The European Commission has published its anticipated omnibus proposal to revise the AIFMD and the UCITS Directives and to adopt a related omnibus regulation. 

The proposals aim to improve the transparency of national requirements, remove burdensome requirements and harmonise diverging national rules. Notable changes introduced by the directive include: the extension of the requirements to have a local facility to all member states, although a physical presence is not necessarily required; procedures for de-notification of marketing; and the definition and conditions of pre-marketing (applying only to EU AIFMs).

The proposal for a regulation introduces new marketing requirements as regards distributed materials for all AIFs and UCITS funds being marketed in the EU (including by non-EU AIFMs); allows host member states to request “systematic notification of marketing communications” from fund managers who distribute their UCITS and retail AIFs on their territory; and requires the online publication, by the NCA and by ESMA, of the national marketing rules, procedures and fees.

The Commission has established a feedback deadline of 7 May. If you have any comments on the proposals or any questions, please contact Marie-Adelaïde de Nicolay.