Key takeaways:

• On 12 March 2018, the European Commission issued a proposal for a Directive amending the AIFM Directive, along with a proposal for a Regulation on facilitating cross-border distribution of funds.
• The proposals are intended to improve cross-border capital investment flow. However, they introduce a restrictive definition of pre-marketing which, against the aim of the proposals, will make cross-border marketing more difficult.
• In addition, the proposals introduce complicated new rules on de-notification, the benefit and practical relevance of which seem unclear.