In 2015 we published two guides on the Alternative Investment Fund Managers Directive (AIFMD).
The first guide looked at the requirements non-EEA alternative investment fund managers (AIFMs) face when marketing non-EEA AIFMs to professional EEA investors in fifteen EEA jurisdictions (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden and the United Kingdom).
The second guide considered how the AIFMD marketing passport was working in practice and whether it was fulfilling its goal of encouraging managers to bring their fund structures within the EEA to benefit from a harmonised distribution market.
We have now published updated versions of both guides.
The updated version of the first guide reveals a number of discrepancies across EEA Member States. For example, the payment of notification and, in some cases, annual, fees varies greatly between EEA Member States, while the rule book is almost entirely thrown out should non-EEA AIFMs wish to market to retail investors.
The updated version of the second guide shows significant differences across the jurisdictions. While the Netherlands, Sweden and the UK allow certain promotional activities to be carried out prior to receipt of the passporting notification and have refrained from charging for the process, the vast majority have taken a tougher stance, requesting the payment of notification (and, occasionally, annual) fees.