Following the conclusion of the consultation process the Commission is, today, pleased to announce the launch of the Manager-Led Product.
As announced at consultation, this phase of product development is aimed at Alternative Investment Fund Managers seeking to market an Alternative Investment Fund into a host country in Europe under the National Private Placement Regime. The product ensures a proportionate risk-based level of regulation, maintaining reporting requirements. By placing the regulations on the AIFM only, duplication of regulatory requirements over several entities is avoided. Regulatory standards are maintained by virtue of the regulatory requirements on the AIFM.
The Commission is grateful to all who responded. One of the main points was the need for a Guidance Note, which may be found here. All who responded may expect an individual response as the Commission is keen to ensure that dialogue with industry continues in respect of the development of this Product. The next phase will be the development of a product using the same principles, but with a discrete set of Rules enabling managers to target markets excluding Europe.