Rulefinder Marketing
Restrictions
- Asset Management
Helping asset managers market and sell their funds and advisory services cross-border
How it works
Rulefinder MR-AM provides all the information you need for marketing/selling open and closed-ended funds, managed accounts and investment management and advisory services across the globe.
It's simple to access, easy to navigate and maintained daily by a dedicated senior legal team.
The granular structure allows you to consider specific product/service types and activities at a glance.
Access is available as an annual subscription. No tie-ins, no fuss
Coverage includes
- The licensing requirements and exemptions applicable to cross-border marketing/selling of funds, managed accounts and investment management and advisory services
- The position for institutional and retail investors for 80+ jurisdictions
- For each jurisdiction, practical analysis of: general marketing, pre-marketing, reverse enquiry, private placement, and passporting schemes (e.g. AIFMD, UCITS and ELTIF)
Who it's for
Our subscribers include general counsel and other senior legal and compliance people, and business teams at asset management firms.
How it helps
We work with leading counsel across the globe to negotiate detailed memoranda of law which we provide alongside practical colour coded extracts.
The detail is there for those who need it, and available in summary format for those who don't.
aosphere is an incredible tool. It gathers in one easy-to-use format the expertise of local counsel in dozens of jurisdictions, so we can immediately see a high-level view of marketing regulations in a new market. It also provides a deeper level of research when we need more detail. It enables us to respond to requests by our sales partners much more quickly than pre-aosphere days.
aosphere subscriber
Product features
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AIFMD 2 Tracker
Are you tracking how EEA Member States are implementing AIFMD 2 – and what their expected positions are on key changes?
Our AIFMD 2 Tracker helps you stay informed with clear, up-to-date insights across jurisdictions, all in one place.
Click 'Play' to learn more.
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Summary Refresh
Our MR-AM summaries now come in a fresh, more visual format - easier to use, with the same expert insights.
Check them out today!
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Disclaimer Builder tool
Our disclaimer builder makes it easy to pull together disclaimers for your marketing documents.
In just a few clicks, you can create a tailor-made document for multiple jurisdictions that includes the disclaimers relevant to your fact pattern.Click 'Play' to learn more.
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Document Checklists
Document Checklist* - single checklists for all your written marketing requirements in a particular jurisdiction
Each checklist considers:
- Do the marketing materials need to be in a particular language?
- Are there specific pieces of information that need to be included where materials are distributed in this jurisdiction?
- Might the regulator request to review the marketing documents?
- Which specific disclaimer(s) must be included?
*Currently available for several jurisdictions and gradually being rolled out across the others.
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Simplify compliance
- A comprehensive memoranda of law from local counsel, supplemented with a colour-coded on-screen report of key issues, and a summary
- Access to sources, including local counsel’s contact details
- Disclaimer language (selling legends)
- Marketing Unregistered Funds into Europe App
- Compare and version audit features
- An email alerting service
Jurisdictions covered
We provide consistent and comparable analysis across 80+ key jurisdictions.
Austria, Belgium, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Liechtenstein, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Russian Federation, Spain, Sweden, Switzerland, Turkey and United Kingdom
Abu Dhabi Global Market (ADGM), Bahrain, Botswana, Dubai International Financial Centre, Egypt, Israel, Jordan, Kenya, Kuwait, Mauritius, Morocco, Nigeria, Oman, Qatar, Saudi Arabia, South Africa and United Arab Emirates
Argentina, Bahamas, Bermuda, Brazil, British Virgin Islands, Canada (Alberta, British Colombia, Ontario and Quebec), Cayman Islands, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, Paraguay, Peru, United States, Uruguay and Venezuela
Australia, Brunei, China, Hong Kong SAR, India, Indonesia, Japan, Kazakhstan (excluding AIFC), Macau SAR, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam
View sample content
Experienced senior lawyers
Rulefinder MR-AM is led by a team of senior financial services lawyers, many of whom have been with aosphere for nearly a decade. They began their careers at top-tier law firms before branching into roles such as in-house counsel at financial institutions, knowledge/professional support lawyers, or as senior practitioners at a regulator. Many have trained and practised internationally.
Now specialists in comparative legal analysis, they assess whether and how firms can conduct cross-border financial services and identify trends in this complex, ever-evolving landscape.
This diverse expertise, combined with a strong collaborative ethos, ensures the quality, consistency and practical value of our content.
The below is a sample of the types of topics covered for certain selected jurisdictions on aosphere’s Marketing Restrictions – Asset Management.
