The following Financial Services practice note produced in partnership with David Young of Pinsent Masons and Alice Bell of Pinsent Masons provides comprehensive and up to date legal information covering:
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.
The Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) was transposed into national law in the UK on 22 July 2013. All delegated acts contained in the AIFMD are set out in a single regulation—the AIFMD Level 2 Regulation (EU) 231/2013.
Chapter IV of the AIFMD, together with chapter 3 of the Financial Conduct Authority's (FCA) Investment Funds Sourcebook (FUND 3), imposes extensive disclosure and reporting obligations requiring an alternative investment fund manager (AIFM) authorised under it to disclose a large amount of information to investors prior to making a decision to invest and on an ongoing basis. The principal document for any investor and for AIFMs is the prospectus, also known as an offering memorandum or private placement memorandum, which must be drafted to include all information in relation to the investment opportunity to allow an investor to make an informed choice.
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