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Articles by Chris Ormond
Simpler Sustainability Disclosures for Private Fund Managers: UK Rules Finalised, EU Reform Heads Into Trilogue
In the UK, the Financial Conduct Authority (FCA) environmental, social, and governance (ESG) sourcebook governs sustainability disclosure for private managers in the UK, covering the Task Force on Climate-Related Financial Disclosures (TCFD) information for FCA-authorised firms and the use of sustainability labels and sustainability disclosure requirements (SDR) in the promotion of funds.
A New Private Fund Managers Regime In The UK: Good News For Non-UK Managers?
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
A New Regime For UK Private Fund Managers: Latest From The FCA And HMT
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
A New Regime for UK Private Fund Managers: Latest From the FCA and HMT | JD Supra
On 14 July 2026, the UK Financial Conduct Authority (FCA) launched its consultation (CP26/28) on new rules for alternative investment fund managers (AIFMs) and His Majesty's Treasury (HMT) published draft changes to the UK AIFM Regulation (AIFMR) along with its policy note.
Remuneration Rules For UK Private Fund Managers: Key Features Of The FCA’s New Regime
Andrew Henderson’s articles from Goodwin Procter LLP are most popular: with readers working within the Banking & Credit, Insurance and Securities & Investment industries Goodwin Procter LLP are most popular: within Criminal Law topic(s) The FCA’s CP26/27 proposes a less prescriptive, more outcomes-focused remuneration framework for UK AIFMs, MIFIDPRU investment firms, and UCITS managers. Consolidated framework: The FCA seeks to replace existing remuneration codes with a single code.
In our previous alert, "European Defence's Shifting Financial and Regulatory Landscape," we noted that the consensus which largely excluded defence from responsible investment has now changed. In...
ESG, SFDR, And Defence Investment: Greater Investor Choice
Goodwin Procter LLP are most popular: within Criminal Law topic(s) In our previous alert, “European Defence’s Shifting Financial and Regulatory Landscape,” we noted that the consensus which largely excluded defence from responsible investment has now changed.
Horizon Scan For Private Investment Funds: Recent Developments And What To Look Out For (May 2026)
Goodwin Procter LLP are most popular: within Real Estate and Construction topic(s) with readers working within the Banking & Credit industries This horizon scan highlights the principal legal and regulatory developments (excluding tax) that European managers should monitor over the coming months.
Put Your Money Where Your Mouth Is: Linking Carried Interest for Private Fund Managers to Sustainability Outcomes
Sustainable finance regulation and related investor expectations continue to grow. This has increased the pressure on private fund impact managers to show true alignment between financial performance and sustainability outcomes. As the market evolves, we have seen a growth in the demand for environmental, social, and governance (ESG) or impact-linked carried interest mechanisms that make part of the manager’s carry contingent on achieving specific sustainability outcomes.
Horizon Scan For Private Investment Funds: Key Recent Legal And Regulatory Developments To Look Out For In The Coming Months (February 2026)
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
FCA Non-Financial Misconduct: Final Guidance For Private Fund Managers, Fintechs, And Other Non-Banks
Goodwin Procter LLP are most popular: within Transport topic(s) In a previous Goodwin alert, "FCA Non-Financial Misconduct Rules: Private Fund Managers, Fintechs, and Other Non-Banks Firmly in Scope" (July 2025), we discussed the consultation paper issued by the UK Financial Conduct Authority (FCA), which contains its final changes to the rules in the Code of Conduct (COCON) and a policy statement on guidance in the COCON and the rules for staff fitness and propriety assessments (FIT),...
Loan Fund Structures Under AIFMD2: ESMA's Final Report
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
Identity Verification A New UK Legal Requirement Under ECCTA
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
Simpler And More Streamlined Sustainability Disclosure For UK Private Fund Managers: Taking Stock And Comparing With The EU
On 6 August 2025, the Financial Conduct Authority (FCA) published its multi-firm review (review) of climate reporting by private fund and other asset managers, life insurers, and FCA-regulated pension providers (firms). The review included sample Taskforce on Climate-related Financial Disclosures (TCFD) entity and product reports and engagement with trade associations and firms.
