Funding Solutions For GP Commitments In The German Market – With A Particular Focus On Defense Tech And Dual-Use Funds

On 28 January 2026, Germany's national competent authority (NCA) the Federal Financial Supervisory Authority (BaFin) published its 2026 edition of BaFin's "Risks in Focus" (RiF)...

The Markets in Crypto-Assets Regulation (MiCAR) was designed to bring crypto-assets within a common EU regulatory perimeter, but recent developments reveal a more complex picture. Three decisive developments in October 2026—the Council's position on the Market Integration and Supervision Package, the MiCAR review consultation responses, and ESMA's supervisory action—expose critical gaps in how digital money, tokenised financial instruments, and market infrastructure fit together.

Germany's implementation of the EU AI Regulation assigns BaFin as the market surveillance authority for AI systems in financial services, while new guidance clarifies investment product classifications under PRIIPs and establishes transitional rules for ESG rating providers. BaFin also provides supervisory guidance on the Payment for Order Flow ban affecting investment firms and neo-banks.

The European Parliament has tabled over 1,900 amendments to the Market Integration and Supervision Package, transforming it from a straightforward proposal into a complex negotiation between competing models for European market supervision and infrastructure. As the Commission's original December 2025 proposal becomes obsolete and multiple parliamentary drafts emerge with conflicting visions, financial firms face critical questions about which supervisory architecture will ultimately govern their licenses

On March 20, 2015, the German Federal Financial Supervisory Authority issued a press release stating that it has imposed a fine of €3.25m on BlackRock Investment Management (UK) Ltd...

The German Federal Financial Supervisory Authority (BaFin) on 17 February 2022 published its consultation on its proposals for a general ruling regarding futures...

The German Parliament adopted new regulatory requirements for algorithmic and high frequency trading.

On 24 February 2026, the European Securities and Markets Authority (ESMA) issued a public statement addressing the increasing prevalence of derivatives marketed as "perpetual futures"...

European financial regulators ESMA, ESRB, AMLA, and SRB have published responses to the EU's Markets in Crypto-Assets Regulation review, proposing reforms across classification, market conduct, financial crime controls, and crisis management. The responses raise critical questions about crypto-asset service providers' permissions, client rights, and operational continuity during participant failures. Firms face three immediate priorities: remediating non-compliant stablecoin services by early 2027, testing

On 14 November 2024, the European Banking Authority ("EBA") released two sets of guidelines relating to the handling of European and national sanctions...

The U.S. Securities and Exchange Commission has proposed significant amendments to modernize interval fund operations and extend multiple share class eligibility to non-traded closed-end funds and business development companies. These changes would eliminate longstanding regulatory barriers by allowing interval funds to defer initial repurchase offers for up to two years, introducing monthly repurchase options, and replacing rigid liquidity requirements with principles-based approaches, while also removing

The global CLO equity fund market is experiencing a cautious reopening after a period of tight arbitrage and challenging economics. With U.S. CLO issuance approaching $230 billion in the first half of 2026 and major platforms successfully raising billion-dollar funds, captive and third-party CLO equity fund structures are evolving rapidly as managers deploy sophisticated structuring technologies to provide stable execution capacity and attract institutional capital seeking diversified credit exposure with s

The CFTC has released its 2026 regulatory priorities agenda under new Chairman Michael Selig, outlining significant proposed changes to commodity pool operator exemptions, large trader reporting requirements, and foreign exchange product classifications. Asset managers participating in commodities and derivatives markets will need to understand how these regulatory modifications may affect their registration obligations, reporting burdens, and treatment of various financial instruments.

Preferred equity is transforming structured finance by enabling sponsors to attract third-party capital below rated debt without diluting residual positions or triggering additional rating requirements. This analysis examines how CFOs, CLOs, NAV facilities, and other securitization vehicles are deploying bespoke preferred structures to widen investor pools while preserving manager incentives. What contractual mechanics, legal considerations, and market dynamics are driving this shift from niche accommodatio

Germany's advance lump-sum taxation regime imposes annual deemed investment income on German tax-resident investors in qualifying investment funds, regardless of distributions.

Private equity investment in concierge medicine, aesthetic dermatology and medispas has surged due to cash-pay economics, recurring revenue models and fragmented markets ripe for consolidation. However, navigating state-by-state corporate practice of medicine prohibitions, licensure requirements and evolving GLP-1 regulations requires sophisticated legal structuring to protect valuations and enable successful exits.

The CFTC has taken coordinated actions to bring perpetual contracts under U.S. regulatory oversight, approving the first bitcoin perpetual contract on a domestic exchange.

The NAIC has proposed significant revisions to statutory accounting principles that would restrict bond treatment for multi-collateral structured credit investments deemed to carry "significant embedded asset-liability management risk." This analysis examines the regulatory concerns driving the proposal, evaluates whether the proposed framework appropriately addresses those concerns, and identifies potential unintended consequences for insurance company investors and the broader structured credit markets.

Over the past decade, asset managers have sought to expand investor access to private markets assets, such as private credit, real estate, infrastructure and other illiquid assets, within the regulatory framework of the 1940 Act.

On 29 July 2025, the Supreme Court handed down judgment in the combined appeals in Shvidler v Secretary of State for Foreign, Commonwealth and Development Affairs (‘Shvidler') and Dalston Projects Ltd and others v Secretary of State for Transport (‘Dalston Projects').