Here are 5 key things to note:
- To use the AIFMD private placement regime it may take 60-90 days for approval following receipt by the regulator of a complete application. Pre-marketing of the AIF is not possible while you wait for this approval.
- However, to test investor appetite in advance of making an AIFMD marketing passport notification in Sweden, it is possible to do some pre-marketing (although an informal letter must be sent to home member state regulator within 2 weeks).
- Non-EEA firms will likely need an intermediary to assist with active distribution activities as these types of activities most likely constitute a licensable activity. There is no third-country firm exemption or authorisation route.
- It may be possible to rely on a reverse enquiry without triggering any firm licensing or fund notification/authorisation requirements but certain conditions must be satisfied.
- In certain circumstances it may be possible to obtain authorisation for an AIF to be marketed/sold to retail investors and/or semi-professional investors.
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