Pinsent Masons

The Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) was transposed into national law in the UK on 22 July 2013, introducing requirements concerning transparency and the information that must be disclosed to potential investors before they make an investment decision. The principal document for any investor and alternative investment fund manager (AIFM) is the investment prospectus, also known as an information memorandum, which must be drafted to include all relevant information about the investment opportunity to enable an investor to make an informed choice. This Practice Note lists the prospectus transparency requirements set out in FUND 3.2 and explores these concepts in relation to preparing an investment memorandum that is fit for purpose.

This Practice Note explores the potential tax consequences of unwinding a share sale. If the unwinding occurs after completion, this involves entering into a new transaction for the sale back of the same shares to the original seller. In the case of a conditional agreement, the transaction may be able to be unwound before the conditions have been satisfied and therefore before completion. This Practice Note is produced in partnership with Eloise Walker of Pinsent Masons LLP.

This Practice Note explores the potential tax consequences of unwinding a business sale mid-completion after some of the assets and liabilities have already been transferred. This Practice Note is produced in partnership with Eloise Walker of Pinsent Masons LLP.