Alternative Investment Funds (AIFs)

ESA Publishes Joint Supervisory Statement on the Interpretation on Fund Managers’ ESG Disclosure Obligations

From 10 March 2021, fund managers are required to make certain ESG disclosures available on their website and in their pre-contractual disclosures to investors.

ESMA Consults on Guidelines for Marketing Communications for Cross Border Distributions of AIFs

ESMA has launched a consultation on guidelines on marketing communications under the cross border distribution of funds regulation.

New Requirements to Marketing of Non-EU AIFS in Denmark

EU and non-EU AIFMs submitting an application for marketing of non-EU AIFs to professional investors in Denmark will be subject to new requirements. The Danish FSA has issued a new Executive Order, which enters into force on 1 January 2021.

The European Commission Publishes Consultation on the Review of the AIFMD

On 22 October 2020, the European Commission published its consultation on the review of the AIFMD seeking the views from stakeholders on how to achieve a more effective and efficient functioning of the European AIF market.

Consultation on EU Rules for Long-Term Investment Funds

On 19 October 2020, the European Commission launched a public consultation on the European Long Term Investment Fund (“ELTIF”) legal framework.

ESMA Publishes Letter to the European Commission on the AIFMD Review

On 19 August 2020, ESMA published a letter to the Commission, outlining areas it should consider during the forthcoming review of the AIFMD.

New Sustainability-Related Disclosure Requirements for Fund Managers

COVID-19: Special Valuation Guidance for Estimating Fair Value is Published

To help fund managers address the consequences of the COVID-19 pandemic in portfolio company valuations, the International Private Equity & Venture Capital Valuation Guidelines Board has published special valuation guidance for estimating fair value.

Pre-marketing of AIFs and EuVECA Funds

Following the recent amendments to the AIFM Directive (“AIFMD”) and the EuVECA Regulation, this article discusses the new rules on pre-marketing covering both AIF and EuVECA Funds.

ESMA Updates Q&A on AIFMD

The Q&A document provides responses to questions posed by the general public and competent authorities in relation to the practical application of the AFIDM.

Council Approves Regulation on Cross-Border Distribution of AIFs

On 14 June 2019 the Council adopted the new regulation on facilitating cross-border distributions of AIFs.

New Directive to Amend AIFMD has been Adopted

On 14 June 2019 the Council adopted the new directive amending i.a. the Alternative Investment Fund Managers Directive (AIFMD).

EU Parliament Approves Final Compromise to Amend AIFMD

Highlights include a definition of pre-marketing, rules on de-notification in countries with no investor interests and rules on facilities made available to retail investors.

Cross-Border Distribution of Collective Investments Undertakings

On 16 April 2019, the European Parliament adopted the European Commission's initiatives to improve the efficiency of cross-border distribution of Alternative Investment Funds (AIFs) and EuVECA funds by increasing transparency and harmonising diverging national rules.

EU Parliament Approves Final Compromise on Proposed Regulation on Cross-Border Distribution of AIFs

The new regulation establishes uniform rules on i.a. fees and charges, and it amends the EuVECA regulation to include a pre-marketing definition.

Commision Releases Report on the Operation of AIFMD

The report confirms that AIFMD has significantly contributed to creating a market for alternative investment funds by establishing a harmonised regulatory and supervisory framework.