Welcome to the December 2025 edition of our Asset Management & Investment Funds Update.

In this month’s edition we look at:

• Key Dates & Deadlines: Q4 2025
  Stay ahead of upcoming deadlines and key dates with our legal & regulatory tracker.
• Final RTS on liquidity management tools for UCITS & open-ended AIFs under AIFMD 2.0
  The European Commission published its final version of the Regulatory Technical Standards (RTS) for UCITS and for AIFs under AIFMD 2.0 on 17 November 2025 specifying the characteristics of liquidity management tools (LMTs) for UCITS and open-ended AIFs.
• SFDR 2.0
  The European Commission published its long-awaited SFDR 2.0 proposal on 20 November 2025.
• ESMA report on total costs of investing in UCITS and AIFs
  ESMA published a report on the total costs of investing in UCITS and AIFs in November 2025.
• CBI publishes feedback statement, standards and guidance on the F&P regime
  The CBI published a feedback statement on 24 November 2025 on amendments to the Fitness and Probity Regime following the CP160 consultation with industry.
• ESMA Peer Review on the Supervision of Depositary Obligations
  ESMA published the results of a peer review which assessed the supervision by national competent authorities (NCAs) of depositaries in November 2025, in particular their oversight and safekeeping obligations.
• EU T+1 Industry Committee launches industry survey
  The move to T+1 settlement represents a major industry shift toward faster, more efficient post-trade processes. While the High-Level Roadmap, prepared by EU T+1 Industry Committee, offers guidance through the recommendations it contains, each firm must conduct its own analysis to understand the operational and technological changes required.

Click the pdf below to download our full briefing.