The Alternative Investment Fund Managers Directive (AIFMD) is a European Union (EU) regulation that applies to alternative investments, many of which were left largely unchecked prior to the 2008.. , including managers of hedge funds, private equity firms and investment trusts
and factors in the UCITS Directive and AIFMD (ESMA34-45-688). 6 Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector (OJ L 317, 9.12.2019, p. 1) KPMG's 2019 edition of the Evolving Asset Management Regulation report. The AIFMD, and the accompanying regulation, does what it says on the tin - it regulates the managers of funds other than Undertakings for Collective Investments in Transferable Securities (UCITS), so-called alternative investment funds or AIFs AIFMD Q&A. The AIFMD Q&A sets out answers to queries likely to arise in relation to the implementation of the AIFMD. It is not relevant to assessing compliance with regulatory requirements. You should check the website from time to time in relation to any matter of importance to you to see if the position has changed
Chapter 6 of the FIN-FSA's regulations and guidelines 4/2014 on alternative investment fund managers includes regulations and guidelines on AIFMD reporting. The regulatory framework requires that alternative investment fund managers (AIFMs) regularly provide information for supervisory purposes both on themselves and on the alternative investment funds (AIFs) they manage Under the Directive, Member States shall ensure that each authorised AIFM shall set leverage limits in respect of each AIF it manages. In the context of the UK, the FCA's rules on maximum leverage limits are set out in the FCA Handbook ( FUND 3.7.7 to 3.7.9) and requires an AIFM which is fully authorised by the FCA to Directive 2011/61/EU is a legal act of the European Union on the financial regulation of hedge funds, private equity, real estate funds, and other Alternative Investment Fund Managers in the European Union. The Directive requires all covered AIFMs to obtain authorisation, and make various disclosures as a condition of operation. It followed the global financial crisis. Before, the alternative investment industry had not been regulated at EU level. It was reported in May 2014.
The AIFMD includes rules on remuneration application to AIFMs. Under Article 13 of the AIFMD, ESMA is required to develop further guidelines on the application of the AIFMD remuneration requirements and is required to cooperate closely with the EBA in developing these requirements the Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 (Regulation 2019) on facilitating cross-border distribution of collective investment undertakings and amending Regulations (EU) no. 345/2013, (EU) no. 346/2013 and (EU) no. 1286/2014 IFIA AIFMD Regulatory Reporting Guide AIFMD Regulatory Reporting Getting startedguide Irish Funds Industry Association (IFIA) August 2014. The Annual IFIA Global Investment Funds Conference 2012 IFIA AIFMD Regulatory Reporting Guide Contents 4 Reporting matrix 3 Key considerations 1 Overview
The Alternative Investment Fund Managers Directive provides an EU framework for the regulation and oversight of alternative investment fund managers (AIFMs). Similar to the UCITS Directive for retail funds, the AIFMD enables alternative investment funds (AIFs) authorised in one member state to be sold across the EU under a marketing passport Additionally, the sub-custodian must (i) have structures and expertise adequate and proportionate to the nature, scale and complexity of the assets of the AIF (or of the AIFM acting on behalf of the AIF); (ii) in respect of the custody of financial instruments, be subject to effective prudential regulation and supervision in its local jurisdiction and periodic external audits; (iii) segregate AIF assets from its own assets (in practice, it is questionable how workable this condition will be. AIFMD - Depositary Requirements. The . Alternative Investment Funds Management Directive (AIFMD) requires Alternative Investment Fund Managers (AIFMs) to appoint a single depository to all Alternative Investment Funds (AIFs) that they manage and introduces new depository requirements in relation to their AIFs. * Eligibilit
Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs) Measures on cross-border distribution of funds. Measures to facilitate cross-border distribution of funds are contained in Directive and Regulation that complemen The Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) established a regulatory framework for EU-established managers of alternative investment funds (AIFs). This note provides an overview of the policy and measures that implemented the AIFMD in the UK, including FCA Handbook rules and the Alternative Investment Fund Managers Regulations 2013 ( SI 2013/1773 )
