Managing an AIF — some exclusions and exemptions

In order to be a UK alternative investment fund manager (AIFM), you need to be carrying on the regulated activity of ‘managing an alternative investment fund, or AIF’. Before managers rush to submit their VoPs, they should consider whether they are actually managing an AIF in the first place or whether they could take a few steps so that they would cease to be managing an AIF before 22 July 2014.

Managing a fund that is not an AIF is not ‘managing an AIF’. The most relevant exclusions/exemptions are described below.

Employee participation schemes are excluded from the Alternative Investment Fund Managers Directive (AIFMD). This exclusion covers schemes in which an employee invests in securities of the employer or in a company in the employee’s group (or derivatives in relation to them such as options) or other schemes (such as an employee carried interest or co-investment vehicle)…

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