The Alternative Investment Fund Managers Directive

The alternative investment funds industry is shortly to be subject to European authorisation and conduct of business requirements for the first time, with detailed rules on a very diverse range of issues such as: remuneration, leverage, delegation and the ability to manage more than one fund or perform other investment activities. AIFMD covers those responsible for the portfolio or risk management of all types of alternative investment funds, such as hedge funds, private equity funds and property and commodity funds. It also introduces a harmonised regime for the promotion of such funds to professional investors.

In the UK, alternative collective investment schemes have been the subject of regulation for a number of years across some fairly uncoordinated areas such as marketing, operating and managing. At European level, however, other than in relation to the Undertakings for Collective Investment in Transferable Securities (“UCITS”) Directive (a directive which enables certain retail friendly schemes, which are operated on very prescriptive requirements, to be marketed across the EU), there has been little harmonised regulation of collective investment schemes or their operators or managers. The introduction of AIFMD at European level will result in a harmonised and very comprehensive regime…

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