The following Financial Services practice note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on the impact of Brexit on AIFMs, see Practice Notes: 10 key steps asset managers and investment funds should be taking to prepare for the end of the Brexit transition period and Impact of Brexit: AIFMD—quick guide.
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
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