Aifmd is supplemented by a delegated regulation aifmd. Alternative investment fund managers directive aifmd resources. Aifmd regulates the activities of alternative investment fund managers aifms and their alternative investment funds aifs. Guidelines on reporting obligations under articles 33d and 241, 2 and 4 of the aifmd 15 november 20. Regulatory authorization we require fund managers to be. This has triggered the introduction of measures such as the alternative. Directive 201161eu alternative investment fund managers directive aifmd chapter v aifms managing specific types of aif arts. The alternative investment fund managers aifm directive is the most contentious piece of financial services legislation to come out of the euro pean union in years. The alternative investment fund managers directive aifmd 201161eu, entered into force on 21st july 2011, with the aim of providing for an internal market for alternative investment. Alternative investment fund managers aifm directive 201161eu law details information about directive 201161eu including date of entry into force and links to summary and consolidated version. Rules for issuers of alternative investment fund certificates. The directive requires all covered aifms to obtain authorisation, and make various disclosures as a condition of operation. The alternative investment funds industry is shortly to be. The aifmd was voted by the colegislator in 2011 and entered into application in july 20.
The alternative investment fund managers directive aifmd is a european union eu regulation that applies to hedge funds, private equity funds, and real estate funds. Following the aifmd, it is required to register or license an alternative investment fund manager. Directive 201161eu of the european parliament and of the council of 8 june 2011 on alternative. Dp121 implementation of the alternative investment fund. Tax deloitte the alternative investment fund managers directive aifmd, which was adopted by the european council on the 27 may 2011, is not a tax directive. Directive 201161eu alternative investment fund managers. The establishment and operation of alternative investment funds is governed by the. The alternative investment fund managers directive aifmd puts in place a comprehensive framework for the regulation of alternative investment fund managers within europe. Summary of alternative investment fund managers directive.
Alternative investment fund managers directive aspirant. Policy options for implementing the alternative investment. The alternative investment fund managers directive aifmd is a regulatory framework for alternative investment fund managers aifms, including managers of hedge funds, private equity firms and investment trusts. The alternative investment fund managers directive is a regulatory framework for aifms including private equity firms. The extensive requirements with which aifms must comply are designed to ensure that these managers can manage aifs on a crossborder basis. Aifmd is supplemented by a delegated regulation aifmd regulation. Background note on the alternative investment fund managers directive over a year in the making, the alternative investment fund managers aifm directive widely known as the hedge funds directive. Comparative analysis of certain aspects of regulatory regimes in europe, canada and the united states of america abstract the alternative investment fund managers directive aifmd, adopted by the european union on 11 november 2010, has introduced a harmonized set of rules for alternative. Fca in the uk, sec in the us and comply with the eu directive for alternative investment fund managers.
A confidential response may be requested from us under the freedom of information. This note answers some basic questions about what is to be regulated and why. Alternative investment fund managers aifm directive. Alternative investment fund managers directive aifmd hedge fund managers aifmd is likely to affect most hedge fund managers who manage funds or have investors in the european union if they are identified as the alternative investment fund manager aifm of a particular fund or funds. This directive covers managers of alternative investment schemes designed for professional investors. Scope of this consultation this is an informal discussion paper highlighting and inviting initial views on a number of the high level policy decisions that will need to be taken as part of the transposition of the alternative investment fund managers. The transposition of the alternative investment fund managers directive in the united kingdom. Report on the operation of the alternative investment fund managers. Apr 17, 2018 the alternative investment fund managers directive aifmd is a european union eu regulation that applies to hedge funds, private equity funds, and real estate funds.
The mutual funds eu connected fund alternative investment fund managers directive regulations, 2016. As i mentioned earlier, it will cover a broad section of activities. Directive aifm, marches europeens pour les depositaires, investissements. Eu ucits directive a ucits fund is a fund intended. Directive 2011 61eu on alternative investment fund managers aifmd had to be implemented by eu member states by 22 july 20. The alternative investment fund managers directive 201161eu or aifmd for short is an.
Directive 201161eu of the european parliament and of the council of 8 june 2011 on alternative investment fund managers and amending directives 200341ec and 200965ec and regulations ec no 10602009 and eu no 10952010 text with eea relevance. Gibson dunn changes to marketing alternative investment. The alternative investment fund managers directive 201161eu or aifmd for short is an eu law on the financial regulation of hedge funds, private equity, real estate funds, and other alternative. The related issue of the determination of aifms is also discussed under 3. Specific entities that are exempt from the directives are also listed. Alternative investment fund managers directive aifmd private equity aifmd is likely to affect most private equity fund managers who manage funds or have investors in the european union if they are.
Alternative investment fund managers directive eu, uk. The eu has adopted a package of measures which will implement some important changes to the way in which alternative investment fund managers aifms market their funds crossborder in the eea. These regulations implement in part directive 201161eu of the european parliament and of the council on alternative investment fund managers aifmd, regulation eu no 23120 supplementing. Implementation of the alternative investment fund managers directive. Alternative investment fund managers aifm directive 2011. Council amending directive 200965ec of the european pa. December 14, 2016, 5 marine view plaza, suite 400, hoboken nj 07030. Alternative investment fund managers directive aifmd. The eu alternative investment fund managers directive aifmd represents the most significant eu regulation of the alternative investment funds industry in recent times. The alternative investment fund managers directive aifmd may be the most important european asset management regulation of the early 21st century. Directive 201161eu on alternative investment fund managers.
