Since the Fifth Circuit vacated the SEC’s Private Fund Adviser Rules (“PFAR”), the Institutional Limited Partners Association (“ILPA”) has launched, updated or proposed updates to its four principal reporting templates, most recently including a draft updated Portfolio Company Template. Collectively, these developments underscore that many of PFAR’s transparency and comparability objectives remain important to
FinReg Monthly Update
Welcome to the FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK, EU and international financial services regulation.
Key Developments in July 2026:
United Kingdom
General Financial Services – Cross Sector
31 July – FCA Handbook: The FCA has published Handbook Notice 143, which sets out changes to the FCA Handbook made…
FCA remuneration reform: what private capital investors need to know
The FCA’s proposed overhaul of the remuneration rules is relevant not only to regulated firms, but also to private capital investors buying, financing or selling them.
CP26/27 would replace the separate MIFIDPRU, AIFM and UCITS remuneration codes with a single regime. It would also remove much of the prescription around deferral, malus and clawback, guaranteed…
SFDR 2.0: Where the Reform Stands
The EU institutions agree that SFDR should move away from Articles 8 and 9 towards three product categories. They remain divided, however, on two questions that matter particularly to private markets: fossil fuel exposure and an exemption for alternative investment funds offered exclusively to professional investors.
Where the process stands
The European Commission published its…
Next steps for Non-EU Groups in Scope of the CSRD
On 23 July 2026, EFRAG published an “Exposure Draft“ of the proposed sustainability reporting standards for certain non-EU undertakings under Article 40a of the Accounting Directive, known as the “ESRS-40a Standards”. The Exposure Draft sets out how in-scope non-EU groups would report under the CSRD framework. We summarise the key points below.
1…
SEC Proposes New E-Delivery Framework for Investor Communications
By Vlad Bulkin, Nathan Schuur & Samuel Bresnick on
On July 16, 2026, the Securities and Exchange Commission (“SEC”) proposed Regulation E-Delivery (the “Proposal”), a new rule that would permit issuers, broker-dealers, investment advisers, registered funds, business development companies (“BDCs”) and other market participants to satisfy certain delivery obligations under the federal securities laws through electronic delivery, without first obtaining the recipient’s affirmative consent.
FCA and HM Treasury Publish Detailed Proposals to Streamline UK Asset Management Regulation
On 14 July 2026, HM Treasury published the draft Alternative Investment Fund Managers Regulations 2026 (the “Draft AIFM Regulations”) and an accompanying policy note (the “HMT Policy Note”), setting out proposed legislative changes to the UK AIFM framework. On the same day, the Financial Conduct Authority (“FCA”) published three consultation papers designed to streamline the…
FinReg Monthly Update
Welcome to the FinReg Monthly Update, a regular bulletin highlighting the latest developments in UK, EU and international financial services regulation.
Key Developments in June 2026:
United Kingdom
General Financial Services – Cross Sector
29 June – Consumer Duty: The FCA has published a consultation paper (CP26/23) on changes to the scope and proportionality of the…
FCA Presses Ahead with Insurance Simplification: Key Points from Consultation Paper 26/22
By Andrew Wingfield & Edward Lister on
On 29 June 2026, the Financial Conduct Authority (FCA) published Consultation Paper CP26/22, Simplifying the insurance rules — A package of proposals on the scope of our rules, disclosure and advice. This is the second phase of the FCA’s insurance simplification programme, following Policy Statement PS25/21 in December 2025 and earlier exploratory…
Employment Law and Regulatory Reform: How Financial Services Firms Can Prepare for Change
UK Employment Rights Act 2025 and FCA Non-Financial Misconduct Guidance — Key Considerations for Financial Services Employers
Financial services firms face a concentrated period of reform. The Employment Rights Act 2025[1] (the “ERA 2025”) introduces the most significant changes to UK employment law in over a decade with staggered implementation dates[2]…