On Reg

What are European regulators focused on this year? In this episode of Dechert On Reg, host Angelo Lercara is joined by Dechert partners Katie Carter and Mark Dillon and counsel Christine Renner to discuss highlights from the regulatory panel at this year’s Funds Congress, held February 6 in London. Topics include evolving regulatory divergence, targeted burden-reduction initiatives and strategic priorities for ESMA, the Central Bank of Ireland, the CSSF and the FCA in 2026 and beyond.

Germany’s defense landscape is transforming. Between new budget commitments, a push to meet NATO’s 2% target and an assertive EU industrial strategy, deal flow in drones, sensors, cyber and munitions is on the rise. In this episode of On Reg, Angelo Lercara is joined by partners Carina Klaes-Staudt and Clemens York to highlight the latest tightening of Germany’s FDI regime – covering critical infrastructure, cyber, media and defense – alongside export-control rules and classified-information requirements. Show NotesHot Topic: Dealmaking in Germany's Defense Sector in 2025 – VC, PE and M&A – What’s New and What are the Main Regulatory Hurdles – Dechert OnPoint (November 2025)

Published earlier this year, ESMA’s Advice on the Eligible Assets Directive seeks to tackle long-standing divergences across EU member states on what UCITS can and cannot invest in. In this episode of On Reg, host Angelo Lercara is joined by Dechert’s Doireann O'Daly and Mark Dillon to discuss whether the proposal has been successful in clarifying the two foundational concepts of the UCITS regime – what qualifies as a transferable security and what counts as liquid.

How will the recently adopted GENIUS Act, the pending CLARITY Act and other recent regulatory developments affect the crypto market in the U.S.? In this installment of Dechert On Reg, host Angelo Lercara is joined by Dechert partners Brenden Carroll and Neel Maitra to highlight what these new developments mean for crypto traders and asset managers, the role of the SEC and banking agencies and the potential for tokenization of securities. The discussion also explores the challenges of regulating decentralized finance and the prospect for harmonization between U.S. and EU regulations. Show NotesDechert's Leading on Crypto

In the latest Country Edition of Dechert On Reg, host Angelo Lercara is joined by partners Amanjit Fagura and Colin Sharpsmith from Dechert’s Dubai office to discuss critical insights for asset managers looking to raise capital in the United Arab Emirates (UAE). Fagura and Sharpsmith provide a comprehensive overview of the UAE's regulatory landscape, investment patterns and fund structures, offering valuable guidance on navigating the complexities of raising capital in the Emirates. The episode also explores key investor groups, tax considerations, current market trends and recent regulatory changes that asset managers need to be aware of.Show NotesDechert World Compass

 What is currently top of mind for regulators in the ever-changing financial services landscape? In this episode of Dechert On Reg, host Angelo Lercara invites fellow partners Katie Carter and Marianna Tothova to discuss hot topics from the “Regulatory Horizon: Key Themes for 2025” panel at this year’s Funds Congress in London. Featuring representatives from the FCA, CBI, ESMA and CSSF, the panel highlighted regulators’ innovative use of AI to parse massive amounts of data, how these authorities are cutting through “the noise” to focus on maintaining stability and protecting investors, thoughts on the retailization of private markets in Europe and much more!  Show Notes: Dechert World Compass 

In this episode Dechert On Reg, host Angelo Lercara kicks off the new Country Edition series: Together with his guests, he will focus on different jurisdictions and explore the unique regulatory landscape of the countries in discussion. This time it is all about France, one of the most robust economies in the world: What should asset managers—both domestic and international—be aware of when raising capital there? With partner Cyril Fiat from Dechert’s Paris office, Angelo discusses France's economic indicators, investment behaviors of French individuals and institutional investors and the role of regulatory bodies such as the Autorité des Marchés Financiers and the Autorité de Contrôle Prudentiel et de Résolution. The episode also covers common fund structures in France, key tax considerations, trends in the French asset management market and the impact of recent regulatory changes.Show NotesAutorité des marchés financiers (AMF) official websiteAutorité de Contrôle Prudentiel et de Résolution (ACPR) – Banque de France official websiteDechert World Compass

