Entries tagged “Investment Funds”
News November 27, 2018
News September 04, 2018
Insight Mark Diamond · January 20, 2014
On July 10, the SEC adopted a new rule lifting the ban on general solicitations and advertising for broker-dealers and for hedge fund and private equity fund offerings. This is a significant change from existing law and allows a fund to make its website more accessible to the public, to use social media, and to speak freely at conferences and seminars as well as to the press.
Insight Mark Diamond · May 28, 2013
Marketing to the EU by US Fund Managers and Third-Party Marketing Under AIFMD
The EU Alternative Investment Fund Managers Directive (“AIFMD”) goes into effect on July 22, 2013. AIFMD regulates the marketing of alternative investment funds (“AIFs”) in the EU, directly or through third-party marketers.
Summary of AIFMD
Under AIFMD, EU alternative investment fund managers (“EU AIFMs”) may obtain a passport to market EU funds throughout Europe. The pan-EU passport limits marketing to “professional investors” and, therefore, precludes EU AIFMs from marketing to retail investors. (Retail investors may be able to purchase so-called “UCITS funds” which are not considered to be AIFs and are subject to a separate EU regulatory regime.) EU AIFMs can, subject to certain equivalency requirements, begin marketing their non-EU funds in Europe under the passport beginning in 2015. However, non-EU alternative investment fund managers (“non-EU AIFMs”) will not be eligible to use the pan-EU passport until at least July 2015. Accordingly, from 2013 to 2015, European managers will enjoy a large competitive advantage because they alone will be able to market EU alternative investment funds to European investors under AIFMD.