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Presidency of the Council Weighs in on Proposed Rules for Pre-Marketing and Reverse Solicitation
14 June 2018
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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.
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