Dee Ruddy

AIFMD Report – a first step towards AIFMD 2

Although the AIFMD is still somewhat in its youth, this key asset management Directive contains a review clause that required the European Commission to start to review the application and scope of the directive in July 2017. A first important milestone in this review was reached in January 2019 when the Commission published a report exploring whether the AIFMDâ […]

The asset management delegation model: continuity of the entente cordiale?

If I were to come up with a mantra for ESMA it would, beyond the shadow of a doubt, include ‘foster consistency’ and ‘supervisory convergence’, phrases that are invariably mentioned in just about every document or speech made by the Paris-based European Securities and Markets Authority. With this mantra underpinning its actions, last summer ESMA issue […]

Exploiting the AIFM license to its full potential

What does the AIFM license offer? The AIFM license enables asset managers to manage and market alternative investment funds (AIFs). It also gifts them with cross-border passporting rights to carry out these regulated activities across all 28—soon to be 27—EU Member States. This passport empowers the AIFM to service investors anywhere in the EU from one li […]

ESMA’s second round of AIFMD passport recommendations

In continuing its country-by-country approach to determining which non-EU countries should have access to the AIFMD passport, ESMA has published the outcome of its reviews of twelve non-EU countries that are home to Managers or Funds active in the EU market. Canada, Japan, Jersey, Guernsey, and Switzerland got the green light with ESMA seeing no obstacles to giv […]

The RAIF: for investments of any colour

On 14 July 2016 Luxembourg added the eagerly awaited Reserved Alternative Investment Fund (RAIF) to its alternative investment fund structuring toolbox.

AIFMD Passport for Jersey, Guernsey and Switzerland inching closer

First up: Jersey, Guernsey and Switzerland At the end of July 2015, the European Securities and Markets Authority (ESMA) formally recommended the extension of the AIFMD Passport to Jersey and Guernsey, and subject to scheduled changes to Swiss law going into effect in early 2016 seamlessly, Switzerland will be joining the club as well. Currently, the Passport […]