European Banks Daily 16 July 2026

Research evidence excerpt

European Banks Daily 16 July 2026

s include increasing the company size

threshold at which AIFM rules apply: The Financial Conduct Authority (FCA) yesterday

published a consultation paper, CP26/28 (here), which includes a proposal to increase the assets

under management (AUM) threshold at which a firm is considered to be a small Alternative

Investment Fund Manager (AIFM) from £100m to £750m. There is also a proposal for

provisions for what are classed as medium-sized AIFMs with AUM of £750m to £5bn, with the

aim of preventing a cliff-edge effect that exists in the current regime when passing an AUM

threshold and immediately having a set of rules apply. The AIC has published its view on the

consultation (here) welcoming the proposals and saying they reduce regulation with much of the

AIFM rulebook duplicating the legal and governance standards that already apply to closed-

ended investment companies. There is a separate chapter on closed-ended investment funds,

including a summary of a UK Treasury proposed statutory carve-out for small internally

managed investment companies. The CEIC section includes proposals to exempt them from

having to produce investor disclosures required by AIFMD-derived rules where these are

duplicated by other disclosure requirements. The FCA sets out tables showing that it expects its

rule changes will significantly reduce compliance work and subsequently lead to cost savings for

firms compared to complying with the existing rules.

America

M&T Bank:Solid 2Q: CRE Inflection, Broad-Based Loan Growth, Fee Strength Bright

Spots; 2H Fee Slowdown Implied

Andrew J Dietrich (1-212) 622-4244

M&T posted good 2Q EPS of $5.32. The positive surprise was the extent of the positive