portfolio management – Global Investment Law Watch

China: China Announced Proposed Penalties on Cross-Border Securities Business: What Overseas Institutions Should Watch?

Jul 08 2026

On 22 May 2026, the China Securities Regulatory Commission announced proposed penalties against several overseas online brokerage firms for cross-border business activities. The regulator stated that their provision of brokerage services to mainland China investors violated China’s laws. Gains from these activities are to be confiscated and penalties imposed.

China: A Real Opening-Up, or Opening-Up With Boundaries? Where Is China’s Capital Market Heading?

Jul 02 2026

By: Chloe Duan and Amigo L. Xie

On 17 June 2026, the Chair of the China Securities Regulatory Commission, Wu Qing, delivered a keynote speech at the Lujiazui Forum, emphasizing China’s continued participation in the global financial markets, as well as its efforts to improve cross-border investment and financing convenience.

Europe: ESMA’s Draft RTS on Open-Ended Loan-Originating AIFs-AIFMD II in Practice

Oct 27 2025

By: Susanna Güven and Mathieu Volckrick

On 21 October 2025, the European Securities and Markets Authority (ESMA) published its draft Regulatory Technical Standards (RTS) on open-ended loan-originating alternative investment funds (AIFs). This marks a key step in the implementation of Directive (EU) 2024/927 (AIFMD II), which updates the Alternative Investment Fund Managers Directive (AIFMD) and Undertakings for Collective Investment in Transferable Securities (UCITS) frameworks to strengthen rules on delegation, liquidity risk, supervisory reporting, depositary services, and loan origination.

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