An upward trend…
The “retailisation” of private funds has been one of the industry’s most significant trends in recent years, with fund managers seeking sources of capital beyond their usual institutional, professional and sophisticated investor base. “Retail” capital (in particular, private wealth) is already a key source of fundraising for many alternative asset managers but
Key developments in August 2024:
Overseas Funds Regime: The FCA updated its webpage on the overseas funds regime to confirm that it will open the gateway to new schemes on 30 September 2024.
ESMA has translated their Guidelines on ESG-related fund names, which has started the clock for applicability. For information on the asset allocation thresholds and the exclusionary criteria, alongside the funds in scope and supervisory expectations, please see our Q&A here.
For new funds, the Guidelines will apply from 21 November 2024.
For existing funds
Introduction
On 30 July 2024, the United Kingdom Financial Conduct Authority (“FCA”) published a number of updates in relation to its work on complaints against motor finance firms.
In particular, the FCA published an update announcement on its website and a consultation paper (CP24/15) (the “Consultation Paper”), on a potential extension
Key developments in July 2024:
Consumer Duty: The FCA published a speech by Sheldon Mills, FCA Executive Director of Consumers and Competition, on the Consumer Duty, which is now in force across
Background
On 17 July 2024, the King of the United Kingdom delivered a speech to mark the opening of a new UK Parliament (the “Speech”). The Speech set out the new UK Government’s priorities, following their election victory. This included the proposed introduction of the Football Governance Bill (the “Bill”), to
Background
On 19 July 2024, the European Commission published final regulatory technical standards (the “RTS”) in respect of Regulation EU/2023/606 relating to the European long-term investment fund (“ELTIF 2.0”). This follows various back and forth between the European Securities and Markets Authority (“ESMA”) and the European Commission (which we
On 24 July 2024, the European Securities and Markets Authority (“ESMA”) published an opinion (the “Opinion”) outlining its long-term vision for the functioning of the European Union’s sustainable finance framework (the “Framework”). This Opinion aims to enhance the usability and coherence of the framework, thereby facilitating the investor journey
ESAs update consolidated Q&A with new guidance
The European Supervisory Authorities have updated their consolidated questions and answers (“Q&A”) on the Sustainable Finance Disclosure Regulation (“SFDR”) on 25 July 2024.
The Q&A has provided useful guidance since the introduction of SFDR, often clarifying expectations and best practice in the subjective or
On 22 July 2024, the Financial Reporting Council (“FRC”) announced interim changes to the reporting requirements for existing signatories to the UK Stewardship Code. These updates precede any updates arising from a wider wholesale consultation on a new UK Stewardship Code set to be launched in 2024, with implementation of any updates arising