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ARTICLE · 30 NOVEMBER 2018

New Draft Of AIFMD Update Eases Pre-Marketing Requirements

Chevalier & Sciales
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However, the rules have been eased in a fresh draft following criticism from the alternative fund industry.

LuxembourgFinance and Banking
Olivier Sciales
Olivier Sciales
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The European Commission has put forward amendments to the 2011 Alternative Investment Fund Managers Directive that includes clarifying and setting out uniform rules on what constitutes 'pre-marketing' activity, a topic that has been an area of controversy since the directive came into force in 2013. However, the rules have been eased in a fresh draft following criticism from the alternative fund industry.

The Commission published a draft directive in March 2018 amending both the UCITS and AIFMD regimes governing the cross-border distribution of retail and alternative collective investment funds, as well as a proposed regulation on facilitating cross-border fund distribution, as part of a legislative package designed to help complete its Capital Markets Union project.

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