Funds and asset management

Recent Articles

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  07/07/2025

  European Commission adopts delegated act simplifying EU Taxonomy reporting

  In what marks the latest step on the EU’s road to sustainability reporting simplification, on 4 July 2025, the European Commission (“EC”) adopted a Delegated Act amending the currently in-force Taxonomy Disclosure, Climate and Environmental Delegated Acts (the “Delegated Act”).BackgroundThe EC published a draft version of the Delegated Act in February 2025 as part of its first Omnibus simplification package, which you can read more about here. A public consultation period followed, during which the EC sought feedback on (among other things) simplifying the do no significant...

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  02/07/2025

  ESMA Releases Practical Guidance on Sus­tain­ab­il­ity Claims and ESG Credentials

  On 1 July, the European Securities and Markets Authority (“ESMA”) released “thematic notes” on sustainability claims. ESMA emphasises that these are intended to inform and educate market participants about making clear, fair and not misleading sustainability claims, with the initial thematic note focussing on references to “ESG credentials” (e.g. participation or involvement in voluntary alliances or initiatives, ESG labels, ESG awards and comparisons to peers). ESMA states that other thematic notes will follow on other topics as judged necessary.Key ExpectationsBuilding...

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  02/07/2025

  Financial Services Webinars On Demand

  View recordings of CMS financial services webinars available on demand.Webinars are a convenient way to stay informed and hear from our legal experts.Webinars On Demand

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  01/07/2025

  “Targeted support” consultation heralds new era for advice options

  The Financial Conduct Authority (“FCA”) has published a consultation paper (CP) outlining their proposals for “targeted support”. The proposals in this CP25/17 build on several FCA investigations and consultations.The FCA recognises that many people lack adequate guidance or confidence when making critical decisions about saving, investing, or drawing on their pensions. Whilst the concept of “investment advice” is longstanding, the rigorous obligations around it mean many firms choose not to offer it at all, or not to investors with lower investment amounts,...

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  30/06/2025

  ESA Consultation Paper on Guidelines for Integrating ESG Risks into Stress Testing

  On 27 June 2025, the European Supervisory Authorities (“ESAs”) jointly published a consultation paper setting out proposed guidelines for integrating environmental, social, and governance (“ESG”) risks into supervisory stress testing activities.The consultation paper is part of the ESAs’ mandate under the revised legislation (including the Capital Requirements Directive and Solvency II) and seeks to establish consistent and robust supervisory practices in assessing ESG risk exposures.In summary, the draft guidelines are intended to harmonise how competent authorities...

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  10/06/2025

  FCA confirms approach to publicising in­vest­ig­a­tions and updates Enforcement Guide

  The Financial Conduct Authority (FCA) has published Policy Statement (PS25/5) outlining its updated Enforcement Guide and the regulator’s approach to investigation publicity. The Enforcement Guide will be referred to as “ENFG” in the FCA Handbook, to set it apart from its predecessor.The changes are designed to make the FCA’s enforcement work faster, clearer and more transparent, both for the industry and the public.BackgroundThe ENFG follows Consultation Paper (CP24/2) which set out plans to empower the FCA to publicise details of enforcement cases at a very early stage....

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