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

The following Financial Services practice 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
  • EU AIFMs managing non-EU AIFs which are not marketed in Member States
  • National private placement regimes
  • Extension of the AIFMD passport to non-EU AIFs and non-EU AIFMs and termination of NPPRs
  • Marketing passport for a non-EU AIF managed by an EU AIFM
  • Authorisation of and passporting by non-EU AIFMs
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

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

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