United Kingdom: Fund Management/ REITs

Loan-on-loan financing structures have become essential in commercial real estate lending, enabling credit funds to leverage originated loans. As this back leverage technology expands beyond CRE into other asset classes, practitioners must navigate complex securitisation regulations, capital treatment considerations, and intricate documentary requirements that balance lender control with underlying asset performance.

Our team will be attending both the conference and a series of meetings around it, and we look forward to connecting with clients, contacts and others across the fund finance market.

HMRC has published final guidance on the reformed UK investment manager exemption (IME), introducing significant changes that broaden its scope and remove the problematic 20% test. The updated guidance clarifies how the exemption applies to transparent funds and carried interest arrangements, providing crucial certainty for non-resident investors and UK asset managers navigating the country's tax regime.

This monthly newsletter from Katten highlights critical regulatory developments affecting UK and European financial markets, including reforms to the Senior Managers and Certification Regime, new short-selling rules, and changes to the National Security and Investment Act. The publication examines how these evolving frameworks balance regulatory accountability with reduced administrative burden for financial services firms.

On 30 April 2026, the Financial Conduct Authority (“FCA”) published a policy statement (“PS26/7”), setting out rules and guidance to support the adoption of fund tokenisation in the UK.

On 4 May 2026, the European Parliament’s Economic and Monetary Affairs Committee (“ECON”) published its draft report (the “Draft Report”)...

Welcome to the latest edition of our investment management update. This publication has been tailored to highlight topical news, cases and changes in the law impacting the investment management sector.

On 17 February 2026 the UK's Financial Conduct Authority and Prudential Regulation Authority published consultation papers that seek comments from industry participants on proposed changes to the FCA Handbook and PRA Rulebook, respectively.

On 15 December 2025, the UK Government published the final text of the secondary legislation (and accompanying explanatory memorandum) that brings cryptoassets activities within the scope...