarding revisions to the Investment Advisers Act of 1940 (Advisers Act). The enhanced regulation for private fund advisors aims to increase transparency and competition, thus...

Zahra Mansuri  July 20, 2023 The Council and European Parliament reached a provisional agreement on 20 July 2023 regarding revisions to rules in the Alternative Investment Fund Managers Directive, the regulatory framework that applies to private equity, hedge, real estate, and private debt...

Zahra Mansuri  May 5, 2023 The Securities and Exchange Commission have adopted their Final Rule for enhancements of the Form PF reporting requirement. The new rules confirm much of what the SEC proposed in August 2022, with some important revisions in particular around the content and timing...

Qi Qi Dong  May 20, 2022 The ESMA Q&A on the AIFMD provides key clarifications on compliance requirements and operational guidance for Alternative Investment Fund Managers (AIFMs). Below are the main updates to the AIFMD covered in the document: 1. Cross-Border Management and Marketing...

Qi Qi Dong  March 25, 2022 What is changing The FCA is  changing the PRIIPS regulation after analysing the feedback received to the consultation CP21/23. Changes are: Introducing rules to clarify the scope of the PRIIPs Regulation for corporate bonds, making it clearer that certain...

Qi Qi Dong  March 16, 2022 The Financial Conduct Authority (FCA) is engaging stakeholders to explore using ‘side pockets’ for UK-authorised retail funds facing difficulties in managing Russian and Belarussian assets. These assets, complicated by global sanctions and restrictions, present...

Qi Qi Dong  February 1, 2022 The CSSF recently shared insights on its efforts to improve the quality of transaction reporting under Article 26 of MiFIR, focusing on accurate, complete data submissions. This reporting requirement affects Luxembourg-based credit institutions, investment firms,...

Qi Qi Dong  January 27, 2022 The European Securities and Markets Authority (ESMA) is currently reviewing the MiFID II suitability guidelines to incorporate sustainability considerations into investment advice and portfolio management. This initiative aims to align financial services with the...

Qi Qi Dong  January 21, 2022 The Financial Conduct Authority (FCA) has issued an update regarding the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, specifically focusing on Article 18 of the Regulatory Technical Standards (RTS). This update follows the extension...

Qi Qi Dong  January 20, 2022 In January 2022, the European Securities and Markets Authority (ESMA) initiated a Common Supervisory Action (CSA) in collaboration with National Competent Authorities (NCAs) to assess the valuation practices of UCITS and open-ended Alternative Investment Funds...

Qi Qi Dong  December 20, 2021 In December 2021, the Financial Conduct Authority (FCA) extended its supervisory approach concerning commodity derivatives position limits. This decision followed a review of the MiFID markets regime post-Brexit and aimed to address challenges faced by liquidity...

Qi Qi Dong  December 2, 2021 In December 2021, the Commission de Surveillance du Secteur Financier (CSSF) issued a communication addressing regulatory requirements and introducing a fast-track procedure for UCITS in relation to Regulation (EU) 2020/852, known as the Taxonomy Regulation (TR),...

Qi Qi Dong  October 22, 2021 The Financial Conduct Authority (FCA) has finalised the rules for the Investment Firms Prudential Regime (IFPR), set to commence on January 1, 2022. This new framework aims to streamline and simplify prudential requirements for UK firms authorised under the...

Qi Qi Dong  June 1, 2021 The European Securities and Markets Authority (ESMA) has finalized guidelines on the obligations of market data providers under MiFID II and MiFIR to ensure data is accessible, fairly priced, and non-discriminatory. These guidelines target national authorities, trading...