News & Analysis as of

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

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

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

The Cayman Islands and AIFMD: Ready for Business

The Cayman Islands remain the world’s largest domicile of offshore investment funds and a leading international finance jurisdiction known for effective regulation and products which are flexible and relevant. With the...more

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

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

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

FCA Publishes Final Rules and Guidance to Implement AIFM Directive

The UK Financial Conduct Authority (FCA) published its Policy Statement 13/5 on 28 June 2013, containing its (substantially) final rules and guidance to implement the Alternative Investment Fund Managers Directive...more

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

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

AIFMD: Impact on US Investment Advisers - June 2013: Delegating to an EEA based sub-adviser

In cases where a US investment adviser appoints an EEA sub-adviser, the parties concerned will need to analyse which entity will be the AIFM. Whether such arrangements relate to group entities or third parties, the parties...more

AIFMD: Impact on US Investment Advisers - June 2013: Managing EEA domiciled funds

There has been some uncertainty as to the terms on which non-EEA managers (including US investment advisers) will be able to continue to directly manage the portfolios of EEA domiciled AIFs (e.g. Irish or Luxembourg domiciled...more

Financial Regulatory Update - June 2013

This newsletter provides an overview of some of the main financial services regulatory developments in the UK and EU from the period 1 January 2013 to 1 June 2013. Banking and Prudential Supervision Basel 3/Capital...more

ESMA Approves Cooperation Arrangements for Alternative Funds

Arrangements allow EU securities regulators to supervise non-EU alternative fund managers and thereby allow such managers access to the EU. On 30 May, the European Securities and Markets Authority (ESMA) announced that...more

European Securities and Markets Authority Guidelines on Sound Remuneration Policies under the AIFMD

More than seven months after publishing its consultation paper, the European Securities and Markets Authority (ESMA) recently published final guidelines (Guidelines) on sound remuneration policies under the Alternative...more

FSA Publishes Second AIFMD Consultation Paper

On March 19, the UK Financial Services Authority (FSA) published Consultation Paper CP13/9, its second consultation on the rules and guidance required for the UK transposition of the EU Alternative Investment Fund Managers...more

The AIFM Directive Regulatory Reporting Template, and its Comparison to SEC Form PF

The Alternative Investment Fund Managers Directive (the “Directive”) will introduce new regulatory reporting requirements for alternative investment fund managers (“AIFMs”) covered by the Directive. These will include all...more

AIFMD Implementation – What Should Non-EU Private Fund Advisers be doing?

The Alternative Investment Fund Managers Directive (“AIFMD”) has been in the public domain for over two years. However, various legal measures, both at European Union (“EU”) and at individual EU Member State (“Member State”)...more

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