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Komfie Manalo, Opalesque Asia:

As the Alternative Investment Managers Directive (AIFMD) transitional period comes to an end on 22 July 2014, most European countries have now transposed to the new rule, according to the latest briefing released by international law firm Clifford Chance.

In its Fund marketing without a passport under the AIFMD - the emerging landscape, Clifford noted that some countries have not yet transposed, including Spain, Portugal and Poland where the pre-AIFMD rules still apply.

"Even where the AIFMD has been transposed, marketing requirements are evolving as further regulatory guidance is issued and as market practice is established. Managers are, therefore, still required to keep a 'watching brief’ as there is still much to be done before complete clarity emerges," Clifford said in the briefing.

It noted that progress has been made and as the grace period comes to an end, the landscape for marketing without a passport is emerging. The key message for fund managers is to undertake careful due diligence at the outset. Marketing regimes are not fully harmonized as there are significant procedural differences from one country to the next. Fund managers seeking to raise funds in Europe must therefore tread carefully.

According to Clifford Chance, although the AIFMD was intended to create a harmonized framewor......................

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