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President Obama signed into law on July 1, 2010 the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA).

European financial markets have experienced volatility based on concerns regarding rising government debt levels, credit rating downgrades and possible defaults on or restructuring of government debt of various countries, most notably Greece.

The Alternative Investment Fund Managers Directive will establish an EU-wide regulatory and supervisory framework for alternative investment funds.

A new law (New Law) implementing the EU Directive on cross border conversions, mergers and demergers (Mobility Directive) entered into force on March 2, 2025.

This DechertOnPoint summarises regulatory developments in the European Union and the UK in the investment funds and assets management sector during the past four weeks.

The implementation costs of the European Union’s Market in Financial Instruments Directive (2004/39/EC) ("MiFID") have been to estimated to have run into several hundred of millions of £s in the UK alone.

The long-standing policy of the Securities and Exchange Commission ("SEC") to settle cases by allowing a party to neither admit nor deny the agency’s allegations has been challenged by United States District Court Judge Jed S. Rakoff, sitting in the Southern District of New York. Judge Rakoff, in criticizing this policy, rejected a proposed $285 million settlement between the SEC and Citigroup Global Markets, Inc. ("Citigroup").

The SEC issued a formal interpretation of the definition of "security" as applied to certain types of crypto assets and activities involving crypto assets.

The UK Bribery Act 2010 ("Act") comes into force on 1 July 2011. It amounts to a landmark in the UK’s desire to play a leading role in international efforts to combat corruption.

In a decision that could sharply curtail the potential liability of mutual funds and their advisers and directors for non-fraudulent prospectus misrepresentations, on March 31, 2011, the U.S. District Court for the Southern District of New York dismissed a putative class action arising out of the precipitous decline in the share price of a mutual fund during the 2007 and 2008 credit crisis.

Geopolitical developments, fiscal stability, EU industrial policy and NATO/NATO-adjacent accelerators drive deal flow in the German defense sector in autumn 2025.

The SEC has issued a groundbreaking "innovation exemption" allowing tokenized securities to trade through automated market makers and liquidity pools on permissioned venues without traditional exchange registration. This temporary five-year relief creates a novel regulatory framework that substitutes disclosure requirements for certain exchange rules, while imposing strict conditions on trading volume, transparency, and issuer consent.

The UK Court of Appeal recently confirmed that lawyers (Decherts) could no longer act for a company (Avonwick). Our views on the first instance decision can be found here.

During the financial crisis of 2008, many hedge fund managers ("HF Managers") exercised their rights to restrict fund liquidity, using their frequently underestimated legal powers to put in place gates, suspend redemptions and even segregate illiquid fund assets for years in closed-end vehicles (so-called "side pockets").

The implementation costs of the European Union’s Market in Financial Instruments Directive (2004/39/EC) ("MiFID") have been to estimated to have run into several hundred of millions of £s in the UK alone.

The National Futures Association ("NFA") has petitioned the U.S. Commodity Futures Trading Commission ("CFTC") to amend CFTC Regulation 4.5, which currently excludes (among others) registered investment companies ("RICs") from the "commodity pool operator" ("CPO") definition under the U.S. Commodity Exchange Act, as amended ("CEA").

On 7 December 2011, the European Commission published a proposal for a Regulation introducing a new EU-wide fund structure: the "European Social Entrepreneurship Fund" ("EuSEF").