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