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European private placements for US managers – navigating the AIFMD minefield

Winston Penhall (Partner based at Reed Smith LLP, London, UK)
Jacqui Hatfield (Partner based at Reed Smith LLP, London, UK)

Journal of Investment Compliance

ISSN: 1528-5812

Article publication date: 28 October 2014

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Abstract

Purpose

The article sets out the practical implications of the EU Alternative Investment Fund Managers Directive for USA managers with a focus on the marketing provisions of AIFMD.

Design/methodology/approach

This article summarises key marketing issues for USA managers.

Findings

The article addresses in particular the means by which USA fund managers who are not regulated in the EU can access EU investors including passive marketing.

Practical implications

AIFMD grants EU member states latitude when implementing their local private placement regime. Some EU member states have not yet implemented AIFMD while others have imposed conditions that are so onerous that in practical terms they equate to the negation of private placement as an option.

Originality/value

The article is of value to USA fund managers who are not regulated in the EU because it provides insight into the practicalities of navigating the minefield that is AIFMD.

Keywords

Acknowledgements

© 2014 Reed Smith LLP

Disclaimer. Please note that this article is provided for information purposes only, does not constitute legal advice and solely reflects the views of the authors and not those of Reed Smith LLP as a firm.

Citation

Penhall, W. and Hatfield, J. (2014), "European private placements for US managers – navigating the AIFMD minefield", Journal of Investment Compliance, Vol. 15 No. 4, pp. 25-28. https://doi.org/10.1108/JOIC-09-2014-0038

Publisher

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Emerald Group Publishing Limited

Copyright © 2014, Authors