There are a few pending reforms that affect AIFMs and AIFs. As an example:
- Fund management entities will have to prepare and publish principles of corporate governance after a transition period, expected to end in late 2019.
- As of July 2019, fund management entities will have to publish in their securities prospectuses, if they are obligated to publish such a document, certain material fund information, which is not otherwise a part of the general securities prospectus disclosure obligations.
- Furthermore, there is a pending public hearing for the revision of certain AIFM code of conduct rules, but these mainly reflect certain changes in the domestic UCITS regulation. Irrespective, the contents of the revisions will need to be monitored during the next 12 months.
- In addition, the EU Cross-border distribution of collective investment undertakings Directive and Regulation (CBMD&R), the parts of which are discussed above, will result in a number of changes to the law of offering fund units cross-border.
We also expect a lot of guidance by the European and domestic regulators relating to the CBMD&R. This will result in a need to monitor the offering mechanics and regulation intently throughout 2019 and 2020. Read more from these and other aspects of the Finnish AIFM legislation from: here