As you will most likely be aware, the transitional provisions of the Alternative Investment Fund Managers Directive (“AIFMD”) will cease on 21st July 2014. From 22nd July 2014, if non-EU alternative investment fund managers (“AIFMs”) wish to continue marketing their non-EU alternative investment funds (“AIFs”) within the European Union, the non-EU AIFM will need to register with or notify the regulator in each European member state in which they wish to market their non-EU AIFs pursuant to each state’s private placement regime.
The requirements vary considerably between states, with some states’ private placement regimes, such as those of Germany, Denmark or France (AMF has just published its long awaited instruction for commercialisation of AIF in France) for example, imposing not only a requirement to register but also to appoint a depositary-lite service provider.
Non-EU AIFMs should also be aware of the ongoing reporting obligations which will apply to those who continue to market non-EU AIFs under the private placement regimes within the EU.
Non-EU AIFMs wishing to continue marketing their non-EU AIFs in the EU from 22nd July 2014 should be seriously considering how to approach the AIFMD requirements to ensure that their marketing activity is not in breach of the AIFMD and associated local regulations.
Don’t be caught by the deadline
Laven Partners can help non-EU AIFMs navigate the requirements in each member state, and also in Switzerland, through its Global Fund Distribution Desk. Laven Partners will facilitate marketing in the required EU member states via the local private placement regime, and can also assist with any ongoing reporting obligations, ensuring full compliance with the AIFMD requirements from the outset.