FSA’s AIFM directive presentation
In early June the FSA held a presentation on the AIFM directive.
The link will take you to the slides used for the FSA’s AIFM directive presentation.
Slides 14 & 15 concern marketing and firms could find them useful as an aide memoire. The slides contain domicile of fund vs. domicile of manager matrices on how marketing will be impacted if the Council win (ECOFIN) or Parliament wins (ECON) (see Regulatory Roundup 15 for a refresher on how the EU system works).
Note the harsher regime of ECON in relation to third country managers regardless of domicile of funds and/or EU managers with third country funds. If certain conditions are not met then not only will marketing be prohibited but also ‘own initiative’ investment will be prohibited – which effectively will make it ‘illegal’ to buy such funds.
Those firms that would like further detail on the marketing implications of the AIFM directive – particularly with regard to US funds and managers – should read the conference speech made by Dan Waters on 10 June.