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On 14 October 2025, the UK's Financial Services Authority ("FCA") published Consultation Paper 25/28 on “Progressing Fund Tokenisation” (the "CP"), which it claims will be a key component of future financial services. The CP is addressed to authorised funds, where the FCA regulates both the fund and manager, but elements will be of interest to non-authorised funds where only the manager is FCA-regulated.
The UK’s Prudential Regulation Authority has recently published various statements regarding its current approach to its regulation of banking in the UK, including delaying implementation of Basel 3.1 rules.
Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (“DORA”), which establishes a uniform set of requirements relating to the security of network and information systems supporting financial system participants’ business processes, is now live as of 17 January 2025, without any transitional provision.
The EU has issued its consultation on Regulatory Technical Standards for open-ended loan-originating AIFs operating under AIFMD II.
On February 7 2024, the European Union adopted a final text amending the AIFMD and UCITS directives (AIFMD II). In a recent Client & Friends Memo authored by Michael Newell and Alix Prentice, we focus on loan origination funds and the novel rules applying to them in terms of scope, leverage requirements and liquidity management requirements, as well as important considerations for the grandfathering period as these entirely new rules come into force locally across Europe.
Read more here.
On 6 November 2023, the Council of the European Union published its long anticipated final compromise text ‘as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds’ amending AIFMD and UCITS directives.
On 14 September 2023, the European Commission published a targeted consultation and a public consultation on the implementation of Regulation 2019/2088 on sustainability-related disclosures in the financial services sector, which focus on potential shortcomings of SFDR, including legal certainty, the usability of the legislation and its ability to stop greenwashing. Of particular interest is the Commission’s acknowledgment that the SFDR is being used as a labelling scheme (when it was designed as a disclosure regime).
On 20 July 2023, the Council of the EU announced that it has reached political agreement with the European Parliament on the proposed Directive amending the Alternative Investment Fund Managers Directive (2011/61/EU) and the UCITS Directive (2009/65/EC) relating to delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services, and loan origination by alternative investment funds (2021/0376 (COD)).
On 23 May 2023, the European Securities and Markets Authority published a consultation paper on draft regulatory technical standards under the Regulation on European Long-Term Investment Funds as amended by Regulation (EU) 2023/606, which comes into force in its amended form on 10 January 2024.
On 21 December 2022, ESMA published a final report in relation to draft technical standards for cross-border fund management activities and the cross-border marketing of investment funds within the EEA under the UCITS and AIFM directives. This follows a consultation paper ESMA had published on 17 May 2022. The EU Commission is now expected to adopt the draft technical standards within three months from the publication date.