The Alternative Investment Fund Managers Directive (AIFMD) is an EU initiative that aims to harmonise rules for the management and marketing of alternative investment funds. INREV supports the directive’s principles and objectives in general, and has engaged with the European Securities Markets Authority in developing its advice to the European Commission on the matter. 

The European Long-Term Investment Funds (ELTIF) Regulation is aimed at increasing the pool of capital available for long-term investment in the EU economy by creating a new form of fund vehicle.

Publications and Snapshots

AIFMD II Snapshot  

Published on 12 Jan 2024

Read INREV’s latest snapshot on AIFMD II to find out how new provisions apply to non-listed real estate investment.

ELTIF 2.0 Snapshot  

Published on 07 Dec 2023

Read more about our latest snapshot on ELTIF 2.0 provisions and implications for non-listed real estate investment.

INREV response to ESMA consultation on draft RTS under the revised ELTIF Regulation  

Published on 07 Sep 2023

On 16 August, INREV filed its response to the ESMA consultation on draft RTS under the revised ELTIF Regulation advocating for more clarification in relation to its redemption policy and liquidity management tools, among others.

INREV Response to the ESMA consultation on draft RTS under the revised ELTIF Regulation

Cross-border marketing rules – “mind the gaps” Briefing  

Published on 28 Jun 2022

Emily Harmsworth, Counsel at Linklaters LLP in London and Claire Prospert, Partner in the firm’s Luxembourg team, presented on the Cross-border marketing package and ESMA’s Marketing Communications Guidelines.

Making sense out of the new fund marketing landscape Briefing  

Published on 30 Sep 2021

Claire Prospert from Linklaters’ Luxembourg office and Richard Cole from the firm’s London office present on navigating the practical challenges of cross-border distribution of real estate funds under EU Cross-Border Distribution rules and evolving NPPR and MiFID practices.  

INREV Responds to ELTIF Review Consultation  

Published on 19 Jan 2021

On 18 January, INREV filed a response to the review of the European Long-Term Investment Funds (ELTIF). We argued that, with some adjustments, ELTIF could serve as an attractive fund product forretail investors.

AIFMD Review Consultation Document 2020  

Published on 27 Oct 2020

On 23 October, the European Commission launched a public consultation on the review of AIFMD. The Commission seeks feedback on issues including the AIFM passport, the scope of the AIFM licence, investor protection, non-EU alternative investment funds, financial stability, etc.

INREV response to ESMA consultation on AIFMD Article 25 Guidelines on assessment of leverage in funds  

Published on 31 Aug 2020

On 28 August, INREV filed a response to ESMA consultation on AIFMD Article 25 Guidelines on assessment of leverage in funds. We support the use of consistent methodology to compute leverage across member states to collect data to identify potential sources of risk to financial stability.

INREV files response to AIFMD marketing consultation  

Published on 30 Jun 2020

On 26 June, INREV filed a response to the ESMA consultation on AIFMD Marketing. We recommended information related to cross-border distribution of AIFs that authorities in EU member states should be required to make available on their websites.

AIFMD Level I and II consolidated text  

Published on 22 Mar 2019

A consolidated text of AIFMD Level I and II prepared by Allen & Overy with information about recent developments in areas such depositaries, securitisation and cross-border marketing is now available for downloading.

INREV Response - European Commission's survey on AIFMD  

Published on 19 Mar 2018

INREV's response to the European Commission’s survey on AIFMD being carried out by KPMG. The response reflects the Commission's proposed directive issued last week that includes, inter alia, a definition of pre-marketing that INREV has been encouraging for some time. It is also closely aligned with RICS views on the issue of external valuer liability.

INREV replies to Commission consultation on barriers to cross-border distribution of investment funds  

Published on 04 Oct 2016

On 30 September 2016 INREV filed comments in response to a Commission consultation on barriers to fund distribution. The response noted that while real estate makes a vitally important contribution to economic stimulation, growth and job creation in Europe, certain regulatory barriers  act as impediments and create inefficiencies. The Commission was urged to take steps to address these barriers without delay.