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12 November 2015

CSSF offers guidance on reverse solicitation and marketing for AIFMs

Defining marketing and reverse solicitation in respect of AIFM shares

New guidance on reverse solicitation  and marketing of alternative investment fund shares

Some important clarifications on how to define marketing and reverse solicitation:

    • Marketing for AIFMD means a direct or indirect offering or placement of shares/units in AIFs, at the initiative of the AIFM or an intermediary acting on their behalf, managed to or with investors domiciled or with a registered office in the European Union.

    • Reverse solicitation is also called "passive marketing" and refers to activities that are generally not considered as marketing under the AIFMD and to which the AIFMD marketing requirements do not apply.

Due to a gap in defining reverse solicitation and marketing of AIFM shares, the Luxembourg Regulator, the Commission de Surveillance du Secteur Financier (CSSF), wanted to reinforce a clarification.

The CSSF also explains how marketing activity can be actioned, what 'distance marketing' comprises of, and when reverse solicitation is not 'marketing' under AIFMD.

 
For more information - please contact us.

 

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