News & Analysis as of

European Finance Directors: Alternative Finance Now A Major Source Of Funding – More Alternatives Needed

Research published by Allen & Overy today reveals the extent to which alternative finance has already become a significant contributor to the funding mix for European corporates – having risen to rival bank lending in the...more

Cross-Border EU Financial Services – a Guide for non-EU Firms

With all the discussion over the past couple of years on the Alternative Investment Fund Managers Directive and, in particular, marketing to investors in the European Union, less attention has been paid to the regulation of...more

The Alternative Investment Fund Managers Directive One Year On – A Guide for Non-EU Managers

It has now been a full year since US and other non-EU managers of private funds became subject to the Alternative Investment Fund Managers Directive when seeking to market or sell funds in countries in the European Union. The...more

Recap and Update: AIFM Directive for US Private Fund Managers

Now that three months have passed since the Alternative Investment Fund Managers (AIFM) Directive became binding law in all European Union jurisdictions, US private fund managers (whether hedge funds, private equity funds or...more

Regulatory Reporting Under AIFMD – an Update and Comparison to SEC’s Form PF

The Alternative Investment Fund Managers Directive (the “AIFMD”) introduces new regulatory reporting requirements for alternative investment fund managers (“AIFMs”) established in the European Economic Area (“EEA”) and...more

AIFMD: Additional Alternative Investment Fund (AIF) Data Request by FCA

On August 22, the UK Financial Conduct Authority (FCA) contacted a number of firms that had previously submitted to the FCA an earlier version of the required AIF schedule as part of their FCA application, to request that...more

Corporate and Financial Weekly Digest - Volume IX, Issue 36

In this issue: - Bylaw of Delaware Corporation Providing for Exclusive Forum in North Carolina Upheld - FINRA Board to Consider Rule Proposals Regarding Private Trading Platforms - CBOE and C2 in...more

Final Text of UCITS V Is Published

On August 28, the final text of a Directive to update Directive 2009/65/EC (UCITS IV Directive) on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in...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

ESMA Publishes Guidelines on Reporting Obligations Under the AIFMD

On August 8, the European Securities and Markets Authority (ESMA) published official translations of its Guidelines on Reporting Obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the Alternative Investment Fund...more

A Borrower and a Lender Be! Irish Loan Origination Funds Move a Step Closer

Dechert commented on the Central Bank's Discussion Paper on Loan Origination by Investment Funds in our OnPoint “After AIFMD, the Central Bank turns its attention to loan origination funds” (July 2013)....more

AIFMD Goes Live

After a one-year transitional period, the Alternative Investment Fund Managers Directive (AIFMD) officially went into effect on July 22, 2014. ...more

Orrick's Financial Industry Week in Review

Amendments to Offshore Fund Rules to Reflect Finance Act 2014 AIFM Partnership Tax Changes - Regulations amending the Offshore Funds Regulations 2009 (the 2009 Regulations) to reflect the Finance Act 2014 changes to...more

10 Popular Reads Covering Latest European Union Developments

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

Ongoing Obligations Under AIFMD for Non-EEA Private Fund Managers – Regulatory Reporting, Annual Investor Report and Investor...

The Alternative Investment Fund Managers Directive (the “AIFMD”) introduces new requirements for alternative investment fund managers (“AIFMs”) established in the European Economic Area (“EEA”) and non-EEA AIFMs that market...more

Application of the European Market Infrastructure Regulation to Alternative Investment Fund Managers

European investment managers of non-UCITs funds will have to be authorised as an alternative investment fund manager (known as an “AIFM” under AIFMD) under the Alternative Investment Fund Managers Directive (“AIFMD”) from 22...more

AIFMD – What Actions Should Non-EEA Private Fund Managers Be Taking Now?

The Alternative Investment Fund Managers Directive (“AIFMD”), which governs alternative investment fund managers (“AIFMs”), required EU Member States (“Member States”) to implement the AIFMD into national law as of 22 July...more

The Alternative Investment Fund Managers Directive—Implementation in Germany

Following up on our Client Alert as of 18 February 2014 which covered the implications the EU Alternative Investment Fund Managers Directive (AIFMD) will have on US fund managers in general, this Client Alert sets out the...more

Orrick's Financial Industry Week in Review

FCA Updates AIFMD Web Page - The Financial Conduct Authority (FCA) has updated its "latest news" Web page on the Alternative Investment Fund Managers Directive (AIFMD) with additional information relating to...more

Key issues for asset managers in 2014

In this newsletter - U.S.: - Dodd-Frank Act – Designation of asset managers as systemically important financial institutions - Volcker Rule finalised with a more limited application to covered fund activities...more

UCITS V - Aligning with AIFMD!

The European Parliament voted to adopt the UCITS V Directive (“UCITS V”) on 15 April 2014, in advance of Parliamentary elections next month. The final vote followed a period of uncertainty where there was potential for the...more

Finance Bill 2014 Published

The U.K. government has today published the final text of the 2014 Finance Bill. As discussed in our previous Alert, issued on March 19, the Finance Bill includes...more

Luxembourg AIFMD Transposition – Where Are We Now?

As previously reported in Dechert's Fourth Quarter 2013 Financial Services Quarterly Report and DechertOnPoint, Luxembourg Law Transposing the AIFMD Passed by Luxembourg Parliament, Luxembourg’s transposition of the AIFMD...more

Reform of the Derivative Markets in the European Union

The phased-in implementation of the European Market Infrastructure Regulation1 (EMIR), the European Union’s wide-ranging reform of its derivative markets, is due to continue throughout 2014. Risk mitigation rules were...more

2014 U.K. Budget: Impact on Alternative Asset Managers

Chancellor George Osborne delivered his fifth coalition Budget today. In a wide-ranging statement, there are a significant number of tax-focused proposals that will make changes across the U.K. tax system. Some of these...more

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