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I am a fund manager of an alternative investment fund with a license in the UK and I want to offer units or shares of the alternative investment funds I manage in the Netherlands. Is this possible after Brexit?

As of 1 January 2021 you are only allowed to offer units or shares in the alternative investment funds you manage to professional investors in the Netherlands or to manage Dutch alternative investment funds under the National Private Placement Regime (Article 42 AIFMD). Notifications can be submitted through the AFM portal.

If you make use of a European Passport in order to offer the alternative investment funds you manage in the Netherlands or to manage Dutch alternative investment funds, this passport has expired with effect from 1 January 2021. If you wish to continue to offer the alternative investment funds you manage in the Netherlands (for example, because there are already Dutch participants in the funds you manage) or if you wish to continue to manage Dutch alternative investment funds after 1 January 2021, you must submit a notification via the AFM portal under the National Private Placement Regime (Article 42 AIFMD). 

Under the National Private Placement Regime, offers may only be made to qualified investors. The offering of investment services as currently permitted with a European Passport (Article 33 AIFMD) is not permitted under the National Private Placement Regime.



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