Allen and Overy – Rulefinder Marketing Restrictions Hit 50th Mileston

Rulefinder Marketing Restrictions (RMR) is a sophisticated service which provides detailed information on the restrictions applicable where an offshore financial institution (OFI) markets or sells a wide range of financial products and services on a cross-border basis. It also covers the provision of advice, research and pre-M&A advice cross-border on such financial products and services.

Launched in 2012, RMR has reached a key milestone in its coverage by publishing its 50th jurisdiction earlier this year. And its expansion plans don’t stop there. Not only is its coverage to be extended to include ten further jurisdictions during 2014, the team is also extending the scope of the analysis to include marketing to retail clients and enhanced content dealing with the marketing and sale of funds and investment management services.
Retail clients

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RMR (previously branded as Institutional Marketing) originally focused on marketing and selling to institutional clients. However, in response to client feedback, Derivative Services is now broadening the scope of the product across all the jurisdictions to analyse the legal position when marketing or selling to retail clients (in other words, clients for whom no particular financial sophistication is assumed and who may be afforded greater levels of protection by law). The position in relation to sophisticated individuals or entities and high net worth individuals or entities is also covered. This information will be included in a new tab in the on-screen report, as well as in the underlying legal memorandum.

The Pakistan report was updated on RMR in February 2014 and it showcases the new retail content. The online service is now rolling out the enhanced content across the product as part of its annual update of each of the jurisdictions it covers. All jurisdictions published or updated on the RMR website during the course of 2014 will also include the new retail content.
Asset management enhancement

Rules regarding the marketing of funds and investment management services are complex, particularly so in Europe, where it is necessary to deal with the interplay of EU and national law. The Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) introduced a number of new requirements regarding how funds may be marketed within Europe and affects asset managers based both within and outside of the European Union.

In response to client feedback, Derivative Services has developed an Asset Management module to provide focused information in relation to the marketing and sale of funds and investment management services to institutional and retail clients. This enhancement will help asset management clients to navigate through this complex area of law with greater granularity and in a user friendly way.
The Asset Management module distinguishes between the rules which apply to open-ended and closed-ended funds as well as managed accounts.

The module enables users to identify whether any particular requirements apply depending on the structure or strategy of the fund or investment management services they are marketing or selling. Applicable exemptions available under each jurisdiction’s private placement regime are set out clearly as well as the position as regards reverse enquiries. The module deals specifically with the interplay of EU and national requirements while also permitting users to run comparisons between the marketing regimes both within and outside of Europe.

The United Kingdom report is the first jurisdiction to be included in the Asset Management module. During the course of 2014, approximately 20 of the jurisdictions most relevant to asset managers, including UAE, DIFC, Bahrain, Germany, Austria, the Nordic countries and Switzerland, will also be published on the Asset Management module.

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