News & Analysis as of September 18, 2024

European Union › Loan Origination Funds

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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 II 101: Part 1 - Loan-Origination

Walkers on 8/29/2024

On 15 April 2024, Directive 2024/927/EU ("AIFMD II") entered into force, which marked a significant milestone for the European asset management industry. AIFMD II will introduce a harmonised framework for loan-originating...more

Loan Origination Under AIFMD2: A Guide

Goodwin on 7/23/2024

The revised Alternative Investment Fund Managers Directive (AIFMD2) introduces new requirements for funds managed by EU-based alternative investment fund managers (AIFMs) that originate loans. Most of the requirements...more

AIFMD 2.0: What’s New? Analysis of Key Changes

Dechert LLP on 3/28/2024

The text of the directive to amend the AIFMD (so-called AIFMD 2.0) was published in the Official Journal of the EU on 26 March 2024 and will enter into force on 15 April 2024. Member States have 24 months to transpose the...more

AIFMD II – What EU and non-EU fund managers need to know

Mayer Brown on 3/22/2024

In order to harmonize the regulatory framework governing the European fund market, the European Commission has revised the existing Alternative Investment Fund Manager Directive – Directive 2011/61/EU (the "AIFMD"), with the...more

Liquidity Management, Loan Origination and Credit Funds under AIFMD II

Cadwalader, Wickersham & Taft LLP on 3/14/2024

I. Background and Scope - On 7 February 2024, the European Union adopted a final text amending the AIFMD and UCITS directives (AIFMD II). This memo considers what are entirely novel requirements attaching to liquidity...more

AIFMD II – A closer look

Walkers on 12/1/2023

On 10 November 2023, the Council of the EU (the "Council") published the final compromise text of the political agreement (the "Agreement") for a directive1 amending the Alternative Investment Fund Managers Directive...more

AIFMD II – A Summary of the Key Changes

Paul Hastings LLP on 11/28/2023

10 years after the Alternative Investment Fund Managers Directive (AIFMD) entered into force, the Council of the European Union (EU) has published the final text of the political agreement reached in relation to the changes...more

AIFMD II and Loan Origination Funds

Cadwalader, Wickersham & Taft LLP on 11/16/2023

On 6 November 2023, the Council of the European Union published its long anticipated final compromise text ‘as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and...more

AIFMD II Credit Funds

King & Spalding on 9/21/2023

Loan Origination Funds Have a Lot of Wood to Chop Before Aifmd II Kicks In - Following a review of the AIFMD, the Commission, in a draft amending directive published in 2021, noted that common rules should be laid down to...more

Political Agreement Reached on Proposed Directive Amending Both AIFM and UCITS Directives

Cadwalader, Wickersham & Taft LLP on 8/3/2023

On 20 July 2023, the Council of the EU announced that it has reached political agreement with the European Parliament on the proposed Directive amending the Alternative Investment Fund Managers Directive (2011/61/EU) and the...more

In Depth: Latest Compromise Text in Relation to AIFMD2 Proposals on Loan Origination Funds

Cadwalader, Wickersham & Taft LLP on 6/20/2022

On 1 June 2022, the French Presidency published its “final” compromise text in relation to the revision to the EU Alternative Investment Fund Managers Directive (known as “AIFMD2”). According to this latest AIFMD2...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

AIFMD ‘Improvements’ Recommended by ESMA — Delegation, Substance and Other (Familiar) Stories

Skadden, Arps, Slate, Meagher & Flom LLP on 10/13/2020

In a letter dated August 18, 2020, the European Securities and Markets Authority (ESMA) wrote to the European Commission (EC) on certain topics it considers a priority to address in the context of the EC’s review of the...more

Investment Funds Update Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 2/28/2018

Central Bank to Amend the Requirements for Loan Origination QIAIFs - The Central Bank has published a notice of intention to amend the requirements for loan origination Qualifying Investor AIF set out in the AIF Rulebook....more

Investment Funds Update Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 1/26/2018

Entry into force of MiFID II - The Directive 2014/65/EU on Markets in Financial Instruments (MiFID II) entered into force in France on 3 January 2018. Within the framework, the French legal framework has been updated over...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 12/23/2016

CP 106: Review of Minimum Competency Code 2011 - The Central Bank has published a Consultation Paper on the Review of the Minimum Competency Code 2011 (CP106). The proposed changes to the minimum competency standards...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 12/20/2016

AMF Instructions Update - French "minibons" - Pursuant to the implementation under French law of the “minibon” (a category of note which can be issued by certain type of French entities) which can be marketed by, among...more

Financial Services Quarterly Report - Second Quarter 2016: New Legal Framework Regarding Loan Funds in Germany

Dechert LLP on 7/12/2016

BaFin, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) last year eased its administrative practice with respect to loan origination and loan restructuring activities of...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 5/7/2016

AIFMD - Updated Q&A - ESMA published an updated Q&A on the AIFMD on 5 April 2015. The new Q&A address notification requirements relating to additional investment in existing Alternative Investment Funds....more

Corporate and Financial Weekly Digest - Volume XI, Issue 15

Katten Muchin Rosenman LLP on 4/18/2016

SEC/CORPORATE - SEC Publishes Concept Release Regarding Business and Financial Disclosure - On April 13, the Securities and Exchange Commission published a concept release, recommended by the SEC’s Division of...more

ESMA Lends Support for a Harmonised European Framework for Loan Origination Funds

Dechert LLP on 4/18/2016

The European Securities and Markets Authority (“ESMA”) published its opinion on 11 April 2016 on the necessary elements for a harmonised European framework for loan origination by funds (the “Opinion”). The Opinion is issued...more

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European Union › Loan Origination Funds

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