AIFMD sets out the authorization process and ongoing requirements for managers of funds other than UCITS.
AIFMD sets out the authorization process and ongoing requirements for managers of funds...
The AIFMD, and the accompanying
The AIFMD sets out the authorization process and ongoing requirements across a wide range of areas. Alternative Investment Fund Managers (AIFMs) have had to comply with the requirements since 22 July 2013, which also cover governance, minimum capital
The directive has a global impact
It imposes requirements on third country asset managers to whom AIFMs delegate portfolio management. Also, any funds being marketed into the EU from third countries are impacted, as are managers outside the EU that manage or wish to manage EU-domiciled AIFs. The Commission has yet to activate the third country passport for non-EU AIFs and non-EU AIFMs. Meanwhile, national private placement regimes continue to apply. [See “Non-EU AIFMs and AIFs” for more detail.]
Member States may choose to allow certain types of AIF to be marketed to retail investors in their
The European Union is required to have initiated a review of the workings of the Directive by July 2017. In September 2017, the Commission appointed KPMG Law (Germany), in collaboration with a number of other KPMG national firms, to undertake research into the implementation and impact of the AIFMD. That work is scheduled to finish by the end of 2018.