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Q2 2018 - European Regulatory Update for Funds

Client memorandum | July 13, 2018

The second quarter of 2018 saw certain regulatory developments of which private fund managers should be aware.

The purpose of this note is to outline three such developments:
1. Proposals by the UK Government to further reform UK Limited Partnership law, including proposals which would potentially impact migrated fund structures and subject UK limited partnerships to enhanced accounting and reporting requirements.

2. Progress made by EU lawmakers on the “Distribution Directive” and the definition of “pre-marketing” proposed.

3. Uncertainty around European credit institutions’ treatment of private equity and venture capital investments arising from the draft guidelines (the “Guidelines”) on high risk exposures under Article 128(3) of the EU Capital Requirements Regulation (“CRR”) on which the European Banking Authority (“EBA”) is consulting.

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