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ARTICLE · 11 AUGUST 2016

Future Marketing Rules For Non-EU Fund Managers In Germany

Morgan Lewis
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Germany's private placement rules for funds will change again.

United StatesFinance and Banking
Torsten Schwarze
Torsten Schwarze
Karsten Emmermann
Karsten Emmermann

Germany's private placement rules for funds will change again.

On 19 July, the European Securities and Markets Authority (ESMA) published its advice on applying the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) in 12 countries ( including the United States). The European Commission (the Commission), the European Parliament, and the European Council will now consider the ESMA advice before the Commission may adopt its delegated act pursuant to Art 66(3) AIFMD in connection with Art. 67(6) AIFMD (the Delegated Act) in which it will decide whether or not the EU passport regime becomes available for certain non-EU AIFMs. The Delegated Act will have a significant effect on the ability of non-EU AIFMs to market AIFs in Germany.

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