France quietly strips gold plate from the AIFMD


This article was produced by Nabarro LLP, which joined CMS on 1 May 2017.

In a welcome move and to little fanfare, the French regulator (the AMF) has removed the requirement that EU AIFMs marketing EU AIFs in France under the AIFMD passport must appoint a centralising agent. This requirement, amongst others, still applies when marketing under national private placement regimes.

The imposition of additional requirements by national regulators was one of the issues identified by many respondents to the European Securities and Markets Authority’s (ESMA) consultation on the AIFMD marketing passport. Such "gold plating" prevents the realisation of a "level playing field" and a simple one-stop Europe-wide authorisation process under the AIFMD.

We, and no doubt the rest of the funds industry, hope the removal of this particular piece of gold plating is just the beginning – the results of the ESMA consultation are due later this month.

Please contact me or your usual Nabarro contact should you wish to discuss the implications of this further.

We would like to thank Christophe Jacomin from Broadlaw Group firm Lefèvre Pelletier & associés for his help in preparing this alert:

Christophe Jacomin
Lefèvre Pelletier & associés, Avocats
Tél. : +33 (0)1 53 93 29 56