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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

AIFMD Reporting Obligations – ESMA Issues Its Final Report

The European Securities and Markets Authority (ESMA) published its long-awaited final report (the Report) on 1 October 2013, setting out detailed guidelines relating to (i) the reporting obligations under Articles 3(3)(d) and...more

Relationship Between New Rule 506(c), Regulation S And AIFMD

Beyond the general aspects of the U.S. Securities and Exchange Commission (SEC)’s new JOBS Act rules previously discussed in this series of articles, issuers who rely on new Rule 506(c) for an onshore offering and Regulation...more

FCA Updates AIFMD Webpage with Information on Passporting Arrangements

On August 15, the Financial Conduct Authority (FCA) updated the “latest news” webpage on the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) with information on passporting arrangements under the AIFMD....more

AIFMD Update: U.K. Complies with Remuneration Guidelines

The U.K. Financial Conduct Authority (FCA) has written to the European Securities and Markets Authority (ESMA) to confirm that the FCA will comply with the ESMA guidelines relating to remuneration policies under the...more

As the Deadline Approaches…AIFMD: Marketing by Non-EEA Managers

The AIFMD is due to take effect on July 22, 2013. Yet countries across the EEA — with less than a week until the deadline — are at different stages of transposing the AIFMD into national laws. A number will miss the...more

AIFMD Transitional Relief in Germany, Ireland, Luxembourg, Netherlands, Sweden and the United Kingdom

The Alternative Investment Fund Managers Directive (AIFMD) is due to take effect in member states of the European Economic Area (EEA) on July 22, 2013. Some EEA member states (including Germany, Ireland, Luxembourg,...more

"UK Provides Marketing Grace Period for Alternative Fund Managers"

The U.K. Treasury recently published its response to its January 2013 consultation on transposing the EU Alternative Investment Fund Managers Directive (AIFMD). A revised draft version of the Alternative Investment Fund...more

AIFMD: Impact on US Investment Advisers

In This Issue: - Introduction - Overview: Four key ways that US investment advisers are affected by AIFMD - Marketing funds in the EEA - Managing EEA domiciled funds - Sub-adviser to an EEA manager...more

AIFMD: Impact on US Investment Advisers - June 2013: Marketing Q&A

What if co-operation arrangements are not in place in time? We expect that most will be. However, without a co-operation arrangement in place between all relevant regulatory authorities, the manager will need...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: Sub-adviser to an EEA manager

AIFMD will affect the operations of US investment advisers which undertake investment management functions and certain other so-called collective management functions in respect of the portfolios of EEA or non-EEA AIF under...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

AIFMD: Impact on US Investment Advisers - June 2013: Marketing funds in the EEA

From 22 July 2013, subject to certain transitional arrangements, new rules will apply in relation to the “marketing” of AIFs to investors domiciled in or with a registered office in the EEA....more

AIFMD: Impact on US Investment Advisers - June 2013: Overview: Four key ways that US investment advisers are affected by AIFMD

AIFMD starts to take effect from 22 July 2013, subject to certain transitional arrangements. In broad terms, it will affect US investment advisers engaged in the following activities....more

AIFMD: Update for non-EEA fund managers

From 22 July 2013, the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”) and the supplementary level 2 Regulation (EU) No 231/2013 (the “Regulation”) will come into effect. This legislation will...more

ESMA Approves Co-Operation Agreements With 34 non-EEA Jurisdictions

The European Securities and Markets Authority (ESMA) has approved co-operation arrangements that can now be entered into between European Economic Area (EEA) financial services regulators and 34 non-EEA jurisdictions where...more

UK Extends AIFMD Transitional to Non-EEA Fund Managers

On April 29, HM Treasury issued a Question and Answer publication which stated its intention to extend the transition period of the Alternative Investment Fund Managers Directive (AIFMD) to existing third-country Alternative...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

ESMA Publishes Final AIFMD Remuneration Guidelines

On 11 February 2013, the European Securities and Markets Authority (ESMA) published its final Guidelines on remuneration of alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive...more

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