News & Analysis as of September 18, 2024

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

AIFMD II Comes into Force in April 2024

Akin Gump Strauss Hauer & Feld LLP on 4/15/2024

The final text of the amendments to the EU Alternative Investment Fund Managers Directive (AIFMD)—known as “AIFMD II”—was published in the Official Journal of the European Union on March 26, 2024, and will enter into force on...more

ESMA Guidelines on marketing communications for funds will start to apply

Proskauer Rose LLP on 2/1/2022

On 2 February 2022, the new ESMA guidelines on marketing communications under the Regulation on cross-border distribution of funds (EU) 2019/1156) (“Guidelines”) will start to apply....more

Guidelines on Marketing Communications Under the Regulation on Cross-Border Distribution of Funds

Goodwin on 1/26/2022

SCOPE - On 2 August 2021, The European Securities and Markets Authority (“ESMA”) published the Guidelines on Marketing Communications (the Guidelines) under the regulation on cross-border distribution of funds, which...more

August Changes to Fund Distribution in the EEA

Cadwalader, Wickersham & Taft LLP on 8/2/2021

This week sees the introduction of significant changes to the rules and regulations governing the marketing of alternative investment funds (“AIFs”) to investors in the Member States of the European Economic Area (the “EEA”)...more

Reminder to Managers of New Fund Marketing Rules in the EU

Akin Gump Strauss Hauer & Feld LLP on 6/29/2021

1. Overview The new rules on the promotion of funds introduced by the new Cross-Border Distribution of Collective Investment Undertakings Directive and Regulation (Cross-Border Distribution of Funds (CBDF) Rules) are due to...more

Brexit Manoeuvres: Potential Implications of a "Hard Brexit" for Fund Managers: A UK Perspective - October 2019

Dechert LLP on 10/22/2019

This note sets out at a high level the potential impact of the United Kingdom’s (“UK”) exit (“Brexit”) from the European Union (“EU”) without a negotiated agreement on UK and European Economic Area (“EEA”) (a) alternative...more

AIFMD: New Pre-Marketing Rules

Orrick, Herrington & Sutcliffe LLP on 7/24/2019

On July 12, 2019, the following new EU directive and regulation on cross-border distribution were published in the Official Journal of the European Union...more

Reducing barriers to the cross-border distribution of investment funds – AIFMD rules now finalised

BCLP on 4/25/2019

In March 2018 the European Commission published a draft package of measures aimed at reducing barriers to the cross-border distribution of investment funds. The proposed approach involves aligning the rules between different...more

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 2/11/2019

FCA Opens Notification Window for Passported EU Firms and Funds under No-Deal Brexit Temporary Permissions Regime - The FCA has announced that the notification window for passported EU ex-UK firms and funds wishing to...more

Brexit Manoeuvres: Potential Implications of a "Hard Brexit" for Fund Managers: A UK Perspective - September 2019

Dechert LLP on 9/21/2018

With six months to go until the UK’s departure from the EU, Dechert’s ‘Brexit Manoeuvres’ guide sets out at a high level, from a UK perspective, the practical implications of a “hard Brexit” as it relates to: - Alternative...more

European Commission Publishes Legislative Package for Cross-Border Distribution of Investment Funds

A&O Shearman on 3/23/2018

As part of its work on creating a European Capital Markets Union, the European Commission has published a legislative package of amendments, comprising a proposed Regulation and a proposed Directive....more

US Hedge Fund Managers: Accessing Capital and Marketing in Europe

Dechert LLP on 9/27/2016

Recent regulatory change has made the marketing of hedge funds in the European Economic Area (the “EEA”) more involved, particularly for managers based outside the EEA. This appears to have led some US investment advisors to...more

Blog: The #AIFMD for non-EU Fund Managers: why it might soon be easier to market a Fund into the EU than it’s been so far

