The Association of Investment Companies (AIC) has expressed frustration that the government has not amended the Pension Schemes Bill to permit pension schemes to meet requirements to invest in private assets via listed investment companies. The Bill gives ministers powers to compel schemes to allocate a portion of portfolios to private assets, but under the current drafting, investment through listed vehicles is excluded. The Bill completed the Public Bill Committee stage in the House of Commons without amendments being introduced relating to investment trusts.  AIC Chief Executive Richard Stone warned that this risks limiting competition, raising costs and reducing quality for savers. The AIC noted investment companies have already committed over £110bn to private assets including infrastructure, renewables, property, venture capital and private businesses, and said they are a proven route for pension schemes to access such investments. The government has been urged to make amendments as the Bill passes through the House of Lords.

The Association of Investment Companies (AIC) is urging HM Treasury (HMT) to include venture capital trusts (VCTs) in draft legislation to exempt investment companies from the requirement to produce packaged retail investment and insurance products key information documents (PRIIPs KIDs).The AIC expressed disappointment that the draft legislation does not include VCTs, saying cost disclosures mandated by PRIIPs and the Markets in Financial Instruments Directive (MiFID) are ‘widely accepted to be misleading’.

Insert the following new definition to clause 1.1 in Precedent: Investment agreement—single investor or Investment agreement—multiple investors: AIFM Regulations • means Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773); General Partner • means general partner, operator or manager of an Investor authorised from time to time by an Investor and any other person or persons nominated by an Investor to act on its behalf; Insert new clause 9 in Precedent: Investment agreement—single investor

Ireland-Banking & Financial Service analysis: This article, was written by A&L Goodbody’s Asset Management and Investment Funds Team.

Ireland—Banking & Financial Services analysis: This article was written by A&L Goodbody’s Asset Management & Investment Funds team. It covers the Central Bank of Ireland’s (CBI) authorisation process note outlining a streamlined authorisation process for Irish alternative investment fund managers (AIFMs) managing alternative investment funds (AIFs) that originate loans to obtain approval for the new AIFM function of loan origination under AIFMD II by the implementation deadline of 16 April 2026.

The Council of the European Union (the Council) has adopted new rules to improve European capital markets and strengthen investor protection in the EU. The new directive (AIFMD II) amends the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD), which governs managers of hedge funds, private equity funds, private debt funds, real estate funds and other alternative investment funds in the EU. The new directive also modernises the framework for undertakings for collective investment in transferable securities, as set out in Directive 2009/65/EC as amended (UCITS Directive), ie plain-vanilla EU-harmonised retail investment funds such as unit trusts and investment companies.

Ireland—Banking & Financial Service analysis: This article, was written by A&L Goodbody’s Asset Management and Investment Funds Team. The Team summarises some key changes that Alternative Investment Fund Managers Directive (EU) 2024/927 (AIFMD II) introduces in respect of delegation, authorisation, regulatory reporting and conflicts of interest-related requirements applicable to alternative investment fund managers (AIFMs).

Commission Delegated Regulation (EU) No 231/2013 which supplements the AIFMD with regard to exemptions, general operating conditions, depositaries , leverage, transparency and supervision of AIFMs. The rules set out in the AIFMD Level 2 Delegated Regulation have direct effect.

Law360: AIG is not liable to pay the bulk of nearly €3.5m to investors in a failed Italian real estate project, as a judge found on 12 February 2025 that the insurance policy of a defunct Italian firm does not cover negligent advice by its predecessor.

Law360, London: A judge ruled on 9 May 2025 that AIG does not have to pay the two owners of bars and hotels in Cornwall for losses suffered during the coronavirus (COVID-19) pandemic because the policy did not specifically cover the COVID-19 disease.

The Alternative investment market, a form of stock market designed for smaller and newer companies where the listing rules are easier and the costs of listing are lower (but the companies are riskier).

A securities market owned and operated by the stock-exchange'>London Stock Exchange plc, with lighter entry requirements and continuing obligations than the main regulated markets. Now simply known as AIM.