A Call For Specifying The "Pre-Marketing" Concept Within The AIFMD

A need for clarity

On the 12th of March 2018, the EU Commission via an explanatory memorandum ("Explanatory Memorandum"), adopted a package of further measures intended to deepen, unify and further integrate the capital markets sector of the 28 EU Member States.

The package of measures suggested within the Explanatory Memorandum, include inter alia, a proposal to amend and supplement the Alternative Investment Fund Managers Directive 2011/61 ("AIFMD") with the underlying purpose being to assist the aspiration of the EU Member States of creating a Capital Markets Union.

As it has been stated in the past, a Capital Markets Union between all Member States, can only be created via the elimination of local legal and regulatory barriers, which unfortunately exist at the local level of EU Member States and responsible for preventing the efficient cross-border distribution of investment funds within the EU.