AIFMD was introduced in 2011 with a very ambitious underpinning aim to create a wider regulatory and oversight blanket for actors in the financial markets, whose activities, so far unregulated, had exposed European markets to significant systemic risks in the years coming to the financial crisis of 2008. With the introduction of harmonised requirements across…
Introduced with a regulation in 2015, ELTIFs is another acronym in the European regulation on financial services and stands for European Long-term investment funds. One of the unique features of this type of funds is that it is open to retail investors. ELTIFs are set to become very important tools for alternative capital raising to…
With end of October 2019 looming, same as the possibility of a no deal case scenario for the future relationship between the UK and the EU, it is useful to refresh some of the main concepts surrounding the existing alternative avenues to ensure third country access to EU markets. Equivalence assessments by the EU Commission…
Luxembourg Brexit Laws were enacted earlier in April 2019 containing measures 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 related CSSF press release 19/18 here. The CSSF also recently issued two…
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…