King & Wood Mallesons

Asia-Pacific 100 position: 3

Australian funds cleared for marketing in Europe — for now

The Alternative Investment Fund Managers Directive (AIFMD) is due to come into force on 22 July 2013 and introduce new requirements for marketing funds to investors in the European Union (EU). One of the main conditions to allow Australian funds to continue to be marketed in the EU has now been satisfied.

Previously it was possible for an Australian fund manager to market an Australian fund to wholesale investors in certain EU member states without the need for the manager or the fund to be registered or authorised in the EU.

The AIFMD will introduce certain new conditions for a non-EU manager of an alternative investment fund (AIF), which includes most traditional forms of funds such as hedge funds, commodity funds, private-equity funds, infrastructure funds and other entities, to be able to continue to rely on any such private placement regime. Australian managers of an Australian AIF should be well placed to meet them. In the short term, EU member states may keep their existing private placement regimes until at least July 2018. The UK, among others, will do so…

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