AIFMD Marketing Passport Update – Non-EU AIFMs and Non-EU AIFs

    View Author August 2016

    Since the Alternative Investment Fund Managers Directive (AIFMD) came into force in the European Union (EU) in June 2011, a marketing passport has only been available to alternative investment fund managers (AIFMs) when both the AIFM and alternative investment funds (AIFs) are established in the EU.

    The marketing passport allows EU AIFMs to be authorised in one member state and market EU AIFs freely across the European Economic Area (EEA) without the need to have regard for differing registration requirements in each EEA state where the AIFM markets the AIF to investors.

    US and other third country managers have, without access to the marketing passport, been required to avail themselves of each EU member states’ private placement regimes in order to be able to market AIFs in EU jurisdictions, or rely on solicitations made at the initiative of the investor (reverse solicitation) to raise funds for an AIF.