AIFMD is supplemented by a delegated regulation (AIFMD Regulation). AIFMD regulates the activities of Alternative Investment Fund Managers (AIFMs) and their Alternative Investment Funds (AIFs). This note deals with the following: JJ calculation of AUM - this is relevant for identifying AIFMs qualifying for simple registration rather than full blown authorisation under the AIFMD ESMA's technical advice to the European Commission on integrating sustainability risks and factors in the UCITS Directive and AIFMD, 30 April 2019 (ESMA34-45-688). Nota bene: Publication in the OJEU of Directive (EU) 2019/1160 of 20 June 2019 amending Directive 2011/61/EU, which aims to remove obstacles to cross-border marketing of UCITS, supplemented by Regulation (EU) 2019/1156 of 20 June 2019 UK AIFMs managing AIFs below the threshold in Article 3 of AIFMD as amended by the Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2019 are required to be authorised or registered with the FCA or opt-in to the full requirements of UK AIFMD The AIFMD (Directive 2011/61/EU) must be implemented by EU member states by 22 July, 2013. It introduces the regulation of EU domiciled Alternative Investment Fund Managers (AIFMs) who manage one or more alternative investment funds (AIFs) in the E U and AIFMs established outside the EU which manage one or more EU AIFs or which market one or more (EU or non EU) AIF in the EU
While the substance of the AIFMD requirements must be ready, it will be possible to apply for authorisation notwithstanding that details in relation to some arrangements, e.g. reporting procedures, are not finalised Application process ID 1009 [Deleted. With the appointment, function, obligations, and liability of alternative investment fund (AIF) depositaries having undergone somewhat of an evolution in recent years, Head of Depositary in our Luxembourg office, Ashweeni Basenoo examines their key functional components. The Alternative Investment Fund Managers Directive (AIFMD) essentially laid down the regulations for the authorisation.
The first guide considers whether the AIFMD marketing passport is working in practice and is a useful tool for managers as it illustrates the significant differences across jurisdictions. The second guide looks at the requirements that non-EEA managers face when marketing non-EEA alternative investment funds to professional EEA investors subject to the full suite of AIFMD requirements, such as cash monitoring obligations. Loss Liability The AIFMD makes a depositary responsible for loss of financial instruments held in custody, unless the loss is caused by an external event. When a depositary has to look The AIFMD regulation in Jersey overlays the existing regime to provide maximum flexibility for Jersey funds (and other non-EU funds) with a Jersey Manager: Outside AIFMD - where the fund is not an AIF or is not marketed into the EU/EEA (as defined din the AIFMD), the fund and its manager are not subject to Jersey's AIFMD implementation regime 2.8 AIFMD Depositary Requirements and Depositary Liability Page 17 3. Legal and Regulatory Framework for QIAIFs Page 18 3.1 Irish Funds Law Page 18 3.2 European Law Page 18 3.3 Irish AIFM Regulations Page 21 3.4 The AIF Rulebook Page 21 3.5 Central Bank Guidance Page 21 3.6 Central. AIFMD is one regulatory change against a backdrop of a sea of change, most impacting from 2013 onwards. A few of the other regulatory requirements are Dodd-Frank, THE OTC Derivative Directive (EMIR), Solvency II, Basel III etc. In addition, they are supported by a number o
The AIFMD imposes substantive regulatory obligations on AIFMs, including rules relating to internal capital adequacy requirements, regulatory and investor reporting, ensuring that each AIF it. The requirements of the United Kingdom and/or any Member State in relation to the UK AIFM Regulations, Level 1 AIFM Directive and/or the Level 2 AIFMD Regulation will need to be considered separately and, to the extent applicable, complied with in addition to the requirements set out in the Code According to the report published in June 2020 by the Commission on the application and scope of AIFMD the expected consultation on the review of AIFMD is likely to rise discussion on some changes in the supervisory reporting requirements and on the safekeeping duties of depositaries, particularly when a fund has appointed a tri-party collateral manager
requirements under Article 36 of AIFMD, rules, regulations and guidance made under the POI Law, and in particular, the Incorrect Pricing of Authorised Collective Investment Schemes - Guidance Note on Correction and Compensation, will still apply to Designated Managers and Designated Custodian Consequently, the AIFMD and all rules and regulations promulgated thereunder (including Delegated Regulation (EU) 231/2013, the Delegated Regulation) have to be complied with in the Netherlands by any alternative investment fund manager (an AIFM), unless an AIFM can benefit from exemptions (such as, inter alia, AIFMs managing AIFs below the Threshold (as defined below)) The Alternative Investment Fund Managers Directive (AIFMD) entered into force on July 21, 2011, and became effective in most member states on July 22, 2013. That means that for seven years now, both the investment fund market and regulatory authorities have worked with and gained experience with the AIFMD. Like many other European directives, the AIFMD requires that its application and.