The alternative investment fund managers directive 201161eu or aifmd for short is an eu law on the financial regulation of hedge funds, private equity, real estate funds, and other alternative investment fund managers aifms in the european union. Alternative investment fund managers directive 2011. Final text of the level 1 directive on alternative investment fund managers 201161eu published by the european council on may 2011. An eu connected fund that requests from the authority an attestation or confirmation of status pursuant to section 22g of the law shall submitto the authority a written confirmation that the information provided pursuant to. Directive on alternative investment fund managers chapter 1. Summary of alternative investment fund managers directive aifmd. The deadline for alternative investment fund manager aifm applications for. Aifmd, euverwahrstellenmarkt, alternative investments, asset management. The european commission introduced the alternative investment fund managers directive aifmd with a view to provide a harmonized and stringent regulatory and supervisory framework for the. Act directive 201161eu of the european parliament and of the council of 8 june 2011 on alternative investment fund managers and amending directives 200341ec and 200965ec and regulations ec no 10602009 and eu no 10952010 oj l 174, 1. The deloitte valuation center is your partner of choice for all valuationrelated matters, across the lifecycle of your fund or investment portfolio.
The european parliament adopted the directive at its plenary session on 11 november 2010. The european securities and markets authority esma has announced its approval of cooperation arrangements between eu regulators responsible for the supervision of fund. Regulatory authorization we require fund managers to be regulated by the relevant authorities eg. The scope of the eu alternative investment fund managers. Is aifmd the new gold standard for alternative nonucits funds in the next wave of regulation and investor. Act directive 201161eu of the european parliament and of the council of 8 june 2011 on alternative investment fund managers and amending directives 200341ec and 200965ec and regulations ec. The alternative investment fund managers directive.
Background note on the alternative investment fund managers directive over a year in the making, the alternative investment fund managers aifm directive widely known as the hedge funds directive is reaching the final stages of approval. Alternative investment fund managers directive aifmd hedge fund managers aifmd is likely to affect most hedge fund managers who manage funds or have investors in the european union if they are. Esmas draft technical advice to the european commission on possible implementing measures of the alternative investment fund managers directive. The alternative investment fund managers directive aifmd or the directive came into force on july 22, 20 with certain activities or requirements being governed by transitional provisions for a 12 month period. The government published its first consultation paper. Directive 201161eu on alternative investment funds managers in respect of overreliance on credit ratings,7 and article 92 of directive 201465eu of the european parliament and of the council of 15.
Germany provides for a smallaifm regime with stricter requirements than the aifmd. The alternative investment fund managers regulations 20. Having regard to directive 201161eu of the european parliament and of the council of 8 june 2011 on alternative investment fund managers and amending directives 200341ec and 200965ec and regulations ec no 10602009 and eu no 10952010 1, and in particular article 36, article 43, article 99, article 123. While the main focus of the aifm directive is on fund managers, the directive has a broad scope and impacts not only european union eu and. A regulatory directive with tax implications david capocci partner. An alternative investment fund includes all collective investment undertakings defined in directive 201161eu of the european parliament and of the council of 8 june 2011 article 4 1,a. Alternative investment fund managers directive 2011 wikipedia. Aifs means collective investment undertakings, including investment compartments thereof, which.
Alternative investment fund managers directive aspirant world. Frequently asked questions about eus alternative investment fund. Aifs are funds that are not regulated by the ucits directive. Alternative investment funds aifs include hedge funds, private equity funds, venture capital firms, commodities.
The alternative investment fund managers aifm directive the directive is sizing up to have profound structural impact on the alternative asset management industry, both in europe and internationally. Alternative investment funds aifs include hedge funds, private equity funds, venture capital firms, commodities and real estate funds and are part of the investment management sector. Alternative investment fund manager directive aifmd. However, a preponderance of practitioners and academics in the field argue that, in its present form, the directive is seriously out of touch with both the system of european financial law and. Implementation of the alternative investment fund managers. Alternative investment fund managers and asset servicers have to adapt to this new environment and either dedicate internal resources or seek an external provider to assist with their valuation needs. Investment team we require a hedge funds investment team to have long, proven and demonstrable experience in the financial markets.
This paves the way for a formal vote at the economic and financial affairs council ecofin and. Its scope is broad and, with a few exceptions, covers the management. Transposition of the alternative investment fund managers. When first proposed in april 2009 it was met with uproar from participants both within and outside the alternatives industry. Broadly, all funds which are not covered by the directive on undertakings for. The alternative investment fund managers directive aifmd. Scope of this consultation this is an informal discussion paper highlighting and inviting initial views on a. Alternative investment funds aif and their managers aifm prompted the european commission to issue a draft proposal for an aifmd on 30 april 2009. For the purpose of this directive, the following definitions shall apply. Alternative investment fund managers directive aifmd private equity aifmd is likely to affect most private equity fund managers who manage funds or have investors in the european union if they are identified as the alternative investment fund manager aifm of a particular fund or funds. Overview introduction this note provides a brief overview of the key provisions of the alternative investment fund managers directive the aifmd. The aifmd a regulatory directive with tax implications. European securities and markets authority esma final report.
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