ESMA has issued a stark reminder that reverse solicitation, where it can be used, has to be carefully managed and documented, and is an area of regulatory scrutiny and focus. This short note also takes stock on the EU27...more
Germany’s private placement rules for funds will change again. On 19 July, the European Securities and Markets Authority (ESMA) published its advice on applying the Alternative Investment Fund Managers Directive (AIFMD)...more
In our August 2015 client alert, we reported on the European Union's tentative efforts to extend the Alternative Investment Fund Managers Directive (AIFMD) marketing passport to managers and funds established in non-EU...more
On July 19, 2016, the European Securities and Markets Authority (ESMA) published its final advice (Advice) on extending the application of the marketing passport under the Alternative Investment Fund Managers Directive...more