Presidency of the Council Weighs in on Proposed Rules for Pre-Marketing and Reverse Solicitation

14 June 2018
View Debevoise Update
Key takeaways
  • On 15 March 2018, we reported on a proposal of the EU Commission that would have greatly limited the ability to “test the waters” with EU investors without formally filing for marketing approval.
  • Last week, the Presidency of the Council published a helpful counterproposal that would allow pre-marketing with draft, not yet final, fund documents before having to formally file for marketing approval.
  • Although the counterproposal provides ground for cautious optimism, the legal uncertainty remains until Council, Parliament and the Commission agree to a compromise text.