The European Parliament has published a new version of the proposed revised funds marketing Regulation and Directive. Among the changes are:
- to specify that pre-marketing may be directed at professional investors only;
- to mandate that not even draft subscription forms or similar documents may be made available;
- to state that any subscription by a professional investor within 18 months of the pre-marketing would be regarded as having resulted from marketing; and
- to require an EU AIFM to write informally to its home state regulator within 2 weeks of starting pre-marketing, to explain its strategy so that the home state regulator can pass information on to host state regulators