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Welcome to our Spring 2021 Funds First Update: a snapshot of some of the main developments and upcoming changes that we think will be of interest to fund managers, fund investors and to the funds sector as a whole. Despite the ongoing focus on COVID-19, regulators and legislators have still been busy and there is much that managers and investors should be keeping watch on over the next few months. In particular, there is news of HM Treasury’s review of the UK funds regime and of the European Commission’s review of AIFMD. We take stock of the outlook for funds post-Brexit, including an update on ESG developments and DAC 6, as well as what to expect from the revised UK financial promotion approval regime. We finish with some observations on the real estate funds market, based on our recent experiences.

If you are interested in developments across the broader financial services sector, please also see the 2021 edition of our annual Emerging Themes in Financial Regulation publication with the team’s latest insights into regulatory risks and opportunities, spanning six core themes: Brexit; Regulatory Change; Regulatory and Litigation Risk; Technology; Governance; and Sustainability and People. You may also be interested in our break out Emerging Themes webinar: Asset Managers - Managing the Most Significant Emerging Regulatory Risks in 2021.

Please feel free to call any of the BCLP Funds & Investment Management team or your usual BCLP contact if you would like to discuss any of the issues raised in this briefing in more detail, including how they may apply to your specific fund structures, business and planning

View our full briefing here.

This document provides a general summary and is for information/educational purposes only. It is not intended to be comprehensive, nor does it constitute legal advice. Specific legal advice should always be sought before taking or refraining from taking any action.