Investment Management Update - January 2015
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
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
ESMA Says “No for Now” to Granting Passport Rights to US Fund Managers Under AIFMD:
The European Securities and Markets Authority told the European Commission last week that it was premature to grant passport rights to...more
AIFMD - Updated Q&A from ESMA -
On 12 May, ESMA issued new Questions and Answers of the application of the AIFMD, including new questions and answers on reporting and calculation of leverage.
The revised Questions...more
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).
Many non-EU fund managers raising a non-EU alternative investment fund will accept a European investor on a "reverse solicitation" basis; but they won't "market" into Europe. This is often because the cost of complying with...more
UCITS: New KIID Q&A -
ESMA published revised Q&A’s on the KIID on 26 March 2015. The Q&A includes a new question on the treatment of past performance information in case of fund mergers....more
What is it?
The European Union's Alternative Investment Fund Managers Directive (the Directive) came into force on 21 July 2011. The Member States of the European Union were obliged to transpose the Directive into...more
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
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
At the time of the transposition of the AIFMD into Luxembourg law, the Luxembourg government took the opportunity to reform the limited partnership regime, from both a corporate and fiscal perspective. The reform aims to make...more
Alternative investment fund managers based outside the European Economic Area (EEA) who wish to market their alternative investment funds (AIFs) to European investors are rightly concerned about additional restrictions and...more
UK asset managers may have understood that they had until July 2014 to apply to become Alternative Investment Fund Managers (AIFMs) under the AIFM Directive (AIFMD). However, in a recent statement, the UK Financial Conduct...more
The British Virgin Islands (BVI) is the world’s second largest domicile of offshore investment funds and a leading international finance jurisdiction known for effective regulation and products which are flexible and...more
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.
The Alternative Investment Fund Managers Directive (AIFMD or Manager Directive) of the European Union, which went into effect on July 22, 2013, sets forth rules for managers of private alternative investment funds that will...more
The deadline of 22 July 2013 for EU Member States to transpose the Alternative Investment Fund Managers Directive (“AIFMD”) into national law is fast approaching....more
By July 22, 2013, EU member states must adopt the provisions of the Alternative Investment Fund Managers Directive (the “AIFMD”). On May 13, 2013, the UK’s HM Treasury further clarified how AIFMD will affect alternative...more
The HM Treasury has issued a Q&A in which it suggests upcoming changes to the timetable for implementing the Alternative Investment Fund Managers Directive (the “AIFMD”) in the United Kingdom. The HM Treasury is the UK...more
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
In this issue:
- SEC Roundtable Discusses Current Securities Law Topics at 33rd Annual Ray Garrett Jr. Corporate and Securities Law Institute
- SEC Reopening Comment Periods for Certain Rulemaking Releases and...more
The first compliance date under the European Union’s recently adopted Alternative Investment Fund Managers Directive (the “AIFMD”) is July 22, 2013....more
On 11 January 2013, HM Treasury published its first consultation on Alternative Investment Fund Managers Directive (AIFMD) implementation in the UK, entitled "Transposition of the Alternative Investment Fund Managers...more
Adoption of the regulation accelerates implementation of the Alternative Investment Fund Managers Directive throughout the EU.
The European Commission adopted the long-heralded Alternative Investment Fund Managers...more
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