Elizabeth Budd#628

Elizabeth Budd

Partner, Pinsent Masons
Elizabeth Budd is a financial services regulatory partner with extensive expertise advising asset managers, fund managers, depositaries, wealth managers, fund distributors including platforms, and insurance companies on the constantly shifting landscape in the UK and EU.
On the funds side she has established UCITS and AIFs structured as unit trusts, open ended investment companies and limited partnerships, on-shore and off-shore. She has also advised extensively on the distribution of fund products.
Elizabeth has recently advised on perimeter issues, application for authorisation and variations of permission, regulatory implications of employment and LLP disputes in authorised firms, and on MiFID II. She has worked with a number of fund managers of authorised, unauthorised and listed funds to implement the Alternative Investment Fund Managers Directive and on restructurings of investment funds. For insurance clients she has advised on Part VII transfers, reviewing policy documentation and broker terms.
Contributed to


Changing the authorised corporate director of an open-ended investment company
Changing the authorised corporate director of an open-ended investment company
Practice notes

This Practice Note examines the key regulatory requirements and issues when changing the authorised corporate director (ACD) of an open-ended investment company (OEIC), including the background to OEICs and ACDs; the circumstances under which a change of ACD will occur; the practical considerations when removing an ACD and the key procedure and timings for changing the ACD of an OEIC.

Non-UCITS retail schemes (NURS)
Non-UCITS retail schemes (NURS)
Practice notes

This Practice Note explores non-UCITS retail schemes (NURS) and comments on investment powers, new rules on NURS investing in illiquid assets, promotion, key investor information documents, and NURS that are funds of alternative investment funds (FAIFs) or property authorised investment funds (PAIFs).

Practice areas


  • Contributing Author


  • Bristol University (1988 Law Degree)

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