Impact of the AIFMD on investment companies

The Alternative Investment Fund Managers Directive (AIFMD) will almost certainly apply to investment entities listed under Chapter 15 of the UKLA’s Listing Rules. This briefing from Nabarro sets out some of the factors to consider about the AIFMD.

Investment Companies will either be internally managed or appoint an external investment adviser or manager. Where the Investment Company is ultimately responsible (through its board) for making investment decisions, the Investment Company will be the alternative investment fund manager (AIFM) and the alternative investment fund (AIF). In this context, the Investment Company will be internally managed. The consequences of being internally managed are not dissimilar to any other AIFM, except there are differences in capital requirements.

Where the Investment Company does not have the capacity to make decisions, it is likely to be considered a “letter-box entity” for the purposes of the AIFMD and the external manager will be the AIFM. The Investment Company will still be the AIF…

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