Europe: Finance and Banking

The Financial Conduct Authority has launched a comprehensive review of the Disclosure Guidance and Transparency Rules to assess their value for issuers and investors, while exploring reforms to enhance UK public market attractiveness. This update examines recent regulatory developments including AIM Rules consultations, accounts filing reforms, and new FRC guidance on internal controls and materiality. Additionally, the government has accepted recommendations to mandate digital share registers for publicly

Moneybox's recent £45m employee share sale through the London Stock Exchange's PISCES platform marks a significant milestone in the evolution of private company liquidity.

The Financial Conduct Authority (FCA) has published its latest Primary Market Bulletin (PMB 64) which discusses total voting rights (TVR) disclosures and significant transaction announcements

Emerging fund managers face a transformed landscape where strategic decisions about fund domicile can determine long-term success. Guernsey's Private Investment Fund regime offers a compelling combination of speed, efficiency, and institutional credibility that supports managers from launch through to building sustainable investment businesses.

The Central Bank of Ireland has issued important clarification on the authorisation pathway for open-ended loan-originating alternative investment funds (LO AIFs) structured as Qualifying Investor AIFs. This guidance addresses how Irish and EU-authorised AIFMs can navigate the regulatory framework established under AIFMD II, while also outlining the Central Bank's expectations regarding adherence to ESMA's regulatory technical standards for liquidity management and redemption policies.

The UK is overhauling its alternative investment fund manager regulation with a new three-tier system that promises more proportionate oversight based on firm size and risk. The Financial Conduct Authority's consultation proposes significant changes to valuation, leverage, risk management, and disclosure requirements, while HM Treasury's draft legislation clarifies the scope of AIFs and raises thresholds substantially. These long-awaited reforms aim to modernize outdated EU-derived rules and reduce administ

The Department of Enterprise, Tourism and Employment has launched a public consultation on targeted reforms to the Limited Partnerships Act 1907, proposing changes that could significantly impact Ireland's private funds landscape. The consultation addresses three key areas: increasing the maximum number of partners from 20 to 149, introducing a statutory whitelist of permitted activities for limited partners, and allowing greater flexibility regarding capital contributions and withdrawals.

From 11 January 2027, non-EU banks and significant investment firms must establish licensed branches in each EU Member State where they provide core banking services, or operate through authorized EU entities. Ireland has implemented CRD VI's Article 21c requirements through faithful transposition, introducing a third-country branch regime that affects cross-border lending involving Irish companies, with important exemptions including reverse solicitation that may enable continued market participation.

Limited şirketlerin tercih edilmesindeki başlıca nedenlerden biri, şirket ile şirket ortaklarının malvarlıklarının birbirinden ayrılması ve ortakların kural olarak şirket borçlarından şahsen sorumlu olmamasıdır. Nitekim 6102 sayılı Türk Ticaret Kanunu’nun (“TTK”) 602. maddesi uyarınca limited şirket, borç ve yükümlülüklerinden yalnızca kendi malvarlığıyla sorumludur.

Luxembourg has introduced a landmark legislative reform allowing unregulated alternative investment fund (AIF) limited partnerships to adopt multi-compartment structures. This development enables fund sponsors to consolidate multiple investment strategies, investor classes, and fund-level structures within a single limited partnership, significantly reducing complexity and administrative burden while maintaining creditor protection and investor segregation.

Bill of Law No. 8813 introduces a statutory asset segregation regime for funded sub-participations in Luxembourg, materially improving participant protection by reducing exposure to lender insolvency risk. The reform is expected to increase the attractiveness of Luxembourg-based lending structures across loan, private credit, and structured finance markets.

Luxembourg is poised to introduce a statutory compartment regime for unregulated SCS and SCSp alternative investment funds (AIFs), decoupling this feature from product-law wrappers like RAIFs. The draft bill would enable managers to establish legally segregated pools within a single AIF structure, mirroring mechanics familiar from existing Luxembourg fund regimes while preserving flexibility in documentation and disclosure.