News & Analysis as of

Private Placements European Union

Mayer Brown

AIFMD II – What EU and non-EU fund managers need to know

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In order to harmonize the regulatory framework governing the European fund market, the European Commission has revised the existing Alternative Investment Fund Manager Directive – Directive 2011/61/EU (the "AIFMD"), with the...more

Latham & Watkins LLP

European Parliament Publishes Proposed Changes to AIFMD and UCITS Directives

Latham & Watkins LLP on

The “AIFMD II” proposals continue their progress through the EU legislative process with more detail provided, but in many areas specific criteria will not be known until Level 2 measures are developed. On 9 February 2023,...more

Akin Gump Strauss Hauer & Feld LLP

Green and Sustainability-Linked Private Placements by EU and UK Issuers

Environmental, social and governance (ESG) factors are becoming increasingly relevant across a range of financial investments. This has been driven in part by changes in the legal and regulatory landscape, including increased...more

BCLP

ESMA reminds UK investment market of the MiFID II reverse solicitation rules

BCLP on

ESMA has issued a stark reminder that reverse solicitation, where it can be used, has to be carefully managed and documented, and is an area of regulatory scrutiny and focus. This short note also takes stock on the EU27...more

White & Case LLP

Direct listings—something new, or variations on a theme?

White & Case LLP on

There has been a lot of publicity and interest surrounding the direct listings of Spotify (2018) and Slack (2019) in the United States. In many respects, these transactions resemble the traditional "introduction" which has...more

White & Case LLP

Private Placements in Europe: Mapping the alternatives

White & Case LLP on

European Leveraged Finance Client Alert Series: Issue 7 - The term "private placement", while having a relatively settled meaning in US financings, can have a variety of meanings in Europe. White & Case's European...more

Orrick, Herrington & Sutcliffe LLP

8 conséquences pratiques de l’entrée en vigueur du Règlement Prospectus

Le 21 juillet 2019 sont entrées en vigueur les dernières dispositions du règlement (UE) n°2017/1129 du Parlement européen et du Conseil du 14 juin 2017 concernant le prospectus à publier en cas d'offre au public de valeurs...more

BCLP

Reducing barriers to the cross-border distribution of investment funds – AIFMD rules now finalised

BCLP on

In March 2018 the European Commission published a draft package of measures aimed at reducing barriers to the cross-border distribution of investment funds. The proposed approach involves aligning the rules between different...more

A&O Shearman

Governance & Securities Law Focus: Asia Edition, February 2019

A&O Shearman on

In this newsletter, we provide a snapshot of the principal Asian, U.S., European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. ...more

Latham & Watkins LLP

European Commission Report on the Operation of the AIFMD

Latham & Watkins LLP on

Report concludes that the AIFMD has been helpful in building a market for AIFs, but is not free from issues. Key Points: ..The report concludes that the AIFMD has played a significant role in helping to create an...more

A&O Shearman

Underwriting or Placing Fees, Corporate Finance Contacts and MiFID II

A&O Shearman on

MiFID II is Europe’s new financial regulation for investment business which came into effect on 3 January 2018. The banking and legal industries seem to be unsure about whether or not MiFID II treats both issuers and buy-side...more

Dechert LLP

So You Want to Market Funds in Europe? Rules of the Road for Accessing Capital in Europe

Dechert LLP on

Europe is the largest market for fund products after the United States. However, despite the advances of the European single market, there remains a confusing combination of pan-European and country specific rules governing...more

Latham & Watkins LLP

WORD OF THE DAY® – Big Boy Letter

Latham & Watkins LLP on

Partner Roland Maass explains the term Big Boy Letter from the Book of Jargon® – European Capital Markets and Bank Finance. The Book of Jargon® – European Capital Markets and Bank Finance is one of a series of practice...more

Dechert LLP

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on

UK Supreme Court Rules UK Parliament Must Approve Brexit Notice to EU - Under Article 50 of the EU Treaty, the process for the UK to leave the EU is commenced by service of a notice on the European Council, which starts...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Adopts Final Rules to Facilitate Intrastate and Regional Securities Offerings - On October 26, 2016, the Securities and Exchange Commission adopted rules designed to modernize...more

Orrick - Finance 20/20

ICMA Guide to the European Corporate Debt Private Placement Market

Orrick - Finance 20/20 on

On October 25, 2016, the International Capital Market Association (“ICMA”) published the European Corporate Debt Private Placement Guide (the “Guide”). The Guide is intended to provide a voluntary framework of best practices...more

Dechert LLP

US Hedge Fund Managers: Accessing Capital and Marketing in Europe

Dechert LLP on

Recent regulatory change has made the marketing of hedge funds in the European Economic Area (the “EEA”) more involved, particularly for managers based outside the EEA. This appears to have led some US investment advisors to...more

Morgan Lewis

Future Marketing Rules for Non-EU Fund Managers in Germany

Morgan Lewis on

Germany’s private placement rules for funds will change again. On 19 July, the European Securities and Markets Authority (ESMA) published its advice on applying the Alternative Investment Fund Managers Directive (AIFMD)...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Europe Tries Harder: Extension of the AIFMD Marketing Passport to Non-EU Countries"

In our August 2015 client alert, we reported on the European Union's tentative efforts to extend the Alternative Investment Fund Managers Directive (AIFMD) marketing passport to managers and funds established in non-EU...more

Proskauer Rose LLP

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

Proskauer Rose LLP on

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

BCLP

Best-laid plans? The "Pan-European Private Placement Market"

BCLP on

The global dislocation in the financial markets which began in 2007 prompted a decrease in lending and an increase in regulation in the European and the US economies, amongst others. This paper looks at recent initiatives...more

Latham & Watkins LLP

PF Newsletter: LMA Updates - Quarter One 2016

Latham & Watkins LLP on

Legal & Regulatory - BRRD: FCA publishes modification by consent for Article 55 rules - Article 55 of the EU Bank Recovery and Resolution Directive 2014/59 (BRRD) requires European Economic Area (EEA) firms and...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XI, Issue 6

BROKER-DEALER - Change to the No-Action Relief Regarding Definition of “Ready Market” With Regard to Foreign Equity Securities Pursuant to SEC Rule 15c3-1(c)(11)(i) - On February 9, the Securities and Exchange...more

Dechert LLP

Financial Services Quarterly Report - Third Quarter 2015: Letter from Amsterdam: Dechert and European Private Equity CFOs and COOs...

Dechert LLP on

Dechert was again pleased to support the SuperReturn CFO/COO Forum, held in Amsterdam in September. Nearly 200 GPs, LPs and key individuals from the private equity and venture capital industry came together for three days of...more

Akin Gump Strauss Hauer & Feld LLP

Extension of the AIFMD Passports to Non-EU Alternative Fund Managers and Non-EU Alternative Investment Funds

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

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