Reporting fund meaning

This timeline outlines key developments linked to the Alternative Investment Fund Managers Directive (EU) 2011/61/EU (EU AIFMD) from January 2024 onwards. For earlier developments, see Alternative Investment Fund Managers Directive (AIFMD)—timeline [Archived]. For further guidance on EU AIFMD, see Practice Note: EU AIFMD—essentials. For guidance on the UK Alternative Investment Fund Managers (AIFM) regime, see Practice Note: UK regulation of alternative investment fund managers—essentials. 2026 13 March 2026 — ESMA — Guidelines on Liquidity Management Tools (LMTs) for UCITS and open-ended AIFs. The European Securities and Markets Authority (ESMA) has published guidelines on LMTs for UCITS and open-ended AIFs...

ARCHIVED: This Practice Note is archived and is no longer maintained. This Timeline charts the proposal for the Securities Financing Transactions Regulation and the ensuing EU and UK developments concerning the Regulation. Within the EU, the European Commission undertook extensive work on shadow banking, culminating in its September 2013 Communication on Shadow Banking. Among its priorities was boosting transparency around securities financing transactions (SFTs). It also called for improvements to the regulatory framework for investment funds, including undertakings for collective investment in transferable securities (UCITS) and alternative investment funds (AIFs) (see Practice Notes: Undertakings for Collective Investment in Transferable Securities—essentials and UK regulation of alternative investment fund managers—essentials for further information). The EU Regulation on reporting and transparency of securities financing transactions, Regulation (EU) 2015/2365 (the EU SFTR), represents the Commission’s legislative response to the issues highlighted in the Communication. Most provisions of the EU SFTR took effect on 12 January 2016. After the Brexit transition period ended, the EU SFTR was retained in the UK as Retained Regulation...

STOP PRESS: A major overhaul of the UK listing framework took effect on 29 July 2024, featuring the abolition of the premium and standard segments and the introduction of a single listing category for equity shares in commercial companies. The commercial companies category is strongly disclosure-led and sits beside other categories, including shell companies, secondary listing and closed ended investment fund categories. A new UK Listing Rules sourcebook commenced to deliver these reforms and the former Listing Rules sourcebook was withdrawn. For more information, see Practice Note: Reform of the UK listing regime—fundamentals. This fundamentals note describes the listing framework as it existed before 29 July 2024. The UK corporate reporting landscape has been influenced by Brexit. For further details see Brexit—accounts and reports. There have been certain amendments to the requirements of the Companies Act, the DTR and the Listing Rules for accounting periods starting on or after the close of the transitional period, although the impact is largely confined to definitions (eg the meaning of a regulated...

In this issue: Employment taxes VAT International Individuals and income tax Taxes management and litigation Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Employment taxes Appeal court rules that loans advanced through a remuneration trust were chargeable as disguised remuneration and that the linked costs were non-deductible (Marlborough DP Limited v HMRC). In Marlborough DP Ltd, the Court of Appeal dismissed the taxpayer’s case and upheld the Upper Tribunal (UT). It found that amounts lent to a director under a remuneration trust fell within the disguised remuneration regime in Part 7A of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003), as they were made in connection with employment. The Court further concluded that the associated payments were not allowable for corporation tax, since they were not incurred wholly and exclusively for the purposes of the company’s trade. See News Analysis: Court of Appeal...

Financial services developments ESMA consults on CCP collateral and investment policy standards following EMIR 3 review The European Securities and Markets Authority (ESMA) has initiated a public consultation on draft regulatory technical standards (RTS) to amend Commission Delegated Regulation 153/2013, following the European Market Infrastructure Regulation (EMIR 3) review. The call for input invites feedback on: conditions for central counterparties (CCPs) to accept public guarantees, public bank guarantees and commercial bank guarantees as collateral; criteria under which debt instruments qualify as eligible financial instruments within CCP investment policy; highly secured arrangements for emission allowances lodged as margins or default fund contributions. EMIR 3 makes permanent a broader range of guarantees eligible as collateral and extends scope to clients of CCPs that are non-financial counterparties. The consultation closes on 30 April 2026, with ESMA submitting final draft RTS to European Commission by end-2026...

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Operational resilience Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Packaged Retail and Insurance-based Investment Products (PRIIPs) Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Investment funds and asset management UK MiFID II EU MiFID II Payment services and systems Fintech and cryptoassets Regulation of AI in FS LexTalk®Financial Services: a Lexis®Nexis community Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Latest Q&As No Weekly Highlights on 24 April 2025 UK, EU and international regulators and bodies FCA announces first international presence in US and Asia-Pacific regions The Financial Conduct Authority (FCA) has unveiled its...

