European

New Q&A published in the ESA's consolidated Q&A on the SFDR

On 4 November 2025, the European Supervisory Authorities (ESAs) added a new Q&A in the ESA's consolidated Q&A on the Sustainable Finance Disclosure Regulation. The new Q&A concerns principal adverse impacts disclosures.

ESMA report on total costs of investing in UCITS and AIFs

On 6 November 2025, the European Securities and Markets Authority (ESMA) published a report on the total costs of investing in Undertaking for Collective Investments in Transferable Securities and Alternative Investment Funds. Distribution represents 48% of UCITS’ total costs and 27% of AIFs’ total costs.

This is the first comprehensive assessment of the total costs charged to investors in EEA investment funds. This ad-hoc report complements ESMA’s annual monitoring of the performance and costs of EU investment products.

Commission adopts RTS on Liquidity Management Tools

On 17 November 2025, the European Commission (Commission) adopted regulatory technical standards (RTS) specifying the characteristics of liquidity management tools.

IOSCO consultation on updated recommendations on valuing collective investment schemes

On 17 November 2025, the International Organization of Securities Commissions (IOSCO) published a consultation report on valuing collective investment schemes. Comments may be submitted through a survey link by 2 February 2026.

Date published: 22 December 2025

This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.