Australia
- Is it possible to offer a fund in Australia where the activity is with Wholesale Clients only?
- Can I use the exemption for Limited Connection Relief to offer a fund in Australia?
- Can I use the Sufficient Equivalence Relief to offer a fund in Australia?
- Until when has the relief for foreign financial service providers (FFSPs) been extended in Australia?
- For firms from which countries is the Sufficient Equivalence Relief available in Australia?
- What is the latest status of the foreign AFSL regime in Australia?
Canada
- Can I use the Accredited Investor Exemption to offer a fund in Canada?
- Can I use the International Dealer Exemption to offer a fund in Canada?
- Can I use the Permitted Client Exemption to offer a fund in Canada?
- Will I need a wrapper for my offering document in order to offer a fund in Canada?
- What kind of wrapper do I need for my offering document in order to offer a fund in Canada?
- What are the specific requirements that apply in Alberta if I want to offer a fund there?
- What are the specific requirements that apply in British Colombia if I want to offer a fund there?
- What are the specific requirements that apply in Ontario if I want to offer a fund there?
- What are the specific requirements that apply in Quebec if I want to offer a fund there?
- Do my fund documents need to be in French if I’m offering a fund in Quebec?
- What is the Ontario Capital Markets Participation Fee. How do I know if I need to pay it and how do I pay it?
Japan
- Can I use the QFI exemption to market or sell a fund in Japan?
- Does the QFI exemption only apply to activities conducted remotely rather than onshore in Japan?
- What conditions must be fulfilled to use the Article 63 Exemption in Japan?
- Do I need to create a feeder fund to use the Article 63 Exemption in Japan?
- How do I know whether the Paragraph I Security Disclosure Exemption or the Paragraph II Security Disclosure Exemption applies in Japan?
- What is the definition of a QII in Japan in the context of the Disclosure Requirement?
Kuwait
- Can I use the GCC fund passporting regime in Kuwait?
- Is there a tolerated practice in Kuwait?
- Does the tolerated practice depend on whether I conduct the activities remotely or onshore in Kuwait?
- Do I need to appoint a marketer in Kuwait in relation to my fund offering?
The type of questions MR-AM considers
General marketing
- Is general brand marketing permitted e.g. use of name or logo?
- Is publishing articles e.g. thought leadership pieces or research papers permitted?
- Is marketing by means of awareness raising of product/service lines permitted (without reference to a specific Fund or service)?
- Is marketing particular characteristics or an investment strategy permitted (without reference to a specific Fund or service)?
- Is speaking at a finance-related event permitted?
- Is distributing a business card permitted?
Passive marketing (reverse enquiry)
- What constitutes a "reverse-enquiry" / "reverse solicitation"?
- Must a "reverse-enquiry" / "reverse-solicitation" relate to a specific AIF or can it be more general?
- Does it make a difference if there is a pre-existing relationship?
- Does it matter if a third party intermediary made the approach?
- Are there any practical compliance procedures that are advised?
- Does the analysis change for passported and non passported funds?
Private Placement Regimes
- Is active marketing via the PPR permitted? Are there restrictions on selling?
- Are there notification or approval requirements before marketing can commence?
- Is an intermediary required?
- Does Fund structure or investment strategy impact the rules?
- Marketing via telephone, email, hard copy written materials, fly-ins, fly-outs, intermediaries, branding, internet marketing (including social media).
- Written & oral disclaimer language (legends).
Passporting Schemes (UCITS & AIFMD)
- Dedicated European Framework Document provides a comprehensive overview of European legislation.
- EEA coverage examines the impact of EU law, including AIFMD (Directive 2011/61/EU), UCITS (Directive 2009/65/EC), MiFID II (Directive 2014/65/EU and Regulation 600/2014), the Prospectus Directive and the Prospectus Regulation (2017/1129).
- EEA coverage sets out position when using AIFMD Marketing Passport compared to marketing via Article 36 and Article 42 AIFMD.
- Detailed analysis of "AIFMD Marketing" and "Pre-Marketing" for each jurisdiction.
- Monitoring of other regional arrangements for passporting/mutual recognition of Funds across APAC e.g. the Hong Kong-China mutual fund recognition scheme, Hong Kong-Switzerland mutual recognition scheme, Hong Kong-France mutual recognition scheme, ASEAN CIS Framework and the Asia Region Funds Passport.
- Analysis of active marketing via AIFMD Marketing Passport, UCITS (passport and non passported), plus notification process and approval requirements.
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