Alternative Investment Fund Managers Directive takes effect
The Alternative Investment Fund Managers Directive (AIFMD) was transposed into national law through the Alternative Investment Fund Managers Regulations 2013 and the Financial Conduct Authority’s associated rules and took effect on 22 July 2013. The directive aims to introduce a harmonised regulatory framework across the EU for EU-established managers of alternative investment funds.
In particular, the directive requires alternative investment fund managers to be authorised and contains provisions about how they should conduct their business, transparency and marketing. The directive will affect private-equity fund managers who manage funds or have investors in the EU, or if they are identified as the alternative investment fund manager of a particular fund or funds.
The regulations allow EU managers of alternative investment funds located in the EU to market to professional investors across Europe on a ‘passported’ basis, but it also subjects EU fund managers to much more rigorous reporting and disclosure requirements (for example, as to remuneration and leverage), capital requirements, the requirement to appoint a depositary and restrictions on the delegation and use of service providers…
If you are registered and logged in to the site, click on the link below to read the rest of the Walker Morris briefing. If not, please register or sign in with your details below.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
Ofgem and DECC have jointly published an action plan of measures to encourage the growth of independent energy suppliers.
The Finance Act 2014 will change the economics of using tax avoidance schemes by requiring payment of disputed tax upfront in cases involving numerous marketed tax management schemes,
Analysis from The Lawyer
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.
New EU rules and lawyers’ increased comfort with digital formats are sparking a sea-change in the way law firms manage their documents