The AIFMD Annex IV report . As part of the reporting obligations under AIFMD, all European registered Alternative Investment Fund Managers marketing into the EU or EEA are required by ESMA to report to their particular jurisdiction under AIFMD to their national competent authorities (NCAs) according to Article 3 and 24. Non-EU alternative fund asset managers are also required to file an AIFMD. The AIFM Directive has a broad scope, contrary to what the letter 'A' from 'Alternative' might suggest. The AIFM Directive is in principle applicable to all managers that manage or market one or more alternative investment funds, that is collective investment vehicles that do not qualify as Undertakings for Collective Investment in Transferable Securities (UCITS) When the Alternative Investment Fund Managers Directive (AIFMD) came into force in 2011, it had two principal objectives: to provide a secure regulatory framework for the management and distribution of alternative investment funds (AIFs) in the European Union, and to ensure the mitigation of systemic risks associated with management of alternative assets On 29 May 2018, the European Commission (Commission) published for consultation a draft Delegated Regulation (the Draft Regulation) which contains proposals to amend certain rules relating to the safe-keeping duties of depositaries under the Alternative Investment Fund Managers Directive (AIFMD).. Essentially identical measures were simultaneously proposed in respect of the UCITS Directive AIFMD restrictions on NPPR and managers. In addition to marketing according to the applicable NPPR, certain requirements under the AIFMD must be met. The AIFMD provisions on NPPR's themselves provide that
Appendix 8 - Disclosure and Transparency Requirements Annex 1 - AIFM - Specific Information to be reported (Article 3(3) and Article 24(1) AIFMD) Annex 2 - AIF - Specific Information to be reported (Article 3(3) and Article 24(1) AIFMD AIFMD Chapter IV, Transparency Requirements, contains three Articles as follows: Article 22, Annual Report Article 23, Disclosure to Investors Article 24, Reporting Obligations to Competent Authorities The relevant article for the preparation of Annual Reports of AIF AIFMD has been implemented in the UK by various implementing measures - primarily the Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773), the Alternative Investment Fund Managers (Amendment) Regulation 2013 (SI 2013/1797) and the Alternative Investment Fund Managers Order 2014 (SI 2014/1292)
Regulator Finanzmarktaufsicht (FMA). Timing The condition for equivalence of the rules of the home country with Austrian law can make it difficult to obtain approval. If the conditions can be fulfilled, the registration should take 3 to 6 months. Notes Additional requirements amounting to full compliance with AIFMD and the appointment of a local representative in Austria . The responsibilities of the depositary were broadened to include the monitoring cash flows in the fund and oversight of fund operations, in addition to the custody of the portfolios of investments The AIFMD POA identifies a number of specific functions defined by the regulations, which KB Associates undertakes for its clients. KB Associates provides operational and compliance support to its clients beyond the functions specified in the POA regulation 10(3) of the UK AIFMD Regulation) that wishes to notify us of a new fund that you will manage. You should not use this form if: • you are a EuSEF or EuVECA manager and wish to notify us of a new fund - a dedicated form i
AIFMD allows for a passporting regime for non-EU AIFMs which has not yet been activated. AIFMD requires the European Commission to review the application and the scope of AIFMD. On 10 June 2020, the European Commission published its Report on its review of AIFMD, and has now published a detailed consultation paper which closes in Jan 2021 AIF. At the AIF (or fund) level, the Irish regulatory regime recognises two types of AIF reflecting not only the provisions of AIFMD but also building on the pre-existing and well known Irish qualifying investor fund (QIF)structure which, to date, has been the principal Irish non-UCITS scheme used for hedge funds and other alternative fund products
This report provides a practical guide for managers who fall under the EU regulation. The report, which is presented by the AIFMD Focus Group, explains key functions based upon the specific governance requirements of the AIFMD and the more principle-based governance best practices of INREV Sponsored forum: AIFMD Many concerns and uncertainties surround the implementation and operation of hedge funds under the Alternative Investment Fund Managers Directive (AIFMD). In a forum sponsored by BNY Mellon and KB Associates, experts discuss the impact of the directive's introduction on Europe's hedge fund industry, including the top issues of delegation and the definition of a. In addition to the liquidity risk requirements, MSCI offers a standard report designed to support investment managers in their efforts to comply with UCITS and AIFMD market risk requirements. MSCI's UCITS and AIFMD reporting packages streamline reporting by aggregating group market risk exposure, issuer concentration risk, collateral exposure, counter-party exposure, and stress testing . Miscellaneous This section contains a few questions on the competences and powers of supervisory authorities, including, the sanctioning regime and the merger of the UCITS and AIFM regulatory frameworks into single EU. Starting from the reporting period Q4 2020, with reporting deadline 31st January 2021 (February 14th for fund of funds), all AIFMs must submit the periodic AIFMD Annex IV reporting through www.Altinn.no. The previous reporting method through SFTP will no longer be available
