Investment Funds, Advisers and Derivatives Sidley Updates

Japanese Regulator Proposes Strengthened Supervision of Japanese Reinsurance

Thu, 23 Apr 2026 05:00:00 Z

U.S. DOL Tightens Reins on Proxy Advisory Firms Under ERISA

Mon, 20 Apr 2026 05:00:00 Z

UK EU Investment Management Update (April 2026)

Thu, 09 Apr 2026 05:00:00 Z

U.S. DOL Proposes New Safe Harbor for Selecting Investment Options for 401(k) Plans, Including Options With Alternative Assets

Mon, 06 Apr 2026 05:00:00 Z

Out With the New, In With the Old: The “Five-Part Test” Rides Again

Mon, 30 Mar 2026 05:00:00 Z

U.S. CFTC, SEC Enter Into Historic Memorandum of Understanding, Joint Harmonization Initiative to Enhance Regulatory Coordination

Fri, 27 Mar 2026 05:00:00 Z

UK/EU Investment Management Update (March 2026)

Tue, 10 Mar 2026 05:00:00 Z

U.S. SEC Proposes to Scale Back 2024 Form N-PORT Amendments While Leaving Substantive Names Rule Requirements Intact

Mon, 09 Mar 2026 05:00:00 Z

New York LLC Transparency Act Took Effect January 1, 2026; U.S.-Formed LLCs Exempt from Reporting Obligations

Wed, 25 Feb 2026 06:00:00 Z

Asia Funds & Financial Services Newsletter

Fri, 20 Feb 2026 06:00:00 Z

California's Fair Investment Practices by Venture Capital Companies Law Applicability Decision Tree and Compliance Checklist

Fri, 13 Feb 2026 06:00:00 Z

UK/EU Investment Management Update (February 2026)

Thu, 12 Feb 2026 06:00:00 Z

In this Sidley Update, we cover, on the UK side, the first edition of the Enforcement Watch from the Financial Conduct Authority (FCA), an enforcement action on insider trading, FCA updates on the Berne Financial Services Agreement and the new Firm Checker tool, a private markets report from a House of Lords Committee, FCA webpage updates on cryptoasset and T+1 settlement, and FCA consultation papers on cryptoasset regulation and UK Sustainability Reporting standards. We also cover a Bank of England speech on the UK’s digital financial future, the Treasury Committee’s report on artificial intelligence risks in the financial services, and the UK-EU cooperation on supervising third-party service providers.

On the EU side, we review the thematic note on sustainability-related claims from the European Securities and Markets Authority (ESMA), the Taxonomy Simplification Delegated Act, and the European Commission’s consultation on venture and growth capital funds reform. We also cover ESMA’s 2027–29 programme and principles on risk-based supervision, and the Financial Stability Board work programme for 2026.

2026 UK/EU Investment Management Regulatory Scanner

Wed, 11 Feb 2026 06:00:00 Z

U.S. CFTC Signals Imminent Rulemaking on Prediction Markets

Fri, 06 Feb 2026 06:00:00 Z

U.S. CFTC Staff Issues No-Action Relief to Simplify Cross-Border Swaps Regulation

Wed, 21 Jan 2026 06:00:00 Z

Fifth Circuit Rejects “Passive Investor” Test for Code Section 1402(a)(13) Limited Partner Exception

Fri, 16 Jan 2026 06:00:00 Z

UK Cryptoasset Regulation — Action Points for 2026–27

Tue, 13 Jan 2026 06:00:00 Z

Hong Kong to Further Enhance Licensing Regime for Virtual Assets to Cover Advisors and Managers

Wed, 07 Jan 2026 06:00:00 Z

Since Hong Kong’s proposals last summer for mandatory licensing of virtual asset (VA) dealers and custodians, regulators have published consultation conclusions on those proposals along with further proposals extending the licensing regime to VA advisory and management service providers. This Sidley Update examines the key developments and new proposals that further expand regulatory oversight of the VA ecosystem.

