FINLAND: AIFMD Implementing Act comes into force in Finland

Wednesday April 2 2014

The Implementing Act on Alternative Investment Fund Managers came into force in Finland on 15 March 2014. Guidance is currently only available in Finnish. The new legislation includes transitional provisions relating to the managing and marketing of Finnish or foreign AIFs to professional investors. If a Finnish or foreign AIF was marketed to professional investors before 15 March 2014, this marketing can continue without a licence until 22 July 2014. However, a notification must be delivered to the Finnish Financial Supervisory Authority (the Finnish FSA) by 15 April 2014.

The management of closed-ended funds can also be continued without a licence, but this also requires that a notification be sent to the Finnish FSA by 15 April 2014.

Click on the above link for the Implementing Act. (Only available in Finnish)