Finance Law and Banking Law

Fried Frank partners Adam D. Summers and Jons Lehmann discuss the evolving fund finance market and the expanding array of liquidity solutions available to fund managers. The Q&A examines critical factors influencing tool selection, lender expectations, and how different strategies align with specific fund structures and investment approaches.

Proskauer fund finance partner Mei Mei Wong and Pemberton's Cassandra Fahy explore the evolution of net asset value-based fund financing, examining how this increasingly sophisticated tool has transformed from a niche product into an established component of the private equity landscape. Their discussion reveals how NAV financing serves diverse purposes across fund lifecycles, from portfolio value creation to LP liquidity solutions, while addressing the critical considerations around valuation, leverage, an

Rated note feeder funds are transforming how institutional investors access private capital by converting equity exposures into rated debt instruments. Originally designed for US insurers seeking better capital treatment, these structures have gained significant momentum, with the market more than doubling in recent years. As interest grows in their application under Solvency II and UK frameworks, understanding the practical and structural considerations becomes essential for both fund managers and investor

The UK government's Leeds Reforms, announced over a year ago, aimed to transform financial services regulation through banking reform, pension liberalization, and capital markets modernization. As Prime Minister Andy Burnham and Chancellor John Healey inherit this substantial reform pipeline, key measures affecting corporate treasury operations are progressing toward implementation, from Basel 3.1 capital requirements to stablecoin regulation and dematerialized share certificates. This comprehensive analysi

The Prudential Regulation Authority has unveiled proposals for a new UK captive insurance regime designed to boost competitiveness and provide businesses with greater flexibility in managing risk. The consultation paper outlines a bespoke framework with lower capital requirements, faster authorisation processes, and simplified governance structures compared to Solvency UK.

Market participants employ four main credit risk transfer structures—bank-issued CLNs, SPV-issued CLNs, credit default swaps, and participation interests—each carrying distinct risk, regulatory, and funding profiles that require careful evaluation. Asset managers must navigate critical considerations including due diligence protocols, credit event definitions, and recovery rights to optimize returns. Recent Basel 3 re-proposals in the U.S. and regulatory developments in the E.U. and U.K. are res

Islamic finance has firmly outgrown its historical perception as a regional niche. With global assets estimated at US$5.98tn in 2024...

The UK government has announced significant reforms to the Consumer Credit Act 1974, scrapping the phase two consultation and moving forward with changes that will remove automatic unenforceability sanctions while shifting many prescriptive requirements from statute to FCA rules.

You'll find the answer to this question in a recent episode of ‘The Long-Short' podcast, produced by the Alternative Investment Management Association (AIMA), featuring Jersey Finance's Head of Funds, Elliot Refson.

The UK's proposed AIFM reforms aim to create a more proportionate framework for emerging alternative investment fund managers. As these businesses evolve from proof-of-concept to institutional scale, they face increasingly complex questions around fund structuring, investor access, and long-term platform development that require sophisticated jurisdictional solutions.

Guernsey's investment funds market continues to evolve with significant regulatory enhancements, including updates to the GFSC's Innovation Sandbox and the launch of the Fund Foundry programme designed to support emerging fund managers. The jurisdiction is also positioning itself as a hub for defence technology funds while maintaining its commitment to regulatory excellence and market innovation.

The Financial Conduct Authority has released CP26/26, proposing a comprehensive transformation of how UK and third-country alternative asset managers report fund information through a new regime called FRAME (Fund Reporting for Asset Management Entities). The consultation introduces size-based thresholds, revised reporting frequencies, and tailored requirements for different fund categories including hedge funds, private market funds, and third-country managers.