Further Reform For UK Private Fund Managers: The Government's Road Map For Growth In Financial Services
In our previous alert "Reforming the UK Regime for Private Fund Managers: FCA and HMT Papers Point the Way," we discussed the proposals of the Financial Conduct Authority (FCA) and His Majesty's Treasury (HMT) for reform of alternative investment fund management (the FCA/HMT AIFM proposals).
The UK's Failure To Prevent Fraud Offence: Private Fund Managers, Portfolio Companies, And Placement Agents
In a previous alert titled "UK Limited Partnership Reform Becomes Law: A Practical Guide of How Best to Get Ready to Comply," we discussed the changes to limited partnership law ushered in by the Economic Crime and Corporate Transparency Act 2023 (ECCTA) and their impact on private fund managers (Managers). ECCTA may further affect Managers when the offence of "failure to prevent fraud" (FTPF), comes into effect on 1 September 2025.
The UK’s Failure to Prevent Fraud Offence: Private Fund Managers, Portfolio Companies, and Placement Agents | JD Supra
In a previous alert titled “UK Limited Partnership Reform Becomes Law: A Practical Guide of How Best to Get Ready to Comply,” we discussed the changes to limited partnership law ushered in by the Economic Crime and Corporate Transparency Act 2023 (ECCTA) and their impact on private fund managers (Managers). ECCTA may further affect Managers when the offence of “failure to prevent fraud” (FTPF), comes into effect on 1 September 2025.
FCA Non-Financial Misconduct Rules: Private Fund Managers, Fintechs, And Other Non-Banks Firmly In Scope
In a previous alert, "FCA D&I Standards for Large Firms Abandoned (for now), Non-financial Misconduct Rules Delayed (but Still Important)," we discussed the proposals put forward by the UK Financial Conduct Authority (FCA) for all FCA-authorised firms, not only banks, to better integrate non-financial misconduct (NFM) considerations into their senior managers and certification regime (SM&CR), including rules for staff fitness and propriety assessments (FIT), the FCA Conduct Rules in the Code...
Horizon Scan For Private Investment Funds: Key Recent Funds, Legal, And Regulatory Developments To Look Out For In The Coming Months (June 2025) (Podcast)
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
Liquidity Management Under AIFMD2: Near-Final RTS For Open-Ended Funds
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
Reforming The UK Regime For Private Fund Managers: FCA And HMT Papers Point The Way
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
A New UK-Based Unauthorised Fund Vehicle Now Available - The Reserved Investor Fund
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
A New UK-based Unauthorised Fund Vehicle Now Available - The Reserved Investor Fund | JD Supra
The new UK fund vehicle Reserved Investor Fund (RIF) is available beginning today, 19 March 2025. The RIF is available for all investment strategies, but what might make it an appealing option, particularly certain tax features, is likely to be different for UK real estate investment than for all other strategies (including non-UK real estate). The RIF regime has been designed specifically to provide various advantageous tax treatments for UK real estate investment.
Private Funds Are Getting More Freedom To Recycle
Managers of private funds are often securing greater flexibility in how they recycle capital, a trend that could boost returns and provide crucial liquidity during uncertain markets. To understand this evolution, we analyzed data from Goodwin's Terms Database for Private Investment Funds, examining how recycling provisions have changed over time. In a previous article, we looked at overall caps, or the amount of capital that funds can recycle.
Private Funds Are Getting More Freedom to Recycle | JD Supra
Managers of private funds are often securing greater flexibility in how they recycle capital, a trend that could boost returns and provide crucial liquidity during uncertain markets. To understand this evolution, we analyzed data from Goodwin’s Terms Database for Private Investment Funds, examining how recycling provisions have changed over time. In a previous article, we looked at overall caps, or the amount of capital that funds can recycle.