Changes to the UK’s EMIR derivatives reporting regime take effect on Monday September 30, 2024.Dechert On Reg host Angelo Lercara is joined by Richard Chapman and Karen Stretch to discuss the changes, how they differ from those for EU EMIR that took effect earlier in 2024 and how in-scope firms can make sure they are prepared.Show Notes: EMIR Reporting: Changes Afoot - What You Need to Know – Dechert On Reg Episode 5 (Nov. 30, 2023)

Dechert On Reg host Angelo Lercara is joined by Dechert’s John McGrath, Richard Pugh and Aaron Scott for a deep dive on how the new UK securitization regulations – which go into effect November 1 – will affect fund managers and market participants, how the new UK rules compare with existing EU regulations, and what investors should be doing now to prepare for the changes. Show Notes:Countdown to Change: UK's New Securitisation Regime Effective from 1 November 2024 – Dechert OnPoint (May 2024) 

The UK’s Financial Conduct Authority is combatting greenwashing with a new rule designed to protect customers from investment firms’ false or misleading sustainability claims about their products. In this edition of Dechert On Reg, Angelo Lercara, Mikhaelle Schiappacasse and Simon Wright examine the FCA’s new sustainability disclosure safeguards and how they could impact asset managers in the near future. Show Notes: FCA’s Anti-Greenwashing Rule and Related Guidance: A Summary – Dechert OnPoint (May 2024)

The latest episode of our On Reg podcast dives deep into the AIFMD's new rules and their transformative effects on loan origination strategies and fund management. Whether you're navigating the complexities of today's financial regulations or just interested in learning the latest industry developments, this episode is essential listening. Special guest Marianna Tothova offers her insights on what's changed for AIFMD, what's to come, and how it may affect your business.Show Notes:Dechert's World PassportDechert's World Compass

The regulatory landscape defining the asset management sector is set to undergo significant changes in the years ahead. In this episode of Dechert On Reg, host Angelo Lercara is joined by Richard Frase and Philippa List to recap the crucial updates presented during the "Regulatory Roadmap" panel at this year's Funds Congress event, including ESMA's priorities, ELTIFs, AIFMD 2.0 and more.View the Funds Congress 2024 highlights here.

The Central Bank Individual Accountability Framework Act of 2023 is likely to have far-reaching implications on Irish-regulated entities. In this episode of Dechert On Reg, Doireann O’Daly, Mark Dillon and Simon Wright join host Angelo Lercara to discuss the impact on strengthening the individual accountability of senior executives in the operation of management companies, investment firms and fund boards in Ireland. 

2024 heralds significant changes to the EMIR reporting regime in both the EU and the UK.  All market participants that enter into derivatives – from asset managers to investment firms – are likely to be impacted. In this episode of Dechert On Reg, host Angelo Lercara is joined by Karen Stretch, Richard Chapman and Philippa List who together take a look at the EMIR reporting requirement, the changes coming and how to prepare. 

The SEC’s new private fund adviser rules represent the most significant change to the regulation of private funds and their advisors in the US since the 2008 financial crisis. In this episode, host Angelo Lercara is joined by financial services partners Karen Anderberg and Michael McGrath to discuss how asset managers will be impacted by the new rules, which significantly reform the scope of reporting, disclosure, and other obligations imposed on investment advisors to private funds. 

In the third episode of Dechert On Reg, we discuss a profound piece of legislation for the asset management sector - the Alternative Investment Fund Managers Directive or AIFMD. Now, after more than 10 years, the European Union legislator is contemplating revisions commonly referred to as AIFMD 2.0. Angelo Lercara, Patrick Goebel, Philippa List, and Marianna Tothova consider the impact of the upcoming reforms and discuss the provisional agreement reached among the co-legislators. 

In the second episode of Dechert On Reg, host Angelo Lercara and Dechert partner Lindsay Trapp discuss developments from the U.S. National Association of Insurance Commissioners' (NAIC) 2023 Summer Meeting. The episode explores expanded definitions for "principles-based bonds" and “residual tranches" and their impact on rated feeder funds and collateralized fund obligations (CFOs), as well as proposed amendments to the NAIC's Securities Valuation Office (SVO)’s discretion over NAIC Designations assigned through the filing exemption process.

In our first episode, host Angelo Lercara explores the latest trends and challenges facing the European asset management sector with Dechert colleagues Colin Sharpsmith, Simon Wright and Matthias Kerbusch, including the future regulatory framework of the UK, the retailization of private assets and the European Long-Term Investment Fund (ELTIF) regime. Listen now.