Draft AIFMD delegated regulation as regards sustainability risks and sustainability factors to be taken into account by Alternative Investment Fund Managers. Draft MiFID delegated directive as regards the integration of sustainability factors and preferences into the product governance obligations . Quite what an AIFMD II will look like is yet to be determined. MUFG SOLUTIONS MUFG provides full administration solutions for UCITS and AIFMD regulated funds including investmen
The implementation of the Sustainable Finance Disclosure Regulation (SFDR) - Process to be adopted with respect to the submission of updates to the pre-contractual document (prospectus) of locally based Collective Investment Schemes applicable as from 10 March 2021 (SFDR Deadline The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the websites www.eurostone-srio.com and www.eurostone-srio-uk.com where an entity offers investment services and pretends to be established at 3a, rue Guillaume Kroll, L-1882 Luxembourg These requirements are set out in Articles 22-24 and 26-30 of the AIFMD. Noted below are some of the key issues which we believe you need to consider in complying with these four areas. We have not provided an exhaustive list of all requirements or issues - please do contact us if you wish to discuss the details as they apply to your firm
Article 23(1) AIFMD Checklist AIFM name: AIF Name Article 23 (1) AIFMD, Information Requirement Table. The AIFM will make available to investors the following information before they invest in the AIF, as well as any material changes thereof: ‐ any restrictions on the use of leverag The regulation requires competence and independence for personnel performing valuation functions. As such, this is an area that will require close attention by AIFMs. Article 19 of AIFMD requires that assets of each fund an AIFM manages are valued appropriately, consistently, independently and with skill, care and diligence
Define AIFMD Regulations. means applicable regulations adopted from time to time pursuant to Alternative Investment Fund Manager Directive 694/2014 of the European Parliament, as amended from time to time
The European Parliament and European Council have finalised the text of a new Directive (AIFMD 2) which supplements the original Alternative Investment Fund Managers Directive (AIFMD) by creating new requirements in relation to the so-called pre-marketing of private equity and other alternative investment funds to European professional investors The regulation, which comes into force on 2 August 2021, will amend the AIFMD by introducing new rules relating to the marketing of Alternative Investment Funds (AIFs) in the EEA. Only fund managers are subject to the guidelines
To allow the AIFM to comply with regulation 57(4), the notification includes a statement from the AIFM confirming that the following conditions are met: (1) subject to (2), the AIFM complies with the requirements of FUND, other rules in the Handbook which, when made, implemented AIFMD, the AIFMD level 2 regulation, the AIFMD UK regulation, the AIFMD BTS and any other binding technical. Business (AIFMD) Regulations, 2016. (2) These Regulations shall come into force on such date as the Minister may, by Notice published in the Gazette, appoint. 2. (1) In these Regulations, unless the context otherwise requires: Act means the Securities and Investment Business Act; AIF. AIFMD -Cash monitoring & oversight 1 AIFMD - Cash monitoring & oversight Directive 2011/61/EU on Alternative Fund Managers (AIFMD) includes a number of requirements to monitoring cash movements in relation to assets of alternative investment funds (AIFs) and oversight of AIF activities connected t ESMA recommends that delegates should be subject to the regulatory standards set out in the AIFMD and UCITS frameworks irrespective of the regulatory license or location of the delegate
The requirements of Art. 16 AIFMD in conjunction with Art. 46 et seq. of the AIFMD-CDR provide for a holistic liquidity framework applicable for all AIFMs, but should be adapted to the size, struc-ture and nature of the AIFs managed by the AIFM concerned. In addition the delegated regulation Regulation (EU) 2017/2402, the EU Securitisation Regulation is required to reflect regulatory changes since the AIFMD framework was put in place, and specifically the introduction in 2019 of a robus What types of requirements are imposed by the AIFMD on EU AIFMs? An EU AIFM (other than a small AIFM) is required to obtain authorisation from the competent authority of its home member state. In order to obtain, and maintain, authorisation from the competent authority, the EU AIFM.