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…
Temporary Permission Regime for UCITS Marketing Update With a note dated May 24th 2019, the UK FCA has released news about the extension of the Temporary Permission Regime (TPR) for inbound passporting in the UK of EEA firms and funds. The extension will run until October 30th 2019 in light of the new deadline for…
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…
ESMA 2019 work programme was recently issued (please find it here). In light of ESMA’s increasing responsibilities and broader role to be played at European level, with particular emphasis on regulatory supervision and convergence, the aim of this post is to highlight some of ESMA foundations, what is regulatory convergence and how ESMA 2019 work…
Is a memorandum of understanding ESMA solution to a no deal Brexit case scenario? This seems to be the case from a recent speech held (please find it here) by Steven Maijoor, Chair of ESMA, when detailing some of the imminent steps to be taken at global European and EU 27 level in order to…
Recognition of foreign schemes in Singapore is obtained through an electronic procedure and allows for the offer to certain categories of investors. The procedure and the rules around it are very streamlined due to the high level of sophistication of local regulation. And whilst Singapore is a well-established Asian jurisdiction, known to be a local…