News & Analysis as of October 19, 2024

Fund Managers

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

AIFMD: Consolidated text including AIFMD II changes

A&O Shearman on 10/18/2024

The amendments to the EU Alternative Investment Fund Managers Directive ("AIFMD II") were published in the Official Journal of the European Union on 26 March 2024, and came into force on 15 April 2024. As part of our Great...more

The “Retailisation” of Private Funds – Key Considerations for Private Fund Managers

Proskauer - Regulatory & Compliance on 9/5/2024

The “retailisation” of private funds has been one of the industry’s most significant trends in recent years, with fund managers seeking sources of capital beyond their usual institutional, professional and sophisticated...more

Great Fund Insights: ESMA Guidelines on funds’ names: Tell me your fund name, I’ll tell you your fund strategy

A&O Shearman on 7/15/2024

On 14 May 2024, ESMA published its final guidelines on funds’ names using ESG or sustainability-related terms (the Guidelines). As a result, the use of certain environmental, social and governance (ESG) or...more

AIFMD Refresher: Regulatory Reporting under Article 24

Paul Hastings LLP on 2/29/2024

The AIFMD contains numerous ongoing obligations that apply to sponsors and funds long after fundraising has completed. As part of our AIFMD refresher series, this article summarizes one of the key AIFMD ongoing requirements...more

Guiding Captives Through Global Developments

Conyers on 2/21/2024

Bermuda formed the first modern captive in 1962 and remains the leading offshore captive domicile, with approximately 700 licenced captives on its register. Bermuda’s captive industry has remained resilient in the face of...more

Modernization of Luxembourg Fund Products: Enhancing the Investment Fund Toolbox

K&L Gates LLP on 8/8/2023

With the recent entry into force of the law of 21 July 2023 (the Modernization Law) on 28 July 2023, Luxembourg significantly modernizes its investment fund toolbox by introducing several amendments to existing laws governing...more

ESMA Issues Opinion on Undue Costs of UCITS and AIFs

K&L Gates LLP on 5/23/2023

On 17 May 2023, the European Securities and Markets Authority (ESMA) issued its Opinion on undue costs of UCITS and AIFs (the Opinion). BACKGROUND TO THE OPINION - The Opinion follows ESMA’s Common Supervisory Action (CSA)...more

Upcoming Regulatory Initiatives Impacting Private Fund Managers - September 2022

Dechert LLP on 9/22/2022

This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more

Guidelines on Marketing Communications Under the Regulation on Cross-Border Distribution of Funds

Goodwin on 1/26/2022

SCOPE - On 2 August 2021, The European Securities and Markets Authority (“ESMA”) published the Guidelines on Marketing Communications (the Guidelines) under the regulation on cross-border distribution of funds, which...more

Investment Management, Trading & Markets – Secondaries Update – Q4 2021

Alston & Bird on 12/29/2021

Welcome to Alston & Bird’s second quarterly update on the secondaries market. In this issue, we share insights on real estate secondaries, GP consent trends, current market updates (courtesy of M20 for this issue), and news...more

European Commission Outlines Proposals For AIFMD 2

Goodwin on 12/10/2021

As the Alternative Investment Fund Managers Directive (“AIFMD”) was being developed prior to 2011, there were serious concerns across the funds industry that it might force managers to set up their funds offshore to avoid the...more

[Podcast] SFDR for Beginners

Akin Gump Strauss Hauer & Feld LLP on 8/4/2021

In this episode, the first in our three-part EU ESG Considerations for Beginners miniseries, Akin Gump financial regulatory partner Ezra Zahabi looks at the Sustainable Finance Disclosure Regulation (SFDR) and what it means...more

New Developments on the VAT Exemption for Fund Management Services

Goodwin on 7/30/2021

On 17 June 2021, the Court of Justice of the European Union (CJEU) rendered two decisions about the application of the VAT exemption for management services provided in article 135 (1) (g) of the EU VAT Directive and...more

Reminder to Managers of New Fund Marketing Rules in the EU

Akin Gump Strauss Hauer & Feld LLP on 6/29/2021

1. Overview The new rules on the promotion of funds introduced by the new Cross-Border Distribution of Collective Investment Undertakings Directive and Regulation (Cross-Border Distribution of Funds (CBDF) Rules) are due to...more

New Pre-Marketing Obligations in Germany for AIFs Set to Take Effect in August

Goodwin on 6/2/2021

On 28 May 2021, the German Legislator adopted new and stricter regulations on Alternative Investment Funds pre-marketing. These regulations will go into effect in August as an implementation of the Directive (EU) 2019/1160 on...more

ESG-Offenlegung für Fonds wird konkreter – und komplizierter!

McDermott Will & Emery on 10/5/2020

Die EU treibt die Umsetzung der Offenlegungs-Verordnung voran und hat konkrete Entwürfe für die Anlegerdokumente von ESG-Fonds vorgelegt. Um vergleichbare Informationen für alle betroffenen Produkte zu gewährleisten, sind die...more

Private Equity Comment

Goodwin on 3/25/2020

This edition of Private Equity Comment covers Brexit and the outlook for UK funds; the consultation on the UK as a jurisdiction for intermediate holding companies; the market’s viewpoint on COVID-19; the Chancellor’s cuts to...more

Brexit Manoeuvres: Potential Implications of a "Hard Brexit" for Fund Managers: A UK Perspective - October 2019

Dechert LLP on 10/22/2019

This note sets out at a high level the potential impact of the United Kingdom’s (“UK”) exit (“Brexit”) from the European Union (“EU”) without a negotiated agreement on UK and European Economic Area (“EEA”) (a) alternative...more

Brexit Manoeuvres: Potential Implications of a "Hard Brexit" for Fund Managers: A UK Perspective - September 2019

Dechert LLP on 9/21/2018

With six months to go until the UK’s departure from the EU, Dechert’s ‘Brexit Manoeuvres’ guide sets out at a high level, from a UK perspective, the practical implications of a “hard Brexit” as it relates to: - Alternative...more

EU PRIIPs Regulation – Relevance to Fund Managers Explained

Proskauer Rose LLP on 11/21/2017

Background - On 1 January 2018, European Union (EU) Regulation (No 1286/2014)[1] on key information documents for packaged retail and insurance-based investment products (PRIIPs) comes into force. It will require that a...more

Impact of New European AIFMD Regulation on SBICs

Foley Hoag LLP on 10/14/2015

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

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

Goodwin on 10/30/2014

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

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

Morgan Lewis on 7/25/2013

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

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