UK/EU Investment Management Update (January 2026)

Tue, 06 Jan 2026 06:00:00 Z

In this Sidley Update, we cover, on the UK side, proposals by the Financial Conduct Authority (FCA) to reform client categorisation rules alongside final rules for the new consumer composite investments (CCI) regime, updates to the Regulatory Initiatives Grid (RIG), and FCA consultations on fund liquidity management, market risk capital requirements, and cryptoasset regulation. We also cover enforcement action for financial crime control failures, HM Treasury (HMT) proposals for a provisional authorisation regime and benchmarks reform, and legislative and regulatory steps shaping the UK’s emerging cryptoasset and environmental, social, and governance (ESG) regulatory frameworks.

On the EU side, we review major legislative and supervisory developments including European Commission proposals to deepen capital markets integration and expand the supervisory role of the European Securities and Markets Authority (ESMA), transparency initiatives under the Markets in Financial Instruments Directive, and the reaching of a political agreement by EU institutions on key elements of the Retail Investment Strategy (RIS). We also address proposed reforms to the EU securitisation and capital requirements frameworks, ESG developments including simplification of corporate sustainability reporting legislation, and ongoing regulatory focus on cryptoassets.

Treasury and the IRS Release Final, Temporary, and Proposed Regulations Relating to the Taxation of Income of Foreign Governments

Tue, 23 Dec 2025 06:00:00 Z

UK Financial Conduct Authority Finalises Non-Financial Misconduct Framework: What Firms Need to Do Now

Mon, 22 Dec 2025 06:00:00 Z

U.S. Commodity Futures Trading Commission Restores Longstanding Registration Relief for SEC-Registered Commodity Pool Operators

Mon, 22 Dec 2025 06:00:00 Z

Asia Funds & Financial Services Newsletter

Thu, 27 Nov 2025 06:00:00 Z

SFDR 2.0: Five Key Takeaways From the European Commission’s Proposal for Revising the EU Sustainable Finance Disclosure Regulation

Wed, 26 Nov 2025 06:00:00 Z

U.S. SEC Division of Examinations Announces 2026 Exam Priorities

Wed, 19 Nov 2025 06:00:00 Z

UK/EU Investment Management Update (November 2025)

Tue, 11 Nov 2025 06:00:00 Z

In this Sidley Update we cover, on the UK side, Financial Conduct Authority (FCA) consultation on the new UK Short Selling Regulations, updates on the UK Investment Firms Prudential Regime (IFPR), FCA thematic reviews on client categorisation and financial crime controls, recent FCA enforcement actions, and new regulatory initiatives on artificial intelligence (AI), distributed ledger technology (DLT), and quantum computing.

On the EU side, we cover the European Banking Authority’s (EBA) final report on the review of the Investment Firms Regulation and Directive (IFR/IFD) and European Securities and Markets Authority (ESMA) guidance on the European Market Infrastructure Regulation (EMIR) and the Markets in Crypto-Assets Regulation (MiCA).

National Futures Association Repeals Virtual Currency and Virtual Currency Derivative Disclosure Requirements, Expands Others

Mon, 20 Oct 2025 05:00:00 Z

UK/EU Investment Management Update (October 2025)

Tue, 07 Oct 2025 05:00:00 Z

In this Sidley Update we cover, on the UK side, a discussion of Financial Conduct Authority (FCA) consultations proposing amendments to the FCA Handbook and querying the application of the FCA Handbook’s rules to regulated cryptoasset activities as well as the publication of FCA guidance on authorisation and registration applications, FCA observations on market conduct and transaction reporting, and an enforcement action on investment fraud.

On the EU side, we cover the European Supervisory Authorities (ESAs) report on Principle Adverse Impact (PAI) disclosures under the Sustainable Finance Disclosure Regulation (SFDR), European Commission guidance on the application of the EU sustainable finance framework to the defense sector, the European Securities and Markets Authority (ESMA) response to the open consultation on the revised European Sustainability Reporting Standards (ESRS), the ESAs report on risks and vulnerabilities in the EU financial system, and the publication of compliance tables regarding ESMA guidances on the Markets in Crypto Assets Regulation (MiCA).

