Travers Smith's Alternative Insights: Private wealth and private capital
A regular briefing for the alternative asset management industry.
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AIFMD II: The Council of the European Union provides its view
The European Council has issued its general approach (General Approach) on the European Commission's proposals to amend the existing Alternative Investment Fund Managers Directive (AIFMD II).
Untethered: what next for stablecoins?
On 4 April 2022, the UK Treasury published its response to the consultation and call for evidence on the UK regulatory approach to, amongst others, stablecoins.
The Queen's Speech: did you miss anything?
Last month, the UK Government set out its legislative programme for this Parliament in the Queen's Speech. In this briefing, we look at some of the proposals relevant to business which have had less media attention.
Travers Smith's Sustainability Insights: The regulatory focus on "greenwashing"
A regular briefing for the alternative asset management industry.
New ESMA supervisory briefing and ESA clarifications on the ever-changing SFDR regime
On 31 May 2022, the European Securities and Markets Authority (ESMA) published a supervisory briefing (the Supervisory Briefing) addressed to EU national competent authorities (regulators) to promote "common supervisory practices" on the EU Sustainable Finance Disclosure Regulation (SFDR) and other pieces of EU legislation concerning financial sustainability. This was closely followed on 2 June 2022 by a publication of the European Supervisory Authorities – one of which is ESMA - (ESAs) which sets out clarifications (the ESA Clarifications) on the draft regulatory technical standards (RTS) under SFDR.
HM Treasury confirms new Senior Managers & Certification Regime for Financial Market Infrastructures
On 7 June 2022, HM Treasury issued its Response (Response) to its consultation in July 2021 on a Senior Managers & Certification Regime (SMCR) for financial market infrastructures (FMIs).
Further guidance on the interpretation of SFDR and the Taxonomy Regulation
On 25 May 2022, the European Commission (Commission) issued its response to the European Supervisory Authorities' (ESAs) questions on the interpretation of the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation (Taxonomy Regulation) of 13 May 2022.
Travers Smith's Alternative Insights: Gaining liquidity and retaining control
A regular briefing for the alternative asset management industry.
AIFMD II: Proposals from the European Parliament
The European Parliament has issued its draft report (Report) on the European Commission's proposals to amend the existing Alternative Investment Fund Managers Directive (AIFMD II). The Report forms part of the legislative process and includes the European Parliament's suggested amendments to the draft directive issued by the European Commission in November 2021. The draft directive proposed a number of changes to the Alternative Investment Fund Managers Directive, largely in respect of delegation, loan origination, liquidity risk management, data reporting and depositaries and it is those areas which are the main focus of the Report.
Questions on the interpretation of SFDR and the Taxonomy Regulation
On 13 May 2022, the European Supervisory Authorities (ESAs) submitted a number of questions to the European Commission relating to the interpretation of the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation (Taxonomy Regulation). Separately, the ESAs have also been asked by the European Commission for their input on possible amendments to the SFDR Delegated Regulation.
Travers Smith's Sustainability Insights: Sustainability disclosure standards
A regular briefing for the alternative asset management industry.
Travers Smith's Alternative Insights: Hedging interest rate risk
A regular briefing for the alternative asset management industry.
What does the FCA's new Business Plan and Strategy mean for investigations and enforcement?
The Financial Conduct Authority ("FCA") has released its Annual Business Plan for 2022/2023, alongside a Strategy Document for 2022 to 2025. We discuss below what these two documents mean for its investigations and enforcement strategy going forward.
Travers Smith advises Melior Equity Partners on the final close of Melior Equity Partners Fund II
Travers Smith LLP has advised Melior Equity Partners ("Melior") as lead counsel on the final close of Melior Equity Partners Fund II with €160m of total commitments, making it one of the largest private equity funds in Ireland.
Travers Smith's Sustainability Insights: The EU's sustainability challenge
A regular briefing for the alternative asset management industry.
Travers Smith advises Equistone Partners on its sale of FirstPort
Travers Smith LLP has advised Equistone Partners Europe Limited ("Equistone") and other selling shareholders on the sale of FirstPort, a leading UK residential property services company.
Final SFDR regulatory technical standards published
On 6 April 2022, the European Commission published the long-awaited final version of the detailed rules – the Regulatory Technical Standards (RTS) – under the EU Sustainable Finance Disclosure Regulation (SFDR).
Travers Smith advises Brewin Dolphin on its recommended £1.6bn takeover by RBC Wealth Management (1)
Travers Smith LLP is advising UK wealth manager Brewin Dolphin Holdings plc ("Brewin Dolphin") on its recommended £1.6bn takeover by RCB Wealth Management ("RBC"), an indirect subsidiary of Royal Bank of Canada.
Travers Smith's Alternative Insights: UK government sets out next steps for funds regime
A regular briefing for the alternative asset management industry.