News & Analysis as of

Alternative Investment Fund Managers Directive (AIFMD) European Union Fund Managers

MiFID II for Non-EU Fund Managers

by Shearman & Sterling LLP on

The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. New rules on trading inducements, research, best execution, market transparency and the regulation of algorithmic...more

Securities Financing Transactions Regulation—Update

Regulation (EU) 2015/2365, the Securities Financing Transactions Regulation (SFTR), imposes a number of requirements on EU fund managers (see the previous Akin Gump client alert on SFTR, The New Securities Financing...more

Blog: The #AIFMD for non-EU Fund Managers: a brief update on the 3rd-country passport

by Cooley LLP on

Steven Maijoor, chair of the European Securities & Markets Authority (ESMA), has given a brief “update and next steps” report to the Economic and Monetary Affairs Committee of the European Parliament, about ESMA’s work on the...more

US Hedge Fund Managers: Accessing Capital and Marketing in Europe

by 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

Future Marketing Rules for Non-EU Fund Managers in Germany

by 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

Blog: The #AIFMD for non-EU Fund Managers: why it might soon be easier to market a Fund into the EU than it’s been so far

by Cooley LLP on

At the moment, a non-EU PEVC fund manager (Fund Manager), managing a non-EU PEVC fund (Fund), can only market* that Fund in the EU if it complies with the National Private Placement Regime (NPPR) in every relevant EU country....more

Brexit & Financial Services: The Big Question

by Reed Smith on

The prospect of the UK leaving the EU has raised a host of questions for the financial services industry. This client alert is principally concerned with how firms in the UK may access the EU single market post Brexit without...more

Brexit: How will it impact asset and fund managers?

by DLA Piper on

Following the result of the UK referendum on 23 June 2016 to leave the EU, there is still a considerable amount of uncertainty about the impact of the decision on the financial services industry, including asset and fund...more

Brexit for asset managers and fund managers - don’t panic, it may not be as bad as it at first appears!

by Reed Smith on

UK regulated fund managers and asset managers should bear in mind that, while the Brexit vote has occurred, this does not bind the UK Parliament. As of the date of writing (6 July 2016), the process of withdrawal under...more

Blog: ESMA Publishes Updated Q&As On The Application Of The AIFMD

by Cooley LLP on

The European Securities & Markets Authority has published its updated questions and answers on the application of the Alternative Investment Fund Managers Directive (AIFMD). The updated Q&As include 4 new questions...more

Blog: Commissioner Hill On The Review Of The EU Regulatory Framework For Financial Services – What Fund Managers Need To Know

by Cooley LLP on

European Commissioner Jonathan Hill has delivered a speech at a public hearing on the “‘Call for Evidence’ – a review of the EU regulatory framework for financial services” which could herald good news for fund managers....more

Impact of New European AIFMD Regulation on SBICs

by Foley Hoag LLP on

The recent adoption of the European Alternative Investment Fund Managers Directive (AIFMD), effective July 2013 (and with transitional provisions in some countries through 2014), has imposed complex new regulations on most...more

"AIFMD Passport: Europe Must Try Harder"

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

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

Bridging the Week - August 2015

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

Financial Services Quarterly Report - Second Quarter 2015: Luxembourg CSSF Issues Circular on Information to be Submitted in...

by Dechert LLP on

The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), issued on 5 May 2015 circular 15/612 (Circular) regarding the information to be submitted to the CSSF by alternative investment...more

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

by Dechert LLP on

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

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

by Dechert LLP on

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). The FCA...more

Alert: The AIFMD For Non-EU Fund Managers: It's Probably Not As Bad You Think

by Cooley LLP on

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

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

by Dechert LLP on

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

Alert: The Alternative Investment Fund Managers Directive

by Cooley LLP on

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

AIFM Directive – Latvia, Poland and Spain Warned by European Commission for Failing to Fully Implement New Investment Fund Rules

by Katten Muchin Rosenman LLP on

On November 26, the European Commission (Commission) issued a press release stating that it has sent formal requests to Latvia, Poland and Spain to provide it with notification of the measures each country has taken to fully...more

The Alternative Investment Fund Managers Directive One Year On – A Guide for Non-EU Managers

by Goodwin on

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

Application of the European Market Infrastructure Regulation to Alternative Investment Fund Managers

by Dechert LLP on

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

The New Luxembourg Limited Partnership Regime

by Dechert LLP on

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

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