U.S. Department of Labor Confirms That Lifetime Income Can Be Part of a Qualified Default Investment Alternative

Tue, 07 Oct 2025 05:00:00 Z

SEC Staff Issues No-Action Relief Permitting Use of State-Chartered Trust Companies as Qualified Custodians of Digital Assets

Fri, 03 Oct 2025 05:00:00 Z

UK/EU Investment Management Update (September 2025)

Tue, 09 Sep 2025 05:00:00 Z

In this Sidley Update we cover, on the UK side, Financial Conduct Authority (FCA) enforcement actions for insider dealing and investment fraud, the FCA’s latest Investment Firms Prudential Regime (IFPR) newsletter, FCA multi-firm reviews covering conflicts of interest, market abuse, and off-channel communications, and HM Treasury’s proposed reforms to the Appointed Representatives (AR) regime.

On the EU side, we cover the European Securities and Markets Authority (ESMA) summary of EU national provisions on fund marketing, final regulatory technical standards on market abuse under the Markets in Crypto-Assets Regulation (MiCA), and the European Systemic Risk Board (ESRB) non-bank financial intermediation (NBFI) risk monitor report.

California Air Resources Board Releases Checklist for Climate Related Financial Risk Reporting

Fri, 05 Sep 2025 05:00:00 Z

U.S. CFTC Staff Issues Advisory on Foreign Boards of Trade Registration, Clarifying U.S. Access for Offshore Digital Asset Exchanges

Thu, 04 Sep 2025 05:00:00 Z

SEC Brings Enforcement Action Against Private Fund Adviser for Fee Offset Related Conduct

Tue, 26 Aug 2025 05:00:00 Z

Asia Funds & Financial Services Newsletter

Mon, 18 Aug 2025 05:00:00 Z

Alternative Assets - the Next 401(k) Plan Investment?

Fri, 08 Aug 2025 05:00:00 Z

UK/EU Investment Management Update (August 2025)

Wed, 06 Aug 2025 05:00:00 Z

In this Sidley Update we cover, on the UK side, a discussion of the Leeds Reforms and related UK government plans for the financial services sector, consultation papers from the Financial Conduct Authority (FCA) on the Senior Managers and Certification Regime (SMCR), the Systematic Internaliser (SI) regime for bonds and derivatives and the transparency regime for equities, and significant enforcement actions relating to financial crime, lack of integrity, and crypto.

On the EU side, we cover a European Commission (Commission) proposal to amend the Solvency II Directive (Solvency II), updates on the EU Corporate Sustainability Reporting Directive (CSRD), the EU Taxonomy Regulation and related instruments, and a statement from the European Securities and Markets Authority (ESMA) regarding unregulated crypto products. We also discuss the latest report from the Financial Stability Board (FSB) on leverage in nonbank financial intermediation (NBFI).

Hong Kong Implements New Regulatory Framework for Stablecoins

Tue, 05 Aug 2025 05:00:00 Z

UK FCA Sharpens Focus on Culture: Expanding the Reach of Non-Financial Misconduct Regulation

Mon, 21 Jul 2025 05:00:00 Z

FinCEN Postpones Effective Date of Anti-Money-Laundering Rule for Investment Advisers and Exempt Reporting Advisers

Mon, 21 Jul 2025 05:00:00 Z

The GENIUS Act: A Framework for U.S. Stablecoin Issuance

Mon, 21 Jul 2025 05:00:00 Z

Hong Kong Poised to Expand Licensing Regime to Cover Virtual Asset Dealers and Custodians

Wed, 09 Jul 2025 05:00:00 Z

Hong Kong regulators have published proposals for mandatory licensing of intermediaries dealing in virtual assets (VA) or providing VA custodian services. This Sidley Update examines key features of the proposals, which signal a major shift in regulatory oversight for the VA ecosystem.

The Hong Kong Securities and Futures Commission (SFC) and Financial Services and the Treasury Bureau have jointly published proposals to introduce a (mandatory) licensing regime for intermediaries dealing in virtual assets (VAs) or providing VA custodian services. Under the proposals, any person who carries on business of dealing in VAs in Hong Kong, regardless of whether through a physical outlet and/or other platform, or who provides VA custodian services will have to be licensed or registered with the SFC, subject to a fit-and-proper test and other factors deemed relevant by the SFC.

