Lisa Cawley
Overview
Lisa is an encyclopedia of knowledge with regards to financial services regulation.” - Chambers UK, 2024
Lisa Cawley has extensive experience in financial services regulation, gained over more than 20 years. She is ranked in Band 1 by Chambers UK (2024), and is described by clients as “highly knowledgeable” and “very personable and commercial as a lawyer.” It distinguishes her team as “completely best in class – super commercial and very responsive and practical.”.
She is also recognised as a ‘Global Elite Thought Leader’ in Who’s Who Legal: Private Funds and The Legal 500 UK (2024), where she is described as a “one of the top private equity regulatory lawyers out there.” Lisa is ‘Highly Regarded’ for Financial Services Regulatory by IFLR1000 (2023) and is listed in the IFLR1000 Women Leaders 2022 and 2023 – EMEA supplement.
Lisa speaks, comments and writes regularly on regulatory matters and is an acknowledged authority in her field.
Lisa’s clients include Blackstone, Clearlake Capital Partners, CVC Credit Partners, GHO Capital, GLP, GTCR, Hg, Lion Capital, Montagu Private Equity, Sun Capital Partners/Sun European Partners, Starwood Capital, TDR Capital, TowerBrook Capital Partners, Vista Equity Partners, Vitruvian Partners and Warburg Pincus.
Lisa regularly advises on:
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governance and other compliance arrangements to comply with changes in EU / UK financial services regulation, including MiFID II and PRIIPS;
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the establishment of new investment, banking and insurance businesses in the UK, and applications for FCA authorisation;
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the establishment of compliance processes for investment businesses, and ongoing regulatory advice in relation to matters such as conflicts of interest, personal account trading, financial promotions, approved persons, client money and custody issues and general compliance with the FCA Rules;
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regulatory issues arising in connection with fund structuring, particularly in relation to pan-European and global private equity funds;
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the negotiation of regulatory approval for changes of control in connection with M&A transactions;
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market abuse and insider dealing issues;
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the regulation concerning and the marketing of financial products, including securities, insurance products, derivatives and funds;
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the regulatory consequences of rule breaches, and defending clients against enforcement action;
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the EU Alternative Investment Fund Managers Directive, the U.S. Private Fund Investment Advisers Registration Act and the Bribery Act 2010; and
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the regulatory issues and considerations on environmental, social and governance (ESG) matters, including recent legislative developments and requirements.
Experience
Prior Experience
Slaughter and May, London (1991–2008)
More
Thought Leadership
Publications
“FCA asset management review risks creating conflicts” (Guest Comment), IFLR, July 2017
Author, “Fundraising – United Kingdom” The Private Equity Review Sixth Edition, April 2017 (with Richard Watkins)
“FSB’s asset management plans mirror AIFMD”, IFLR, January 2017
“Funds face restructuring ahead of SMR”, IFLR, December 2016
“Boosting cross-border fund distribution”, IFLR, October 2016
“Identifying single market benefits”, IFLR, October 2016
“How to boost crossborder fund distribution” (Guest Comment), IFLR, October 2016
Co-author, “EU regulation of private equity fund managers and advisers”, Global Law and Business, July 2016
“Fund passporting rules offer post-Brexit blueprint” (Guest Comment), Fund Strategy, July 2016
“U.K. Hedge-Fund Brexit Concerns Eased by EU Access Opinion” (Guest Comment), Bloomberg, July 2016
“ESMA recommendation brings U.S. a step closer to EU passport” (Guest Comment), Pensions & Investments, July 2016
Co-author, “Brexit Considerations For US Investment Fund Managers”, Law360, July 2016
“MAR could be global abuse template” (Guest Comment), Futures & Options World, July 2016
“London hedge funds ruling at end of month” (Guest Comment), Irish Examiner, July 2016
“The Long goodbye: What next for London’s banks?” (Guest Comment), IFLR, July 2016
“After Brexit vote, doubts loom on London's stature” (Guest Comment), Pensions & Investments, July 2016
“U.K. Hedge Funds Look to European Watchdog to Ease Brexit Fears” (Guest Comment), Bloomberg, July 2016
“What does EU referendum mean for fund passporting?” (Guest Comment), Fund Strategy, June 2016
“German MEP: UK equivalence will be ‘poor and burdensome’ ” (Guest Comment), IFLR, June 2016
