A Luxembourg Brexit Law was recently proposed by the government, in order to mitigate the consequences that a hard Brexit will have on the stability and orderly functioning of both the financial market in Luxembourg and the activities of its participants. Please find the draft of the Luxembourg Brexit Law here. Whether simply a measure…
What is the future of Fund Marketing Authorisation in UK for the latecomers? The Financial Conduct Authority opened last January 7th 2019 the window for notifications to be made by foreign EEA firm of their intention to avail themselves of the Temporary Permission Regime TPR (find out more here about the TPR). The TPR aims…
A UK EU memorandum of understanding arrangement has been reached recently. This is just about on time for Brexit and is one step closer to shape into more details the new dynamics for the relations between the UK and the EU. It seems now clear that the path to be followed is the one of…
When AIFMD was firstly introduced, there have been extensive talks around the possibility of invoking reverse solicitation rule under AIFMD to justify inflow of capital from European domiciled professional investors to managers, European or not, that did not comply with AIFMD. Few years down the path of AIFMD implementation, these talks on reverse solicitation rule…
In a world where marketing of AIFs has become less casual in Europe as the time went by since 2008, with the advent of AIFMD first and the various proposals of the EU Commission to regulate premarketing in the recent months, it became apparent that compliance with AIFMD was possibly the solution for AIFMs that…
The ELTIF marketing rules represent, in a very eloquent manner, one example of the hybrid nature of the recently introduced long-term European investment funds regulation. In fact, ELTIF are AIFs themselves managed by authorised EU AIFMs. The AIFM directive already recognises that it is permissible to market certain types of AIFs vis-a-vis retail investors. However,…
AIFMD premarketing is again under the spotlight. Further to a recent vote of the Economic and Monetary Affairs Committee (ECON) of the European Parliament last December 4th 2018, a draft report on the March 2018 legislative proposals from the European Commission for a Regulation and a Directive on the cross-border distribution of collective investment schemes…
Update to Temporary Permission Regime for UCITS marketing in the United Kingdom. The Temporary Permission Regime for UCITS marketing has been recently updated as a consequence on recent lobbying activities of asset management industry associations. On 6th December 2018 HM Treasury published an update to the draft statutory instrument issued last 8th October 2018 to…
UCITS distribution in Italy towards retail investors will have more invasive reporting obligations as of January 2019. In fact, new reporting requirements have been recently imposed that affect the ongoing maintenance of registrations for UCITS distribution in Italy towards retail investors. These requirements have been introduced via a newly released version of the Consob DEPROF…
AIFMD compliance for family office investment vehicles. This Blog-post Reproduces an Article already Published on AlphaWeek. Family offices have been ramping up since the 2000. Whilst the most traditional structure is the single-family, nowadays we see increasingly many more entities, with a more sophisticated approach and “hedge-fund type” style of investment, in charge of managing the wealth…