Contemporary Challenges in American & Global Law concluded its spring season with a discussion on “European Perspectives on Investment Fund Regulation.” On June 2, attendees from both the Catholic Law and the Jagiellonian University communities joined to hear the conversation led by Wictor Furman (CUA LL.M. 2009), Force Advokatbyrå in Stockholm, Sweden, with comments made by James V. Catano ’11, Partner at Dechert in Washington, D.C.

Furman—whose practice focuses inter alia on banking and finance law, securities law, and fund law—was eager for this welcome opportunity to discuss some of the hot topics in the financial regulatory space. After providing some fundamental information on investment funds and fund management, Furman gave an overview of some of the recent changes to regulations that have affected or will affect fund operation. He focused on EU directives and regulations—touching upon MiFID II which inter alia introduced new rules on inducements and disclosure rules on costs and fees, Shareholder Rights Directive II (SRD II) which focuses on disclosure rules for asset managers' use of voting rights related to shares traded on a regulated market, and Sustainability Finance Disclosure Rules which focuses on whether financial products are sustainable.

After hearing from Furman, Catano, a graduate of Catholic Law’s Securities Law Program, provided a U.S. perspective on several areas of regulation that Furman reviewed. Catano noted that the U.S. asset management industry, like in Europe, is currently experiencing significant regulatory changes and used his time to “provide commentary on some notable developments that are impacting the U.S asset management space, but also provide some comparisons and contrasts between these developments on both sides of the Atlantic." Catano focused on the areas of Environmental, Social, and Corporate Governance (ESG); disclosure; and distribution to explore the differences and parallels between the regulatory systems. Catano concluded by posing a few questions to Furman.

With the time that remained, both Furman and Catano answered questions from the audience, moderated by Professor Emerita Leah Wortham, Director of the American Law Program and the LL.M. Program at Catholic Law. The questions addressed topics that included the standardization of disclosures, broader philosophical themes and differences in regulatory approach between the U.S. and the EU, and expectations regarding ongoing disclosures of risk in investments.

This program concludes the Contemporary Challenges in American & Global Law web series. For information regarding other Catholic Law events, visit our News & Events page.

You can view a recording of the webinar below.