AIFMD—the marketing of AIFs, passporting and third country provisions
AIFMD—the marketing of AIFs, passporting and third country provisions

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • AIFMD—the marketing of AIFs, passporting and third country provisions
  • Marketing of an EU AIF in the Member State where an EU AIFM is authorised
  • Marketing passport for EU AIFs
  • Management and cross-border services passport for EU AIFMs
  • Third-country provisions
  • Professional investors
  • Marketing to retail investors
  • Notification requirements
  • UK passporting regime
  • UK national private placement regime (NPPR)
  • more

This Practice Note explores the measures in the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) relating to the rights and regulatory requirements of an EU alternative investment fund manager (AIFM), including managers of hedge funds, private equity firms and investment trusts. to market and manage an alternative investment fund (AIF) in the EU. It considers the EU-wide passport for cross-border services and marketing to professional clients, national regimes for marketing for retail clients and national private placement regimes, with a particular focus on the UK regime. It also considers the implications of Brexit for AIFMs and the possible extension of the passport to third-country AIFMs and AIFs.

The AIFMD came into effect in EU Member States on 22 July 2013. It sets out a framework to regulate the offer or placing of shares and units in AIFs by directly restricting marketing by or on behalf of the AIFM and also regulates offering and placing activities by some other market participants. An AIF is a 'collective investment undertaking' that is not subject to the UCITS regime, and includes hedge funds, private equity funds, retail investment funds, investment companies and real estate funds, among others. An EU or non-EU AIFM may only market an EU or non-EU AIF to EU investors if it is authorised by an EU national competent authority (NCA) or