Articles

We are pleased to issue our updated Guide to 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 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.

To view or download a copy of our Guide, please click here.

On 20 December 2017, announcements from the PRA, the FCA, the Bank of England and the Treasury revealed a framework for approaching cross-border business in a post-Brexit world, with a particular focus on facilitating the business of EEA banks post-Brexit. Other firms affected by the day’s developments include insurers, designated ...

Since the Brexit referendum, the UK’s financial services sector has moved relatively quickly to close out the risks to its business and clients. In stark contrast there has been little, if any, progress (despite much debate) in clarifying what will happen to the EU legal structure in which UK financial ...

This report was originally published by Nabarro (28 July 2016).

This report looks at how Brexit may alter the balance that AIFMD has struck between increased compliance burdens on one hand, and smoother market access on the other.

 

This report was originally published by Nabarro (20 July 2016).

The report covers the advice published by the European Securities and Markets Authority (ESMA) on extending the AIFMD passport to non-EU managers.

On 16 May 2017, the Court of Justice of the European Union (CJEU) handed down its opinion on the process for concluding the EU’s free trade agreement (FTA) with Singapore, a so-called “new generation” FTA with a wider scope than more traditional FTAs. This widely awaited opinion provides clarity on ...

The proposals in the UK Prime Minister’s speech on 17th January and the White Paper on 2nd February will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market). CMS and ...

CMS held a pan-European seminar on 17 March on "Cross-border banking and investment structures post-MiFID II and Brexit".

The seminar covered: 
Overview (Ash Saluja, CMS UK)
Local EU jurisdictions:
Jérôme Sutour (CMS France)
Andreas Feneis (CMS Germany)
Darragh Murphy (McCann Fitzgerald, Ireland)
Paolo Bonolis (CMS Italy)
Perspective from a third country (Kaspar Landolt, CMS Switzerland)
Looking ahead (Paul Edmondson, CMS UK)

The seminar slides are available to view/download via the link in the title.

The UK Supreme Court has given its judgment in the matter of R (on the application of Miller and another) v Secretary of State for Exiting the European Union [2017] UKSC 5 – more commonly known as “the Article 50 Brexit appeal”. The Court, by a majority of 8:3, has ...

The UK Supreme Court has announced that its decision in the appeal of R (on the application of Miller & Dos Santos) v Secretary of State for Exiting the European Union [2016] EWHC 2768 (Admin) – otherwise more commonly known as “the Article 50 Brexit appeal” – is due on ...