Worldwide: Finance and Banking

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 London Stock Exchange's revised framework, in force immediately, cuts admission burdens and aims to assist fundraisings and acquisitions.

AIM has undergone its most significant regulatory overhaul in years, and market participants should take note. On 4 June 2026, the London Stock Exchange published AIM Notice 62, launching a wide-ranging consultation on proposed amendments to the AIM Rules for Companies under its “Shaping the Future of AIM” programme. Following that consultation, the London Stock Exchange confirmed the final amendments in AIM Notice 64, and the revised AIM Rules for Companies took effect on 5 August 2026.

The London Stock Exchange has implemented significant revisions to the AIM Rules for Companies following its June 2026 consultation paper, introducing substantial changes to admission requirements, transaction thresholds, and disclosure obligations. These reforms include replacing traditional working capital statements with targeted financial disclosures, introducing a voluntary Capital Access Window for fundraising suspensions, and aligning substantial transaction thresholds with Main Market standards at 2

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.

The Advisers' Sustainability Group has released comprehensive guidance aimed at helping financial advisers navigate the evolving sustainable finance landscape and build their capabilities in advising on products with sustainability claims. This practical resource comes amid significant regulatory developments, including the FCA's introduction of Sustainability Disclosure Requirements in 2024, marking a pivotal moment for the advice sector's approach to sustainable investment.

This monthly bulletin provides a comprehensive overview of the latest regulatory developments affecting financial services across the UK, EU, and US. From new FCA guidance on high-growth firms and wealth management to SEC proposals on crypto asset frameworks and CFTC initiatives on prediction markets, the update covers critical changes impacting asset managers, banks, insurers, and securities firms.

In this edition of our banking litigation podcast, we consider some recent cases that will be most relevant to in-house lawyers at banks and financial institutions.