CMS Expert Guide to AIFM passporting

Rules on Marketing Alternative Investment Funds in Europe


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 crossborder. 

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 in the countries listed in this guide. 

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. 

Amanda Howard, André Lebrecht and Daniel Voigt. 
Information provided as of December 2023 


The information contained in this Guide is for general purposes only and does not purport to constitute legal or professional advice from CMS or any other firm and as a consequence may not be relied upon.


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

Attachment
CMS Expert Guide to AIF Passporting December 2023
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PDF 1.5 MB
29/12/2023
CMS Expert Guide to UCITS passporting
 The UCITS Directive was established to harmonise retail collective investment schemes in the EU through the introduction of a common investment vehicle known as a “UCITS”. One of the key benefits of the UCITS Directive is that UCITS can be establish
05/01/2024
CMS Expert Guide to private placement of funds rules and law
 When implementing the Alternative Investment Fund Managers Directive (“AIFMD”), some EU States have tightened or severely restricted their private placement regimes, which is important when non EU managers and funds look to access EU investors. Our

Authors

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