News & Analysis as of

Alternative Investment Fund Managers Directive (AIFMD) European Securities and Markets Authority (ESMA) Investors

Goodwin

ELTIF 2.0 RTS: Second Time Lucky and A Positive Step Forward on Liquidity and Redemptions

Goodwin on

In our previous alerts (here and here), we noted critical feedback that the European Commission (Commission) gave to the European Securities and Markets Authority (ESMA) on its December 2023 draft Regulatory Technical...more

A&O Shearman

Great Fund Insights: ESMA Guidelines on funds’ names: Tell me your fund name, I’ll tell you your fund strategy

A&O Shearman on

On 14 May 2024, ESMA published its final guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines). As a result, the use of certain environmental, social and governance (ESG) or...more

Dechert LLP

ELTIF 2.0 RTS: ESMA adopts a conservative approach toward open-ended ELTIFs

Dechert LLP on

ESMA has submitted its proposals for RTS supplementing ELTIF 2.0 to the European Commission - The RTS detail stringent conditions on liquidity and redemption provisions including in principle maximum quarterly redemption...more

King & Spalding

Marketing Funds in the EU: French Enforcement on Reverse Solicitation

King & Spalding on

Regulator Takes Strict Approach - Managers seeking to rely on reverse solicitation by EU investors should take note of last year’s enforcement action by the French regulator. The enforcement action, while confirming that...more

Akin Gump Strauss Hauer & Feld LLP

EU Commission Report on the Functioning of the EU Securitisation Regulation – Considerations for the CLO Market

Key Points - The European Commission (“EU Commission”) has published its report on the functioning of the EU Securitisation Regulation which contains the EU Commission’s assessment of a number of key aspects of the...more

Goodwin

Guidelines on Marketing Communications Under the Regulation on Cross-Border Distribution of Funds

Goodwin on

SCOPE - On 2 August 2021, The European Securities and Markets Authority (“ESMA”) published the Guidelines on Marketing Communications (the Guidelines) under the regulation on cross-border distribution of funds, which...more

Goodwin

European Commission Outlines Proposals For AIFMD 2

Goodwin on

As the Alternative Investment Fund Managers Directive (“AIFMD”) was being developed prior to 2011, there were serious concerns across the funds industry that it might force managers to set up their funds offshore to avoid the...more

Akin Gump Strauss Hauer & Feld LLP

Reminder to Managers of New Fund Marketing Rules in the EU

1. Overview The new rules on the promotion of funds introduced by the new Cross-Border Distribution of Collective Investment Undertakings Directive and Regulation (Cross-Border Distribution of Funds (CBDF) Rules) are due to...more

K&L Gates LLP

First Step in European Commission Review of Alternative Investment Funds Rules

K&L Gates LLP on

On January 10, 2019, the European Commission (the “Commission”) published a Report on the Operation of the Alternative Investment Fund Managers Directive (Directive 2011/61/EU or “AIFMD”). ...more

K&L Gates LLP

UCITS V Directive—Overview and Practical Implications

K&L Gates LLP on

Changes to the UCITS Directive (known as “UCITS V”) were published in the Official Journal of the European Union and came into force on 17 September 2014. EU Member States are required to transpose UCITS V into national law...more

Cadwalader, Wickersham & Taft LLP

Securitisation: Keeping it Simple?

On 30 September 2015, the European Commission (the “Commission”) published a proposal for a regulation (the “Proposed Regulation”)1 intended to harmonise existing EU laws applying to securitisations (including proposed...more

Goodwin

ESMA AIFMD Opinion and Advice on the Passporting and Private Placement Regimes

Goodwin on

Background - Under the current structure of the Alternative Investment Fund Manager’s Directive (AIFMD), European firms are permitted to market EU funds to professional investors throughout the European Union through the...more

Foley Hoag LLP

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

Foley Hoag LLP on

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

Dechert LLP

FCA Publishes Final Rules and Guidance to Implement AIFM Directive

Dechert LLP on

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

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