The European Financial Reporting Advisory Group (EFRAG) has launched a public call for input (Call for Input) on 9 April 2025, seeking feedback from stakeholders and, in particular, from the first wave of preparers who applied the European Sustainability Reporting Standards (ESRS) in their 2024 Corporate Sustainability Reporting Directive
Private Funds
Changes on the Horizon for UK Alternative Investment Fund Management Regulation
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
On 7 April 2025, HM Treasury published a consultation to overhaul the regulation of Alternative Investment Fund Managers (“AIFMs“) in the United Kingdom (“Consultation“). The Financial Conduct Authority (“FCA“) has published a call for input alongside the Consultation (“Call for Input“), which indicates its approach to regulating…
Regulation Round Up
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation.
Key developments in March 2025:
31 March
Securitisation: The Joint Committee of the European Supervisory Authorities (“ESAs”) published a report on the implementation and functioning of the Securitisation Regulation (2017/2402)
27 March
FCA…
The SEC Under Paul Atkins – What to Expect for Registered and Private Offerings, Climate-Related Disclosure, Consolidated Audit Trail, Digital Assets, and Agency Re-Organization
Paul Atkins, who has been nominated by President Trump to serve as Chairperson of the Securities & Exchange Commission, last week completed a short confirmation hearing before the U.S. Senate Banking Committee. Despite its brevity, the hearing provided meaningful clues to Mr. Atkin’s plans if he is confirmed by the Senate to lead the SEC, which appears reasonably assured to occur. On April 3, 2025, the Senate Banking Committee approved his nomination with a vote 13 to 11.
Paul Atkins previously served on the staff of SEC Chairman Richard Breeden, as an SEC Commissioner from 2002 to 2008, and as a member of the Congressional Oversight Panel for the Troubled Asset Relief Program, or TARP following the 2008 financial crisis. Most recently, he founded and ran a regulatory and compliance consulting company.
EU Platform on Sustainable Finance Focuses on Usefulness of Taxonomy in Response to European Commission Proposal
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
On the 26 March 2025, the EU Platform on Sustainable Finance (“Platform”) responded to the European Commission’s call for evidence on the draft delegated regulation amending the Taxonomy Delegated Acts[1] (the “Taxonomy”).
The Platform welcomes many of the proposed amendments and notes that several of the Platform’s recommendations from their…
SEC Eases Verification Burdens in Rule 506(c) Offerings
The SEC’s Division of Corporation Finance recently issued an interpretive letter[1] providing additional insight as to what constitutes “reasonable steps” to verify an investor’s accredited investor status under Rule 506(c) of Regulation D, a private offering exemption that permits general solicitation. Compared to Rule 506(b), which does not permit general solicitation, Rule 506(c) is…
FCA’s Private Market Valuations Review – Good Practice but Room for Improvement
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
Background
On 5 March 2025, the United Kingdom’s Financial Conduct Authority (“FCA”) published the findings of its multi-firm review of valuation processes for private market assets (the “Review”). The Review covered firms operating in range of private asset classes, including: venture capital, infrastructure (equity and debt), private equity and private debt.…
Ping-Pong Match Appears Over: US Companies Apparently Definitively Relieved of Compliance Obligations Under the Corporate Transparency Act
By Frank Zarb, Louis Rambo, Peter Castellon, John Verwey & Rachel Lowe on
The Corporate Transparency Act (the CTA) requires a range of entities, primarily smaller, unregulated companies, to file reports with FinCen, and arm of the Treasury Department, identifying the entities’ beneficial owners, and the persons who formed the entity. The purpose of the CTA was to aid in the detection of terrorism, money-laundering, and tax evasion. …
CSRD Slashed: EU’s Corporate Sustainability Regulations Significantly Reduced
By John Verwey, Rachel Lowe, Sulaiman Malik & Michael Singh on
On 26 February 2025, the European Commission (the “Commission”) adopted a new package of proposals to simplify the regulations on sustainability. Their aim is to combine the competitiveness and climate goals of the European Union, which we reported on here, as part of their aim for a “simpler and faster” Europe.
The proposals…
SEC and CFTC Extend Compliance Date for Form PF Amendments
On January 29, 2025, the Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission (together, the “Agencies”) jointly announced that the compliance date for the new Form PF would be extended by three months, from March 12, 2025 to June 12, 2025.[1]
Filers whose fiscal quarter ended on December 31 will now have…