UK/EU Investment Management Update (July 2025)

Tue, 08 Jul 2025 05:00:00 Z

In this Sidley Update we cover, on the UK side, new rules and guidance from the Financial Conduct Authority (FCA) on non-financial misconduct, significant enforcement actions including an Upper Tribunal decision upholding FCA ban of a former bank CEO, the final rules for the Private Intermittent Securities and Capital Exchange System, UK tax updates related to carried interest, and government consultations aimed at strengthening the UK’s sustainable finance framework.

On the EU side, we cover European Commission (Commission) proposal to reform the EU Securitisation Regulation, updates on the EU Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CS3D), and European Securities and Markets Authority (ESMA) (i) report on the integration of sustainability risks and (ii) call for evidence on streamlining transaction reporting.

Singapore Investment Management Regulatory Update (July 2025)

Thu, 03 Jul 2025 05:00:00 Z

Having reached the end of the first half of 2025, we highlight in this Update several key Singapore regulatory developments affecting fund managers since January 2025.

Proposed Reform of EU Securitization Regulation — Implications for U.S. Securitizations

Wed, 25 Jun 2025 05:00:00 Z

U.S. House and Senate Finance Committee Reconciliation Bills Modify Partnership “Disguised Sales” Provisions

Tue, 24 Jun 2025 05:00:00 Z

U.S. Senate Draft Retains Section 899 “Revenge Tax” in One Big Beautiful Bill Act

Fri, 20 Jun 2025 05:00:00 Z

Senate Reconciliation Bill Would Make Opportunity Zone Tax Incentive Permanent, Includes Other Significant Changes

Wed, 18 Jun 2025 05:00:00 Z

U.S. House and Senate Finance Committee Reconciliation Bills Target University Endowments with Significant Changes to Excise Tax

Tue, 17 Jun 2025 05:00:00 Z

UK/EU Investment Management Update (June 2025)

Tue, 03 Jun 2025 05:00:00 Z

In this Sidley Update we cover, on the UK side, the Financial Conduct Authority’s (FCA) final policy statement on its “name and shame” proposals, enforcement actions against various firms and individuals for improper or criminal conduct, the FCA review into small asset management firms, publication of final rules on investment research payments optionality for fund managers, consultation papers on improving the complaints reporting process for regulated firms and the UK cryptoassets regime, details on the UK’s new private stock market, and a consultation from His Majesty’s Revenue & Customs (HMRC) on the reform of UK international tax rules.

On the EU side, we cover a notable conviction in Luxembourg for money laundering offences, a Call for Evidence from the European Securities and Markets Authority (ESMA) regarding the EU retail investor journey, a Call for Evidence from the European Commission (Commission) regarding the future of the Sustainable Finance Disclosure Regulation (SFDR), simplification of the regulatory regime for small- and medium-size companies under the Omnibus IV legislative package, and the entry into force of amendments to the EU Benchmarks Regulation.

Asia Funds & Financial Services Newsletter

Tue, 13 May 2025 05:00:00 Z

AAA Revises Consumer and Employment/Workplace Arbitration Rules

Thu, 08 May 2025 05:00:00 Z

UK/EU Investment Management Update (May 2025)

Wed, 07 May 2025 05:00:00 Z

In this Sidley Update we cover, on the UK side, the UK proposals for the future regulation of alternative investment fund managers (AIFMs), the Financial Conduct Authority (FCA) consultation on the definition of capital for investment firms, the FCA’s new presence in the United States and Asia-Pacific, the publication of legislation to regulate UK crypto activity, and FCA speeches on its enforcement priorities and market abuse agenda.

On the EU side, we cover the European Supervisory Authorities (ESA) report on the functioning of the EU Securitisation Regulation, the European Commission (Commission) targeted consultation on the Integration of EU Capital Markets, and the European Securities and Market Authority (ESMA) consultation on the revised clearing threshold methodology under European Market Infrastructure Regulation (EMIR) 3.

U.S. CFTC Opens 30-Day Window for Comment on 24/7 Trading and Perpetual Derivatives, With Likely Implications for Digital Asset Markets

Tue, 29 Apr 2025 05:00:00 Z