FCA D&I Standards For Large Firms Abandoned (For Now), Non-Financial Misconduct Rules Delayed (But Still Important)
In a previous alert, we discussed the proposals put forward by the UK Financial Conduct Authority (FCA) for all FCA-authorised firms to better integrate non-financial misconduct (NFM) considerations into their senior manager and certification regime (SMCR), including rules for staff fitness and propriety assessments, the FCA Conduct Rules and threshold conditions for firms.
Corporate Sustainability Reporting in the EU: Simplification, Decluttering, and Regulatory Burden Reduction Under Omnibus I or Continued Uncertainty? | JD Supra
The keenly awaited details of the EU’s proposed first omnibus package were published on 26 February 2025. The package includes amendments to the Corporate Sustainability Reporting Directive (CSRD) (including revision and simplification of the existing European Sustainability Reporting Standards (ESRS)), the Corporate Sustainability Due Diligence Directive (CSDDD), the Carbon Adjustment Mechanism, and the InvestEU Regulation.
Properly Valuing Private Equity, Venture, Real Estate, And Other Private Markets Assets: Some Pointers For UK And EU Managers
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
New Year, Similar Concerns: The FCA's 2025 Priorities For UK Private Fund Managers
On 26 February 2025, the Financial Conduct Authority (FCA) published a portfolio letter (Letter) explaining its supervision priorities for the asset management and alternatives portfolios.
Where Do Private Funds Draw The Line On Recycling?
Private fund managers "recycle" capital — i.e., reinvest capital that would otherwise be returned to investors or to recall distributions already made — to maximize their investment capacity. This mechanism helps managers maintain consistent investment activity without seeking external funding (such as co-investments, loans, secondaries, or preferred equity) while also offsetting the impact of management fees and expenses on investable capital.
Where Do Private Funds Draw the Line on Recycling? | JD Supra
Private fund managers “recycle” capital — i.e., reinvest capital that would otherwise be returned to investors or to recall distributions already made — to maximize their investment capacity. This mechanism helps managers maintain consistent investment activity without seeking external funding (such as co-investments, loans, secondaries, or preferred equity) while also offsetting the impact of management fees and expenses on investable capital.
Loan Fund Structures under AIFMD2: ESMA’s Proposals | JD Supra
In our recent alert Loan Origination Under AIFMD2: A Guide on loan origination under the revised Alternative Investment Fund Managers Directive (AIFMD2), we noted that the European Securities and Markets Authority (ESMA) would consult on further measures required to implement AIFMD2.
The 2024 Mansion House Speech: Points For Private Fund Managers
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
How Do Fund Sponsors Resolve A Key Person Event?
Upon the occurrence of a key person event, a suspension period is typically triggered, during which the fund is not able to make new investments. In a previous article, we analyzed the average length of the suspension period and the ways they tend to vary among asset classes. In this article, we examine how fund sponsors resolve a key person event to terminate the suspension period and resume all investment activities.
How Do Fund Sponsors Resolve a Key Person Event?
Upon the occurrence of a key person event, a suspension period is typically triggered, during which the fund is not able to make new investments. In a previous article, we analyzed the average length of the suspension period and the ways they tend to vary among asset classes. In this article, we examine how fund sponsors resolve a key person event to terminate the suspension period and resume all investment activities.
Recent Updates In The UK Venture Fundraising Landscape - 19 August 2024
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
Recent Updates in the UK Venture Fundraising Landscape - August 2024 | JD Supra
As venture fund formation lawyers, we take a keen interest in helping our clients raise capital for their funds. If you are currently fundraising or expect to do so soon, we have pulled together a summary of some key recent changes to the UK fundraising market.
A New Sustainable Investment Framework For The EU? ESMA's Latest Opinion
Those who have had to navigate and consider the EU Sustainable Finance Disclosure Regulation (SFDR) have faced its challenges and noted its deficiencies. Specifically, these have included data gaps, the SFDR's use as a labelling rather than disclosure framework, and its failure to accommodate transition assets. Generally, the need for greater legal certainty, more straightforward and tailored application, and better international co-ordination.
