Alternative Investment Funds

News & Analysis as of

New attractive real estate investment fund in Belgium

Belgium recently introduced the regulatory framework for an attractive new real estate investment vehicle, the specialized real estate investment fund (gespecialiseerd vastgoedbeleggingsfonds (GVBF) / fonds d’investissement...more

Blog: AIFMD: ESMA Updates Q&As

The European Securities & Markets Authority has updated its questions and answers on the application of the Alternative Investment Fund Managers Directive. The latest update includes 4 new questions: - Section II:...more

Update On Securities Financing Transactions Regulation

In light of recent efforts by UK and EU financial authorities to incorporate the SFTR, managers of Alternative Investment Funds and Undertakings for Collective Investment in Transferable Securities that engage in securities...more

Blog: Amending the European Venture Capital & Social Entrepreneurship Funds Regulations to increase investments in SMEs – Part III

The European institutions have been working on a Regulation that will amend the European Venture Capital Funds Regulation (EuVECA Regulation) and the European Social Entrepreneurship Funds Regulation (EuSEF Regulation), to...more

Will California Public Pension Systems Go Underground In Implementing New Disclosure Law?

Writing in the Harvard Law School Forum on Corporate Governance and Financial Regulation, Catherine Skulan and Raj Marphatia provide an interesting overview of California’s recently enacted alternative investment vehicle fee...more

California's Legislature Puts Additional Disclosure Pressure on Fund Managers with the Passage of AB 2833

On August 24th, the California Legislature approved Assembly Bill No. 2833 (“AB 2833”), which is now headed to Governor Jerry Brown’s desk for signature. If Governor Brown signs the bill, as is expected, all public pension...more

European Proposals to Delay Clearing Obligation for Financial Counterparties with Limited Derivatives Trading Activity

The European Securities and Markets Authority launched a consultation on proposals to delay the application of the clearing obligation for financial counterparties and alternative investment funds with a limited volume of...more

ESMA Advice Extending the AIFMD Passport: Including the United States, Hong Kong, Singapore and Switzerland

On 18 July 2016 the European Securities and Markets Authority (ESMA) published its advice to the European Parliament, the Council and the Commission on the application of the Alternative Investment Fund Managers Directive...more

ESMA Advice on Extending the AIFMD Passport to Non-EU Countries

ESMA sees no significant obstacles to extending the AIFMD passport to nine key countries. The European Securities and Markets Authority (ESMA) has published advice to the European Commission, the European Parliament, and...more

ESMA issues advice on extension of the AIFMD Third Country Passport to 12 non-EU countries, including the United States

On July 19, 2016, the European Securities and Markets Authority (ESMA) published its final advice (Advice) on extending the application of the marketing passport under the Alternative Investment Fund Managers Directive...more

Financial Services Quarterly Report - Second Quarter 2016: The Société de Libre Partenariat: A New French Fund Alternative

The implementation of the AIFM Directive has afforded the French legislature the opportunity to simplify its range of regulated investment vehicles, with the aim of making France’s financial markets more attractive – both to...more

Financial Services Quarterly Report - Second Quarter 2016: Loan Origination: Update to the CSSF FAQ Concerning the Luxembourg Law...

The Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (CSSF) published on 9 June 2016 an updated version of its FAQ concerning the Luxembourg law of 12 July 2013 on alternative investment...more

Brexit: Key Tax Implications for Alternative Investment Funds and Investment Managers

The result of the UK’s referendum of 23 June 2016 was announced today as a victory for ‘Brexit’ - in other words, for the UK to exit the European Union. This decision is expected to have significant ramifications for the...more

UK Financial Regulatory Developments - June 2016 #4

ESMA publishes EU MAR Q&A - ESMA has published a Q&A document relating to practical issues surrounding the implementation of the Market Abuse Regulation (EU MAR). It clarifies the scope of firms subject to the EU MAR...more

Steps taken to backstop the Italian Banking System: Atlas fund, NPL state guarantee and insolvency reforms

On 11 April 2016, the Italian government announced the launch of the Atlante ("Atlas") fund, a private fund which will acquire shares in Italian banks and purchase non-performing loans ("NPLs"). On 15 April 2016, Law...more

European Securities and Markets Authority Opines on Principles for Loan Origination by Funds

The European Securities and Markets Authority published an Opinion setting out key principles for a European framework on loan origination by funds. The Opinion is in response to the European Commission's request that ESMA...more

UK Financial Regulatory Developments - April 2016 #14

LCR corrigendum published in OJEU - A Corrigendum to amend implementing technical standards (ITS) under the capital requirements regime on the supervisory reporting of institutions of the liquidity coverage requirement...more

Blog: Loan Origination By Alternative Investment Funds – ESMA’s Opinion On Next Steps

The European Securities and Markets Authority (ESMA) has published an Opinion on the “Key principles for a European framework on loan origination by funds“. The Opinion is addressed to the European Parliament, the Council...more

Most recent changes to the German regulatory situation for debt funds

Pursuant to recent legislative changes, certain investment funds are now entitled under certain conditions to originate or restructure loans in Germany without the need to obtain a banking licence for lending. Due to the...more

Fondi di investimento alternativi italiani e UE ammessi a investire in crediti in Italia

The decree law no. 18 of 14 February 2016 (the "Decree"), published in Official Gazette no. 37del February 15, 2016 and in force since February 19, 2016, introduced, inter alia, new provisions of collective asset management....more

New Italian rules to permit direct lending by alternative investment funds to Italian companies

On February 14, 2016, the Italian Government approved Law Decree No. 18/2016 (the “Decree”) which sets out, inter alia, the direct lending regime by EU alternative investment funds (“AIFs”) to Italian borrowers. The...more

Blog: ESMA’s Advice On The Application Of The Passport To Non-EU Alternative Investment Fund Managers

It might soon be possible for alternative investment fund managers (AIFMs) in the United States of America, Hong Kong, Singapore, Japan, Canada, the Isle of Man, the Cayman Islands, Bermuda or Australia (the Countries), to...more

Blog: The UK’s National Private Placement Regime For Non-EU PE / VC Fund Managers – “Financial Promotions”

If you’re planning to raise a non-EU PE / VC fund, and some of your investors will be in the UK when you talk or write to them, the UK’s financial promotions rules will apply. Get this wrong, and you’ll commit an offence. Get...more

SEC Sanctions Alt Fund Asset Manager for Fee Overcharges and Misleading Investors

On January 19, 2016, the SEC settled proceedings against a Denver-based asset manager for material misstatements made in the offer and sale of units of a publicly-registered managed futures fund. The SEC found that the...more

European Commission Letter to ESMA on Application of AIFMD Passport

On January 19, ESMA published a letter it has received from the European Commission relating to the application of the EU passport under the Alternative Investment Fund Managers Directive (2011/61/EU) (“AIFMD”) to non-EU...more

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