Jurisdiction(s):
United Kingdom

Key definition

Manager definition

What does Manager mean? In legal practice, a manager is an individual who sits on the governing body of a law firm or other authorised legal services business and shares ultimate responsibility for its management, strategy and regulatory compliance. In practical terms, this usually means a partner in a partnership, a member of an LLP, or a director of an incorporated practice. In England and Wales, manager is a defined term in the SRA Standards and Regulations (SRA Glossary 2019), aligned with the Legal Services Act 2007. Managers of authorised bodies (including ABSs) generally require SRA approval and carry personal regulatory duties, such as ensuring...

COVID-19: UK and EU supervisors' guidance for fund managers - liquidity tools, property fund suspensions, MMFs, reporting extensions and operational measures

Published by a LexisNexis Financial Services expert

Practice notes

As a result of coronavirus (COVID-19) pandemic

investment funds have grappled with both operational pressures and the fallout from sharp swings in international markets. The pandemic, together with pronounced volatility and the valuation challenges it sparked, has driven substantial market corrections and heightened liquidity risks, causing strain across various parts of the financial system, including certain areas of the investment fund industry. These developments are outlined in a joint committee report on risks and vulnerabilities in the EU financial system, released by the European Securities and Markets Authority (ESMA) and the other European Supervisory Authorities (ESAs) in September 2020.

The Financial Conduct Authority (FCA) has issued guidance setting out its expectations for funds in the context of coronavirus. It recognises the considerable difficulties firms face, yet still expects them to act in the best interest of their investors at all times.
ESMA and the Investment Association (IA) have also provided guidance.
The European Systemic Risk Board (ESRB) has adopted a recommendation on liquidity management.

This Practice Note provides a summary of the impact of coronavirus on fund managers in...

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Web page updated on 21/05/2026

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