Cooley LLP on 7/21/2016

At the moment, a non-EU PEVC fund manager (Fund Manager), managing a non-EU PEVC fund (Fund), can only market* that Fund in the EU if it complies with the National Private Placement Regime (NPPR) in every relevant EU country....more

Impact of New European AIFMD Regulation on SBICs

Foley Hoag LLP on 10/14/2015

The recent adoption of the European Alternative Investment Fund Managers Directive (AIFMD), effective July 2013 (and with transitional provisions in some countries through 2014), has imposed complex new regulations on most...more

ESMA Publishes Advice on Extending the Marketing Passport Beyond Europe

Morgan Lewis on 9/2/2015

ESMA has recommended that the AIFMD passport be extended beyond the countries within the European Union to Jersey, Guernsey, and Switzerland. On 30 July, the European Securities and Markets Authority (ESMA) sent its...more

"AIFMD Passport: Europe Must Try Harder"

Skadden, Arps, Slate, Meagher & Flom LLP on 8/20/2015

On July 30, 2015, the pan-EU securities regulator, European Securities and Markets Authority (ESMA), published two papers covering the application of the marketing “passport” under the Alternative Investment Fund Managers...more

ESMA AIFMD Opinion and Advice on the Passporting and Private Placement Regimes

Goodwin on 8/7/2015

Background - Under the current structure of the Alternative Investment Fund Manager’s Directive (AIFMD), European firms are permitted to market EU funds to professional investors throughout the European Union through the...more

AIFMD: ESMA Recommends the First Wave of Non-EU Countries to Obtain a Europe-Wide Marketing Passport

Foley Hoag LLP on 8/5/2015

On July 30, 2015, the European Securities and Markets Authority (ESMA) released its advice to the European Parliament, Council of the European Union and the European Commission on the application of the passport to non-EU...more

ESMA stalls on extending the AIFMD Marketing Passport to Non-European Managers

Proskauer Rose LLP on 8/3/2015

The European Securities and Markets Agency (ESMA) today published its advice on extending the application of the marketing 'passport' under the Alternative Investment Fund Managers Directive (AIFMD) to non-European managers....more

Alert: The AIFMD For Non-EU Fund Managers: It's Probably Not As Bad You Think

Cooley LLP on 6/27/2015

Many non-EU fund managers raising a non-EU alternative investment fund will accept a European investor on a "reverse solicitation" basis; but they won't "market" into Europe. This is often because the cost of complying with...more

Alert: Marketing a Fund under the Alternative Investment Fund Managers Directive

Cooley LLP on 1/15/2015

This briefing is a supplement to our Alternative Investment Fund Managers Directive briefing, which is here. In this briefing, we have used the terms we defined in our primary briefing without redefining them. The two...more

The EU’s Alternative Investment Fund Managers Directive: Marketing Impact On Non-European Fund Managers

Troutman Pepper on 9/5/2013

Alternative investment fund managers based outside the European Economic Area (EEA) who wish to market their alternative investment funds (AIFs) to European investors are rightly concerned about additional restrictions and...more

AIFMD’s Impact on Non-EU Managers of Non-EU Alternative Investment Funds

Morgan Lewis on 7/25/2013

With AIFMD taking effect, non-EU alternative investment fund managers should be aware of a new regime governing their marketing of such funds into the EU—the AIFMD's private placement overlay. ...more

"UK Provides Marketing Grace Period for Alternative Fund Managers"

Skadden, Arps, Slate, Meagher & Flom LLP on 6/25/2013

The U.K. Treasury recently published its response to its January 2013 consultation on transposing the EU Alternative Investment Fund Managers Directive (AIFMD). A revised draft version of the Alternative Investment Fund...more

UK Regulators Propose Implementing Rules and Regulations on AIFMD

Proskauer Rose LLP on 3/29/2013

On 19 March 2013, the UK Financial Services Authority (FSA) published Part II (CP2) of its three-part consultation series on Implementation of the Alternative Investment Fund Managers Directive (AIFMD). The consultation...more

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