News & Analysis as of

Alternative Investment Fund Managers Directive (AIFMD) Investors

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

by 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

Pending Luxembourg Bill Introduces Widespread Changes Affecting SIFs, SICARs and Part II UCIs

by Dechert LLP on

Following hot on the heels of the introduction of the bill to implement the reserved alternative investment fund (RAIF), on 18 January 2016, the Luxembourg government deposited with Parliament a bill of law (Bill) to amend,...more

UCITS V Directive—Overview and Practical Implications

by 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

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

Singapore Legal Update - October 2015

by Allen & Overy LLP on

The MAS’s consultation paper proposal to clarify that there is no requirement of material price impact to establish a case of false or misleading disclosure under section 199 of the SFA will have an impact on the way company...more

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

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

by 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

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

by 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

Alert: The AIFMD for Non-EU Fund Managers: It's Not as Bad as You Think – Part II: Small fund managers marketing to professional...

by Cooley LLP on

Many non-EU alternative investment fund managers (AIFMs) raising non-EU alternative investment funds (AIFs) will accept a European investor on a "reverse solicitation" basis; but they won't "market" into Europe. This is...more

German Fund Taxation: A Roundup of Recent Developments

by Dechert LLP on

Germany’s fund taxation regime continues to evolve as the country further refines and reforms domestic tax laws that were subject to significant changes towards the end of 2013 – when Germany introduced new domestic tax rules...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

Ongoing Obligations Under AIFMD for Non-EEA Private Fund Managers – Regulatory Reporting, Annual Investor Report and Investor...

by Ropes & Gray LLP on

The Alternative Investment Fund Managers Directive (the “AIFMD”) introduces new requirements for alternative investment fund managers (“AIFMs”) established in the European Economic Area (“EEA”) and non-EEA AIFMs that market...more

"The Future of Marketing Non-EU Alternative Investment Funds in Europe"

Adopted by the European Parliament in 2010 and implemented by EU member states in July 2013, the Alternative Investment Fund Managers Directive (the Directive) seeks to protect investors and mitigate market instability by...more

Financial Services Quarterly Report - Third Quarter 2013: French AMF Guidance on Best Practices Regarding Rebates and Inducements...

by Dechert LLP on

Pursuant to the market practice in France, distributors – such as investment service providers or financial advisors – are not paid directly by investors but rather receive a rebate or inducements from the issuer of the...more

AIFMD’s Impact on Non-EU Managers of Non-EU Alternative Investment Funds

by Morgan Lewis on

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. ...more

UK Implementation of AIFMD: FCA Notification Forms

by Morrison & Foerster LLP on

With the Alternative Investment Fund Managers Directive (the “AIFMD”) implementation deadline of July 22, 2013 fast approaching, the UK Financial Conduct Authority (the “FCA”) and UK’s HM Treasury have been ramping up their...more

AIFMD Transitional Relief in Germany, Ireland, Luxembourg, Netherlands, Sweden and the United Kingdom

The Alternative Investment Fund Managers Directive (AIFMD) is due to take effect in member states of the European Economic Area (EEA) on July 22, 2013. Some EEA member states (including Germany, Ireland, Luxembourg,...more

Luxembourg Law Transposing the AIFMD Passed by Luxembourg Parliament

by Dechert LLP on

The Luxembourg Parliament passed the law on the transposition of the AIFMD (the “AIFM Law”) on 10 July 2013. The AIFM Law will become effective on the day it is published in the Luxembourg official gazette, which will take...more

FCA Publishes Final Rules and Guidance to Implement AIFM Directive

by 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

AIFMD: Impact on US Investment Advisers - June 2013: Marketing Q&A

by Dechert LLP on

What if co-operation arrangements are not in place in time? We expect that most will be. However, without a co-operation arrangement in place between all relevant regulatory authorities, the manager will need...more

AIFMD: Update for non-EEA fund managers

by White & Case LLP on

From 22 July 2013, the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”) and the supplementary level 2 Regulation (EU) No 231/2013 (the “Regulation”) will come into effect. This legislation will...more

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