Loan Origination Under AIFMD2: A Guide
The revised Alternative Investment Fund Managers Directive (AIFMD2) introduces new requirements for funds managed by EU-based alternative investment fund managers (AIFMs) that originate loans. Most of the requirements apply to AIFMs that manage any fund that originates loans, even on an occasional basis.
The King's Speech: Reinforcing The Retailisation Of Private Funds
GP Goodwin Procter LLP More At Goodwin, we partner with our clients to practice law with integrity, ingenuity, agility, and ambition. Our 1,600 lawyers across the United States, Europe, and Asia excel at complex transactions, high-stakes litigation and world-class advisory services in the technology, life sciences, real estate, private equity, and financial industries.
Sustainability Disclosure Rules In The UK: Extending The FCA's Regime To Portfolio Managers
In our previous alert The FCA's Sustainability Disclosure Requirements and Labelling Regime (SDR): A Flexible Regime for UK Private Fund Managers, we examined the final framework under policy statement PS23/16, on Sustainability Disclosure Requirements (SDR) and investment labels. The FCA is now consulting (CP24/8, open for comment until 14 June 2024) on bringing portfolio management products and services into scope of the SDR from December 2024.
Forward To The Past: HNW And Sophisticated Exemptions For UK Investors
On 6 March 2024, following the Chancellor's budget statement, the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment and Transitional Provision) Order 2024 (SI 2024/301) (the March Amendment) was published on legislation.gov.uk.
End Of The Beginning: AIFMD II's Final Text
In our previous alert AIFMD II (Near) Final Text Agreed: What's New? and in our recent update in our Horizon Scan, we noted that the Council of the European Union (EU) had published the final compromise amending text setting out amendments to the Alternative Investment Fund Managers Directive (AIFMD) and to the UCITS Directive.
ESG / Sustainability-Related Terms In Fund Names: Some News From ESMA
The market had been expecting feedback by now from the European Securities and Markets Authority (ESMA) regarding its November 2022 consultation on its guidelines on funds' names using ESG or sustainability-related terms (Guidelines).
The FCA's Sustainability Disclosure Requirements And Labelling Regime (SDR): A Flexible Regime For UK Private Fund Managers
In our previous alert, The Sustainability Disclosure Requirements and Investment Labels Rules: Tougher ESG Standards for UK Private Fund Managers, we discussed the Financial Conduct Authority (FCA) October 2022 consultation (CP 22/20) on sustainability disclosure requirements and investment labels (SDR).
Recent Updates In The UK Venture Fundraising Landscape
As venture fund formation lawyers, we take a keen interest in helping our clients raise capital for their funds. If you are currently fundraising or expecting to do so soon, we have pulled together a summary of some key recent changes to the UK fundraising market, including some updates from November's budget. 1.
Recent Updates in the UK Venture Fundraising Landscape | JD Supra
As venture fund formation lawyers, we take a keen interest in helping our clients raise capital for their funds. If you are currently fundraising or expecting to do so soon, we have pulled together a summary of some key recent changes to the UK fundraising market, including some updates from November’s budget. 1.
Half Of Private Investment Funds Set Hurdle Rates At 8% But Rates Differ By Asset Class And Strategy
Private investment funds distribute returns to investors and sponsors according to a predetermined plan, known as a "distribution waterfall," that is included in the fund's governing documents.
Half of private investment funds set hurdle rates at 8% but rates differ by asset class and strategy | JD Supra
November 30, 2023 Lauren Falkowitz, Brian O'Neill, Chris Ormond, Benjamin Yeoh Goodwin + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: Private equity funds show the least variation, with 80% of PE funds setting hurdle rates at 8%. Real estate funds are almost as likely to set rates at 7% or 9% as 8%. Please see full publication below for more information.
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