This Practice Note examines the EU’s Recast Second Wire Transfer Regulation (EU) 2023/1113 (Recast WTR2) on information accompanying transfers of funds and certain cryptoassets. Often referred to as the Recast Second Funds Transfer Regulation (Recast FTR2), it takes effect on 30 December 2024. Recast WTR2 sits at the heart of the EU’s anti-money laundering (AML) and counter-terrorist financing (CTF) architecture, and underpins the bloc’s oversight of payments and cryptoassets. It revises and supersedes the Second Wire Transfer Regulation (EU) 2015/847 (EU WTR2) to bring EU rules into line with the latest Financial Action Task Force (FATF) standards, the worldwide AML/CTF rule‑setting authority. Under Recast WTR2, the information‑sharing benchmark for transfers—commonly called the ‘Travel Rule’—sets out the payer and payee details that must travel with any funds transfer, regardless of currency, to help prevent, detect and investigate money laundering and terrorist financing (ML/TF), whenever at least one of the payment service providers (PSPs) engaged in the transfer is established in the EU. It further obliges PSPs...

This Practice Note outlines green loans and the principal considerations when preparing a green loan agreement. It centres on the Green Loan Principles (GLP) issued by the Loan Market Association (LMA), the Asia Pacific Loan Market Association (APLMA) and the Loan Syndications and Trading Association (LSTA)... Clarifies the meaning of a green loan Introduces the GLP and the accompanying GLP guidance Sets out the four core components of a green loan under the GLP and summarises the related guidance Condenses GLP and GLP guidance on what qualifies as a green loan, on reviews, and on greenwashing risks Provides sources for precedent wording, including the Loan Market Association draft provisions, plus drafting pointers What is meant by a green loan? Under the GLP, green loans encompass any form of loan instrument and/or contingent facility (for example, bonding lines, guarantee lines or letters of credit) where the proceeds, or an equivalent amount, are applied solely to fund, re-finance or guarantee, in...

Temporary permissions regime (TPR) and temporary marketing permissions regime (TMPR) This Practice Note examines the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA)/Bank of England (BoE) temporary permissions regime (TPR) and the temporary marketing permissions regime (TMPR), introduced at the close of the implementation period following the UK’s exit from the EU. The TPR has concluded (31 December 2023). In contrast, the TMPR for EEA UCITS remains operative and has been extended to 31 December 2026 to aid transition to the Overseas Funds Regime (OFR). These arrangements allowed EEA passporting firms and funds to continue UK activities for a limited duration after the implementation period while pursuing full UK authorisation or recognition. The European Union (Withdrawal) Act 2018 (EU(W)A 2018), as amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), enabled ratification and domestic implementation of the Withdrawal Agreement between the UK and the EU. The Withdrawal Agreement set the framework for the UK’s departure, including a transition period (termed by the UK government the ‘implementation...

1 Sinking Fund 1.1 Definitions For this clause, the following supplementary definitions shall apply: Fund Account • an interest-accruing [ trust ] account [ held with [ name of bank ] ] in the name of the Landlord; Sinking Fund • a fund that the Landlord may, but is not required to, create and maintain from time to time for receiving and holding any Sinking Fund Contribution; Sinking Fund Contribution • the sum (if any) in each Service Charge Period that the Landlord [ (acting reasonably) ] assesses as a fair annual contribution by the Tenant towards projected future costs of the [ [ major ] repair, ] renewal and/or replacement [ of the [ Property OR Building OR Centre ] AND Plant ] (including any applicable VAT to the extent that the Landlord cannot obtain a credit for that VAT from HM Revenue & Customs)...

Amendments to the International Tax Compliance Regulations 2015 (2015 regs), SI 2015/878, introduced by the International Tax Compliance (Amendment) Regulations 2025, SI 2025/740, have brought in a compulsory Automatic Exchange of Information (AEOI) registration obligation for certain trusts treated as ‘specified non-reporting financial institutions’. Under the 2015 regs, SI 2015/878, reg 24(1), a specified non-reporting financial institution is ‘a non-reporting financial institution which is a trust within the meaning of Section VIII(B)(1)(e) of the CRS or paragraph II(D) of Annex II to the FATCA agreement’. Set out below is a concise overview of the components of that definition. Financial institution (IEIM400610) The FATCA and CRS frameworks recognise four common categories of Financial Institution: custodial institution depository institution investment entity specified insurance company Where a private trust satisfies any Financial Institution definition, it will most commonly be treated as an Investment Entity...