News & Analysis as of

Alternative Investment Fund Managers Directive European Union Alternative Investment Funds

Alternative investment company – deadline for regulatory adjustment will end June 4, 2017

by Dentons on

On June 4, 2016 amendments to the Act on Investment Funds (the “Act”) entered into force. The purpose of the amendment is implementation in the Polish legal system AIFMD (Directive 2011/61/EU of 8 June 2011 regarding managers...more

Blog: AIFMD: ESMA Updates Q&As

by Cooley LLP on

The European Securities & Markets Authority has updated its questions and answers on the application of the Alternative Investment Fund Managers Directive. The latest update includes 4 new questions: - Section II:...more

Blog: Amending the European Venture Capital & Social Entrepreneurship Funds Regulations to increase investments in SMEs – Part III

by Cooley LLP on

The European institutions have been working on a Regulation that will amend the European Venture Capital Funds Regulation (EuVECA Regulation) and the European Social Entrepreneurship Funds Regulation (EuSEF Regulation), to...more

ESMA Advice Extending the AIFMD Passport: Including the United States, Hong Kong, Singapore and Switzerland

by Reed Smith on

On 18 July 2016 the European Securities and Markets Authority (ESMA) published its advice to the European Parliament, the Council and the Commission on the application of the Alternative Investment Fund Managers Directive...more

ESMA Advice on Extending the AIFMD Passport to Non-EU Countries

by Morgan Lewis on

ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more

ESMA issues advice on extension of the AIFMD Third Country Passport to 12 non-EU countries, including the United States

by Proskauer Rose LLP on

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

Blog: Loan Origination By Alternative Investment Funds – ESMA’s Opinion On Next Steps

by Cooley LLP on

The European Securities and Markets Authority (ESMA) has published an Opinion on the “Key principles for a European framework on loan origination by funds“. The Opinion is addressed to the European Parliament, the Council...more

Blog: ESMA’s Advice On The Application Of The Passport To Non-EU Alternative Investment Fund Managers

by Cooley LLP on

It might soon be possible for alternative investment fund managers (AIFMs) in the United States of America, Hong Kong, Singapore, Japan, Canada, the Isle of Man, the Cayman Islands, Bermuda or Australia (the Countries), to...more

European Commission Letter to ESMA on Application of AIFMD Passport

On January 19, ESMA published a letter it has received from the European Commission relating to the application of the EU passport under the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”) to non-EU...more

Luxembourg Welcomes its First European Venture Capital Fund (EuVECA) Manager and EuVECA Fund

by DLA Piper on

This summer, DLA Piper advised the first-ever Luxembourg based EuVECA manager on its registration with the Luxembourg regulator, the Commission de Surveillance du Secteur Financier, bringing the total number of EU level...more

AIFMD Marketing Passport: ESMA Provides European Commission With Advice on Its Possible Extension to Non-EU Jurisdictions

On July 30, after a one-week delay, the European Securities and Markets Authority (ESMA) published its long-awaited Opinion to the European Parliament, Council and Commission and responses to the call for evidence on the...more

Third-country AIFMs: ESMA says slow down

by Dentons on

The Alternative Investment Fund Managers Directive (AIFMD) required ESMA to review, by July 2015, how the arrangements under AIFMD for marketing AIFs have worked, with an assessment of the National Private Placement Regimes...more

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

by Cooley LLP on

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

ESMA Updates Q&A on Application of AIFMD

On May 12, 2015, the European Securities and Markets Authority (ESMA) published an updated version of its Q&A paper on the application of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD)...more

Distribution of Private Equity Funds in Europe after AIFMD

by Dechert LLP on

With the AIFMD now effective, the attention of U.S. private equity sponsors has turned to capital raising in Europe under the new regime. The key impact of the AIFMD for U.S. sponsors is the prohibition on the active...more

Alert: The Alternative Investment Fund Managers Directive

by Cooley LLP on

What is it? The European Union's Alternative Investment Fund Managers Directive (the Directive) came into force on 21 July 2011. The Member States of the European Union were obliged to transpose the Directive into...more

Restructuring of Unlisted EU Companies: AIFMD Applies to Non-EU Fund Managers on Acquisitions of Substantial Stakes

The Alternative Investment Fund Managers Directive (“AIFMD”) imposes restrictions on “asset stripping” on managers (“AIFMs”) of alternative investment funds (“AIFs”) that acquire control of EU companies. The rules contain...more

AIFMD: Renewed Focus on Its Impact on Non-EU Managers of Private Funds

by Morgan Lewis on

Although AIFMD took effect in key EU member states in 2013, in practice, its one-year grace period largely gave managers of alternative investment funds an opportunity to postpone compliance until 22 July 2014....more

10 Popular Reads Covering Latest European Union Developments

by JD Supra Perspectives on

Recap of popular updates covering latest developments in the European Union....more

Key Considerations When Launching a Fund on a Third-Party UCITS or AIFMD Compliant Platform

by Dechert LLP on

The use of established third-party platforms has become increasingly popular for asset managers launching UCITS-compliant funds in recent years. The indicators are that this trend is likely to be even more pronounced among...more

The Alternative Investment Fund Managers Directive—a guide for US managers

by King & Spalding on

The EU Alternative Investment Fund Managers Directive (AIFMD) has now been in force for several months. This overview note is aimed at US managers who have not yet had to get to grips with the AIFMD but will need to raise...more

After AIFMD, the Central Bank of Ireland Turns its Attention to Loan Origination Funds

by Dechert LLP on

Having been one of the first countries to implement the Alternative Investment Fund Managers Directive (“AIFMD”) and, as far as we can gather, having been the first country to approve an Alternative Investment Fund Manager...more

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

by Morgan Lewis on

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

U.K.’s Financial Conduct Authority Publishes Final Rules On AIFMD Implementation

The U.K.’s Financial Conduct Authority (FCA) has published today, a policy statement that sets out its responses to the various consultations that have been undertaken in respect of the rules to be adopted by the FCA to...more

Ropes & Gray’s Private Investment Fund Update: June 2013

by Ropes & Gray LLP on

Highlights - SEC Updates Form PF "Frequently Asked Questions" - The SEC recently released updated "Frequently Asked Questions" relating to Form PF that, among other things, clarified how Form PF filers should...more

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