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    Apr. 30, 2026

European PE Fund Domiciles: How Does the U.K. Compare?

Over the last 10 years Luxembourg has established itself as the leading jurisdiction for PE fund domicile, with much of that growth coming at the U.K.’s expense after its attractiveness waned following Brexit. Luxembourg achieved that status by proactively seeking to optimize its appeal as a fund domicile across several factors, particularly relative to other prominent European jurisdictions. The U.K. still has several advantages, which, combined with the expected inflow of U.K. pension fund money into private capital, should ensure strong continued demand for domestic fund products. However, to significantly turn the dial, the U.K. government would need to adopt substantial reforms. In a guest article, Travers Smith attorneys Michael O’Brien Kelly, Tom Margesson and Ian Zeider examine the key factors that sponsors consider when deciding where to establish their funds; analyze how the main European fund jurisdictions of Luxembourg, the U.K., the Channel Islands and Ireland stack up in relation to those factors; and evaluate how the U.K. could improve its position. See “Gauging European Investors’ Appetite for U.S. Funds and Considerations in Marketing to Them” (Nov. 14, 2024); and “IFI Global Survey Identifies Trends in Offshore Domiciliation and Fund Structuring Among U.S. Managers” (Nov. 2, 2021).

SEC Enforcement Manual Updates Incorporate Changes to Wells Process and Other Protocols

On February 24, 2026, the SEC announced changes to its Enforcement Manual (Manual), which constitute the first revisions since 2017. In theory, the modifications aim to ensure a “uniform Wells process,” giving respondents four weeks to prepare written and/or audiovisual submissions in the hope of swaying staff in the SEC’s Division of Enforcement (Division) not to pursue charges, to streamline protocols as to consideration of settlement recommendations and to overhaul the framework for evaluating cooperation by respondents in SEC enforcement matters. Although the updates to the Manual may be welcomed by many fund managers facing potential scrutiny from Division staff, their potential impact is likely to be limited. “Some of the updates may give a little bit more transparency to the Division’s internal process, but they should not really cause a fund manager to change how it does business,” summarized Fried Frank partner C. Dabney O’Riordan, the former chief of the Division’s Asset Management Unit. This article summarizes the material changes to the Manual and presents practical takeaways for fund managers based on insights shared by several legal experts. See “SEC Signals Continued Willingness to Pursue Technical Violations With No Apparent Investor Harm” (Oct. 16, 2025); and “Present and Former SEC Officials Discuss Strategy, Testimony, Proffers and Negotiations” (Apr. 17, 2025).

Attorneys in SEC GC’s Office Discuss Pending Challenges to SEC Authority and Significant Litigation

At the SEC Speaks in 2026, a panel of attorneys from the SEC Office of the General Counsel, moderated by Deputy GC Jeffrey Finnell, offered views from the trenches on recent litigation with potentially significant consequences for the agency’s authority and market participants. Most notable are two matters now before the U.S. Supreme Court. One involves the circumstances under which the SEC can require disgorgement of ill-gotten gains. The other concerns whether there is a private right of action to rescind contracts that violate the Investment Company Act of 1940. There are also, however, matters that have been decided by, or are pending in, the U.S. Courts of Appeals that also have a bearing on future Commission authority and practices. Among the relevant matters are those aimed at determining what constitutes a final agency decision under the Administrative Procedure Act and the ability of a respondent to reopen an SEC settlement. This article synthesizes the SEC attorneys’ insights. See “Division of Investment Management Staff Discuss Staffing, Operations, Rulemaking and Other Developments” (Oct. 16, 2025).

CCOs Discuss the Challenges of AI Implementation and Ongoing Vigilance in a Deregulatory Environment

At the Securities Industry and Financial Markets Association’s 2026 Compliance and Legal Annual Seminar, a panel of CCOs from large financial services firms addressed hot button issues affecting compliance professionals. Moderated by Morgan Lewis partner Ben A. Indek, the panel examined how CCOs are integrating artificial intelligence into their compliance programs and approaching its infusion into business operations; the implications of the current regulatory environment on compliance operations; the growing interplay of compliance and operational risks; and how CCOs can position and empower the compliance function. This article summarizes the panelists’ discussion. See “Benchmarking AI Uptake by Compliance Functions” (Feb. 19, 2026).

Understanding GP Financing Facilities

GP financing involves financing at the fund sponsor level, as opposed to fund-level subscription lines of credit or net asset value facilities, explained Proskauer partner Philip A. Kaminski at a Practicising Law Institute (PLI) program on fund finance. The GP finance market has evolved significantly over the past decade. “Lenders have realized that GP cashflows can be modeled and underwritten like any other asset,” he observed. They are building lending strategies tied to those fee streams. The PLI program covered the fundamentals of GP financing, including deal structures and terms; lender due diligence; default triggers and remedies; and how GP financing differs from other fund finance options. Moderated by Proskauer partner Matthew K. Kerfoot, the discussion also featured Ropes & Gray partner Adam Dobson and Kirland & Ellis partner Jocelyn A. Hirsch, P.C. This article synthesizes their insights. See “Alternative Financing Facilities: How GP and Co‑Investment Facilities Increase Sponsors’ ‘Skin in the Game’” (Feb. 11, 2020).

Private Funds Partner Malcolm Nicholls Rejoins Proskauer in Boston

Malcolm B. Nicholls has rejoined Proskauer as a partner in its private investment funds group in Boston. He advises fund sponsors and investment advisers across the full fund lifecycle, with a particular focus on venture and growth equity strategies. For insights from Proskauer, see “Governance and Succession Planning for Fund Managers” (Jan. 22, 2026); and “Key Considerations in Secondaries Fund Financing Transactions” (Jan. 8, 2026).

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Trailblazing Women – Contributions, Achievements and Observations of Outstanding Leaders

To mark International Women’s Day, Law Report Group editors, along with our colleagues across ION Analytics’ products, interviewed outstanding women in the industries and jurisdictions we cover. In this article, Jill Abitbol, Robin Barton, Rorie Norton and Megan Zwiebel profile notable women in the data privacy, cybersecurity, AI, private funds and anti-corruption law fields, including (i) Paula Howell Anderson, (ii) Gwendolyn Lee Hassan, (iii) Audrey Koh, (iv) Stacy Feuer, (v) Heather Egan, (vi) Jeewon Serrato, (vii) Stephanie Breslow, (viii) Anne Choe, (ix) Heather Wyckoff, (x) Angie Batterson, (xi) Jacqueline Eaves, and (xii) C. Dabney O’Riordan.

Enjoy reading their inspiring remarks here.