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EU's Proposed Premarketing Rules May Disrupt Fundraising

Law360 (July 13, 2018, 2:45 PM EDT) -- Earlier this year, the European Commission published a proposal to amend the key European fund management directives (the Alternative Investment Fund Managers Directive and the Undertakings For The Collective Investment Of Transferable Securities Directive), with a view to improving various aspects of the distribution of funds in the EU.

In regulatory terms, marketing a fund requires the “passport” (the pan-EU regulatory marketing authorization) under the relevant directive — implying regulatory approval of the marketing documents and supervision of the marketing itself. If a manager makes contact...
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