EU: PROHIBITION ON SELLING UNITS/SHARES IN CERTAIN FUNDS TO RUSSIAN PERSONS AFTER 12 APRIL

An article from Irish law firm A&L Goodbody on 22 March says that EU Regulations issued on 25 February will bring new challenges. The Regulations introduce (among other things) a prohibition on selling units in certain funds to a broad section of Russian related investors, including many that are not named on sanction lists.   The Regulations prohibit the sale of euro-denominated transferable securities issued after 12 April or units in collective investment undertakings providing exposure to such securities, to any Russian national or natural person residing in Russia or any legal person, entity or body established in Russia.  However, the prohibition does not apply to nationals of a Member State or natural persons having a temporary or permanent residence permit in a Member State.

https://www.algoodbody.com/insights-publications/prohibition-on-selling-units-shares-in-certain-funds-to-russian-persons-after-12-april-2022

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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