Marketing high-risk investments: important new rules  

The Financial Conduct Authority (FCA) has released important information on new rules for the promotion of marketing high-risk investments. The FCA is seeking to address concerns about the ease and speed with which people can make high-risk investments by proposing a significant strengthening of its rules on how these products are promoted and sold to…

New FCA Consumer Duty rules

The FCA has released its Policy Statement on the Consumer Duty, which it hopes that this will lead to a cultural shift in how firms’ approach the development and sale of products and services to customers. The Customer Duty introduces a new Principle, Principle 12, within the FCA’s Principles for Businesses which reads “a firm…

When investors default – part 2: prevention is the best remedy

In last month’s article, we looked at what happens when an investor in a private equity fund defaults on its obligation to meet capital calls. In this article, we examine some of the other issues arising from an LP default for the fund, its manager, investors and financial regulators. If an investor fails to meet…

Re-packing UK pre-packs: 5 key effects on creditors and other stakeholders

Welcome to our latest edition of Collateral. In this edition, we are talking insolvency and focusing on some recent legislative changes which are expected to have a significant impact on pre-pack administrations in the UK. Click here to read the previous article. Let’s explore 5 key effects of the Regulations on creditors and other stakeholders and our observations on some of the key reforms. Unlike a standard…

Electronic signatures: 5 pitfalls to avoid

Not too long ago (at least the older members of our team like to think so) completions were a distinctly physical affair; rooms full of paper that the signatories would ceremonially parade around, signatures provided where instructed by their lawyer, and swiftly inspected by the counterparty’s lawyer to check all were true “wet ink” originals….

Private markets: sustainability for institutional portfolios

With the global COVID-19 pandemic in its second year now and with the immense uncertainty that institutional investors still face, investment strategy reviews should be high on the agenda (if not already completed!). With the extreme market volatility experienced in the last year and sharpened focus on ESG, investors have been given a wake-up call…

Governance rules for Irish fund management companies

‘CP86’ as the Fund Management Company Guidance has continued to be referred to as, is now back at the forefront of Irish Fund industry. Following its implementation in July 2018, the Central Bank of Ireland carried out several desktop and on-site reviews of the industry’s approach and implementation of the regime, the results of which…

Marketing a non-EEA domiciled fund to professional investors

Most of our readers will be aware that, from 1 January 2021, non-EEA domiciled fund structures do not benefit from any EU Marketing Passport under the Alternative Investment Fund Managers Directive (“AIFMD”). How are firms responding to this? We are seeing a jurisdiction-by-jurisdiction approach being adopted by most of our clients, who are looking to…

SFDR – the new ESG regulation in the European Union

Over recent years the EU made a significant political decision to establish a package of Environmental, Social and Governance (“ESG”) initiatives and legislation to move Europe toward several Sustainability goals. Within the package of initiatives is the sustainability related disclosure in the financial services sector Regulation (“SFDR”). This requires financial actors to consider two main…

Unsustainable risks? Regulatory climate change for AIFMD

The Alternative Investment Fund Management Directive (“AIFMD”) was implemented in the EU in 2013, to regulate the alternative investment industry, chiefly as a result of the Global Financial Crisis. Fast forward seven years and this directive is still evolving, but now with a new focus: sustainabilty. On 8th June 2020, the European Commission published a…

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