Luxembourg legal update, March 2013: AIFMD implementing measures — the delegated regulation
This section of Arendt & Medernach’s Luxembourg legal update for March 2013 looks at the delegated regulation supplementing Directive 2011/61/EU of the European parliament and of the council with regard to exemptions, general operating conditions, depositories, leverage, transparency and supervision.
The Delegated Regulation will be directly applicable in all Member States subject to a three-month scrutiny period by the European Parliament and the Council, after which the Delegated Regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union, if no objections were raised. The Delegated Regulation shall apply from 22 July 2013.
Topics covered by the Delegated Regulation include, inter alia, the calculation of assets under management and leverage, additional own funds requirements and professional indemnity insurance, operating conditions (including risk and liquidity management), delegation of AIFM functions, depositaries’ duties and liabilities, valuation, transparency and third-country rules. Due to the plethora of issues addressed by the Delegated Regulation, we will focus on those we consider of particular interest to stakeholders from a Luxembourg perspective…
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