Co-author, "The Route to Market in Europe via AIFMD" 2015 Preqin Investor Network Global Alternatives Report
Co-author, “The Alternative Investment Fund Managers Directive: Key Considerations for US Fund Managers," PREA Quarterly, Winter 2015
Co-author, “AIFMD Essentials”, European Venture Capital Association, July 2013
“Non-US firms can afford to relax over Dodd-Frank” (Guest Comment), Private Equity News, July 11, 2011
Co-author, “Small change: whether the proposed shake-up of financial regulation in the UK is really as dramatic as it seems” The Lawyer, 9 May 2011
Co-author, “Bribery Act Briefing” BVCA Member Briefing, May 2011
“US steals a regulatory march on European Union” (Guest Comment), Private Equity News, August 23, 2010 (with Stephanie Biggs)
Author, “Legal uncertainty: the criminal liability of partnerships for bribery under the Bribery Act 2010,” Butterworths Journal of International Banking and Financial Law, March 2012 (with Chris Colbridge)
Author, “European venture capital funds: a new brand?,” Financier Worldwide, 2012 (with Stephanie Biggs)
Author, “2010: Year of the regulator,” PLC, April 2010 (with Stephanie Biggs and Mark Mifsud)
Press Coverage
Money managers facing further costs following Brexit, Pensions & Investments, April 15, 2019
High Yield Issuers Resist EU Market Abuse Regulation Call For Openness; Directive Is No Landmark Change Investors Say, Reorg Research, August 1, 2016
Italy’s AIF lending liberalization divides, IFLR, March 11, 2016
ESMA buys time on passporting, Opalesque, November 2, 2015
LPs welcome Dodd-Frank but GPs worried, Unquote, September 16, 2011
Dodging Dodd-Frank: a private equity guide, Financial News, February 25, 2011
Firms mobilise for directive's second leg, Private Equity News, November 1, 2010
Haggling over the legislation is far from over, Financial Times, May 18, 2010
Secondary Crucial AIFM Vote Delayed, Private Equity Manager, May 10, 2010
Hedge fund directive strikes blow at City, The Times, May 10, 2010
Britain Sidelined over E.U. hedge fund talks, The Sunday Telegraph, May 9, 2010
Fund-Rules Debate Rages as E.U. Nears Decision, The New York Times, May 10, 2010
Hedge fund directive strikes blow at City, USA Today, May 9, 2010
Vote nears on European fund regulation, The Deal, May 7, 2010
Hedgies fear E.U. assault in election gap, City A.M., May 10, 2010
HFMWeek Daily Snapshot, HFMWeek, May 10, 2010
Monday Watch, Between the Hedges, May 10, 2010
Press Digest - British Business - May 10, Reuters, May 10, 2010
Daily News Update, May 9, 2010
E.G. Alternative Fund Regulations on Hold, The Deal, March 16, 2010
Fundraising Could Get Harder in Europe, Buyouts, March 15, 2010
Latest AIFM Directive Draft set to Offer Hope to Hedge Funds, International Financing Review, March 13, 2010
FSA drops charges against Kirkland client Semperian, The Lawyer, February 19, 2010
Seminars
Jersey Finance London Funds Conference 2018, 24 April 2018
IBA International Conference on Private Investment Funds, 5-7 March 2017
The Private Equity 2016 Conference, Monday 7th November 2016
SuperReturn US Forum, Boston, Tuesday 7th June 2016
Business Life Channel Islands Funds Forum, Jersey, 1 October 2015
The Jersey Finance Annual Funds Conference 2015, 19 March 2015
15th Annual International Conference on Private Investment Funds, 9–11 March 2014
Business Life Funds Forum, Guernsey, June 5, 2014
Financial Services Forum for Legal and Compliance Professionals, 1 April 2014
8th Annual Real Estate Private Equity Symposium, October 15, 2013 (New York)
7th Annual Practitioner's Forum on Private Equity Regulation, Tax and Accounting, April 30th 2013
CI Funds Forum 2012, Guernsey, July 4, 2012
6th Annual Practitioner's Forum on Private Equity Regulation, Tax and Accounting, 26 June 2012
EVCA CFO-COO Summit, Paris, 8–9 May 2012
EVCA CFO-COO Summit, Barcelona, 16–17 June 2011
Informa Conferences: Managing the Consequences of the AIFM Directive, London, November 30, 2010
4th Annual Practitioner's Forum on Private Equity Regulation, Tax and Accounting, May 25, 2010
Recognition
Recognised as an IFLR Woman Leader in IFLR1000 (2022–2023)
Winner of the Lawyer of the Year Award for Investment Funds - Regulatory, Who’s Who Legal (2022)
Recognised as a Leading individual (Band 1) in Chambers UK (2024)
Recognised as a Leading individual in The Legal 500 UK (2024)
Highly Regarded for Financial Services Regulatory in IFLR1000 (2023)
Recognised as a Global Elite Thought leader in Who’s Who Legal: Private Funds (2022)
Memberships & Affiliations
Member of the Financial Conduct Authority’s AIFMD Group of Legal Experts
Member of the EVCA Public Affairs Executive Technical Group on the Alternative Investment Fund Managers Directive
Founder of the Transatlantic Regulatory Lawyers Group
Credentials
Admissions & Qualifications
- 1993, Admitted to Practice as a Solicitor of England and Wales
Education
- College of Law, LondonLaw Society Finals1991
- Magdalene College, University of CambridgeLL.M.1990
- Trinity College Dublin, The University of DublinLL.B.1989