Regulatory Blog

On 25 October 2024, the EU Commission released the final Delegated Regulation that supplements Regulation (EU) 2015/760 of the European Parliament and the Council, which pertains to regulatory technical standards known as the "ELTIF RTS." The regulation outlines critical requirements for European Long-Term Investment Funds, particularly concerning the matching of transfer requests, pricing, investor disclosures, and asset valuations.

The Hong Kong Securities and Futures Commission’s new Fund Authorisation Simple Track is a streamlined process for authorising simple funds from Funds in Mutual Recognised jurisdictions. The process will begin as of 4 November 2024.

As a reminder, on 28 March 2024, Luxembourg’s Commission de Surveillance du Secteur Financier issued Circular 24/856 providing comprehensive guidelines for the protection of investors in cases of errors related to the Net Asset Value calculation, non-compliance with investment rules and other administrative errors at the level of Undertakings for Collective Investment under the supervision of CSSF. An English version of the circular has recently been released.

On 2 July 2024, the European Investment Fund and the NATO Innovation Fund signed a Memorandum of Understanding in Brussels to enhance support for the defence, security, and resilience sectors in Europe. This partnership aims to unlock private capital for start-ups, medium-sized enterprises, and mid-sized companies in the defence, security, and resilience sectors.

On 8 July 2024, the European Securities and Markets Authority initiated a consultation on draft guidelines and technical standards under the revised Alternative Investment Fund Managers Directive and the Undertakings for Collective Investment in Transferable Securities Directive. These directives aim to enhance financial stability and standardise liquidity risk management across the investment funds sector.

The Cayman Islands Monetary Authority has updated the process for submitting Audit Waiver applications for regulated funds through the Regulatory Enhanced Electronic Forms Submission portal. This enhancement allows for the complete processing of Audit Waiver applications within REEFS.

On 26 March 2024, Directive (EU) 2024/927 amending the Alternative Investment Fund Managers Directive 2011/61/EU and the Undertaking for Collective Investment in Transferable Securities Directive 2009/65/EC was published in the Official Journal of the European Union.

On 8 November 2023, the Cayman Islands Monetary Authority published a general industry notice to advise that effective 15 November 2023, it will implement changes to enhance monitoring and reporting accuracy for Mutual Funds and Private Funds. These changes will impact the information required when registering funds.

On 1 September 2023, the Alternative Investment Management Association Limited, along with the National Association of Private Fund Managers and four other business trade associations, filed suit in the US Court of Appeal for the Fifth Circuit, asking the Court to set aside the final Private Fund Advisers Rules, adopted by the Securities and Exchange Commission on 23 August 2023 on the grounds that they exceed the agency’s statutory authority and are contrary to law.