CMS Expert Guide to AIFM pass­port­ing

Rules on Marketing Alternative Investment Funds in Europe

Information provided as of 1 December 2022.

The EU Commission promoted passporting rights as one of the key benefits for hedge, private equity, real estate and other alternative investment fund managers authorised under the Alternative Investment Fund Managers Directive (“AIFMD”).
However, we are now experiencing impediments to the passporting rights as certain domestic regulators are imposing ‘border controls’, and fund managers need to pay fees and comply with various other requirements in order to market their funds cross-border.

The diversity of the domestic rules makes it challenging for AIFMD authorised managers to assess the costs and various other requirements for penetrating the EU market. This guide provides a road map, which will hopefully assist managers in understanding the costs and other requirements under AIFMD, other EU directives and domestic regulations.

We are grateful to the numerous contributors to this guide. If you would like more information about passporting within the AIFMD framework, you are welcome to get in touch with us or – with regard to particular jurisdictions – the relevant contributor firms (contacts detailed on specific country pages).

Please also see the summary table of all the countries covered and definitions page.

The purpose of this guide is to provide a broad overview of the key elements of passporting regulations applicable to EEA AIFs in the countries covered in this guide. The guide makes no claims as to completeness and does not constitute legal advice. In the case of AIFMs based in Non-EEA (third country) jurisdictions wishing to market their funds in the EEA, you are referred to our ‘CMS Guide to Private Placement of Funds’.

Entities marketing a passported EEA AIF may additionally need to comply with licence requirements and these requirements are not covered in the guide. The information contained herein is no substitute for specific legal advice. If you have any queries regarding the issues raised or other legal topics, please get in touch with your usual contact or persons mentioned in this guide.

Download pdf version of the guide

CMS Expert Guide to AIF Passporting Dec 2022
PDF 2.5 MB


Portrait ofAmanda Howard
Amanda Howard
Portrait ofAndré E. Lebrecht
Dr André E. Lebrecht, LL.M.
Portrait ofDaniel Voigt
Dr. Daniel Voigt, MBA