The introduction of the Alternative Investment Fund Managers Directive has brought with it many challenges for managers of non-EU alternative investment funds (AIFs) wishing to market their funds to EU investors.
Currently, and at the earliest until late summer 2015, non-EU AIFs can only be actively marketed within the EU using national private placement regimes (NPPRs).
Until at least 2018, non-EU managers of AIFs can market their funds to professional investors using the NPPR applicable to each individual member state. AIFMs subject to NPPRs are required to provide regular information/reporting to each relevant supervisory authority. These “transparency rules” comprise reporting in respect of annual reports, disclosure to investors, and reporting to the relevant member state authorities where they market.
Content compliments of Capita Asset Services, a member of the EACC