News & Analysis as of

The RAIF: Reserved Alternative Investment Fund

On 14 July 2016, the Luxembourg Parliament approved bill of law n°6929 introducing a new type of Luxembourg investment fund: the reserved alternative investment fund (RAIF - or fonds d’investissement alternatif réservé,...more

"Europe Tries Harder: Extension of the AIFMD Marketing Passport to Non-EU Countries"

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

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

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

The Luxembourg Reserved Alternative Investment Funds Law Has Arrived

The entry into force of AIFMD in Europe has resulted in a double layer of regulation, as we now have regulation and supervision at the level of the product (regulated investment funds) and supervision at the level of the...more

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

Brexit: UK Votes to Leave EU - The 23 June 2016 referendum on the UK’s continued membership of the EU resulted in a vote to leave the EU. Under the EU Treaty, the exit process should take at least two years. During...more

Financial Services Quarterly Report - Second Quarter 2016: Effects of UCITS V Transposition into Luxembourg Law

The law that transposed UCITS V1 into Luxembourg law (UCITS V Law) entered into force on 1 June 2016. Among other matters, the UCITS V Law: (i) implements a depository regime based upon – but more stringent than – the AIFMD...more

AIFMD Passporting Update

EU regulated AIFMs promoting EU domiciled AIFs – We have lived with AIFMD since the full implementation date of 22 July 2014 with the marketing passport being available from that date for EU regulated AIFMs promoting EU...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 Publishes Bill of Law on Reserved Alternative Investment Funds

The Luxembourg Council of Government approved on 27 November 2015 the bill of law (“Bill”) on reserved alternative investment funds (“RAIF”), a new form of Luxembourg alternative investment fund (“AIF”). The Bill was...more

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

HM Treasury proposes to extend Senior Managers and Certification Regime to all FCA firms - HM Treasury published a policy paper on 15 October 2015, in which it proposes to extend the senior managers and certification...more

ESMA Update to the European Parliament on the Extension of the AIFMD Passport to Non-EU AIFMs

On October 13, the European Securities and Markets Authority (ESMA) published the text of a speech made by its chairman, Steven Maijoor, to the European Parliament regarding ESMA’s ongoing work involving potentially providing...more

Corporate and Financial Weekly Digest - Volume X, Issue 40

BROKER-DEALER - FINRA Requests Comment on Revised Price Disclosure Information Standards for Corporate and Agency Debt Securities - The Financial Industry Regulatory Authority issued a regulatory notice...more

Financial Services Quarterly Report - Third Quarter 2015: Developments in the Luxembourg Financial Sector

The Luxembourg government has brought to Parliament a bill of law transposing UCITS V into Luxembourg’s UCI Law and AIFM Law. Further, the Luxembourg CSSF published a new version of its AIFMD Frequently Asked Questions, among...more

Corporate Alert: The Luxembourg Special Limited Partnership

Largely inspired by the Anglo-Saxon limited partnership regimes, the special limited partnership (SLP) has been designed to bolster Luxembourg’s position as the main alternative investment fund structuring hub in the EU at a...more

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

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 Passport: Europe Must Try Harder"

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

The Luxembourg Supervisory Authority Publishes Helpful Guidance On AIFMD Marketing Rules

The Luxembourg act of 12 July 2013 on alternative investment fund managers (AIFMs) implemented the AIFMD into Luxembourg law (the AIFM Act). The AIFMD is a maximum harmonisation Directive, which means that EU Member States...more

Extension of the AIFMD Passports to Non-EU Alternative Fund Managers and Non-EU Alternative Investment Funds

Hardwired into the European Union (EU) Alternative Investment Fund Managers Directive (AIFMD) is a mechanism that could enable a non-EU alternative fund manager domiciled outside the EU to become authorised by an EU regulator...more

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

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 Consultation on New Remuneration Rules for EU UCITS Managers and EU AIFMs

On July 23, the European Securities and Markets Authority (ESMA) published a consultation paper assessing new guidelines on sound remuneration policies under the UCITS V Directive and the Alternative Investment Fund Managers...more

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

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

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

AIFMD – AIMA and EFAMA Comment on EBA Consultation on Draft Guidelines on Remuneration Policies for AIFMs - AIMA and EFMA published their response to the EBA’s consultation on draft guidelines on sound remuneration...more

ESMA Updates Q&A on the AIFMD

On July 21, the European Securities and Markets Authority (ESMA) published an updated questions and answers (“Updated Q&A”) on the application on the Alternative Investment Fund Managers Directive (AIFMD). The Updated Q&A...more

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

EU Capital Markets Union: FCA Responds to European Commission Green Paper - The FCA published its response to the European Commission's green paper on 27 May 2015 on building a capital markets union (CMU). The FCA...more

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

Tax: HMRC Publishes Filing Dates for New AIFM Mechanism for Partnership Deferred Remuneration Arrangements - The Finance Act 2014 introduced a provision intended to help partnerships (including LLPs) that are AIFM...more

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