AIMA

The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

AIFMD

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The Alternative Investment Fund Managers Directive (‘AIFMD’) will affect alternative investment fund managers (‘AIFMs’) who are either:

  • established within the EU and who manage alternative investment funds (‘AIFs’) whether or not those AIFs are marketed within the EU; or
  • established outside the EU, but who manage AIFs within the EU or market AIFs within or into Member States which have opted to maintain or introduce a private placement regime for third country funds and managers.

AIMA has created this AIFMD Hub to put AIFMD-related resources at the click of a button.

Overview

AIFMD Implementation Planners

Official Texts and Member State Implementation

Capital Raising

Remuneration

Valuation, Leverage and Securitisation

Systemic Risk Reporting

AIFMD-Related Events

Consultation Responses

Other AIMA Documents


 

Overview

The final text of the Alternative Investment Fund Managers Directive (‘AIFMD’) was adopted by the European Council and Parliament in 2011 following months of debate on the new requirements that would be imposed on the managers of alternative investment funds. The final text was published in the EU’s Official Journal on 1 July 2011 and came into force on 21 July 2011. Member States had until 22 July 2013 to transpose the AIFMD into national law, although this transposition process was still underway in some Member States as of that date.

The AIFMD is broad in scope and covers managers of all varieties of collective investment undertakings other than UCITS, ranging from securities funds to funds investing in illiquid assets (real estate, private equity, infrastructure or goods like wine or art). It covers all possible investment strategies and disregards the legal form or structure of the collective investment undertaking, whether open-ended or closed-ended, or whether formed under contract or statute.

As a minimum, an EU AIFM will have to be authorised to perform the functions of portfolio management and risk management. Managing an AIF, however, may comprise all activities listed in Annex I of the AIFMD including those listed in paragraph 2 (such as administration and marketing), if the AIFM itself is appointed to perform them (whether or not it then delegates the performance of some of those activities to a third party). The AIFM so appointed will be subject to the AIFMD. The governing body of the AIF and/or the AIFM may appoint another person to perform some or all of the activities listed in paragraph 2 of Annex I of the AIFMD. If it does, that person will generally not need to be authorised to manage an AIF, but may need to be authorised by its national regulator if the activities it will perform are regulated in that jurisdiction, e.g. arranging transactions in securities.

AIFMD Implementation Planners

Access to materials that are part of AIMA’s AIFMD implementation project. Included in this are online operational guides and a self-diagnostic tool that will assist hedge fund firms in preparing for and tracking their compliance readiness.

Official Texts and Member State Implementation

Access to the official texts of the Level 1, Level 2 and any other official text of a related implementing directive, regulation, guidelines, regulatory technical standards or otherwise published by the Commission or by ESMA. Access to the relevant transposition/implementing laws and regulations adopted by key European fund jurisdictions is also included.

Capital Raising

By definition, an AIF is an entity that raises capital from a number of investors. It is important that hedge fund managers seeking to raise capital from EU investors understand the applicable requirements for marketing and private placement to EU investors. Access here various materials designed to aid that understanding.

Remuneration

For authorised AIFMs and any delegates they may appoint to perform portfolio management or risk management for the AIF, a key consideration will be the AIFMD’s remuneration requirements. Access here a number of materials to assist authorised AIFMs in considering the remuneration requirements.

Systemic Risk Reporting

Access to information regarding the systemic risk reporting requirements imposed by AIFMD, the related ESMA guidelines and Q&As and information from various Member State competent authorities. Also access for working group members to the running list of questions and answers to reporting related questions posed during the bi-weekly discussion forum.

AIFMD-Related Events

Access here to a list of upcoming programmes and any available materials from past programmes.

Consultation Responses

Access to the various consultation papers and discussion papers published by the Commission, ESMA and Member State competent regulatory authorities, along with the corresponding responses submitted by AIMA.

Other AIMA Documents

Access to various other materials and documents produced by AIMA in connection with the AIFMD, the Level 2 text and various ESMA consultations and consultations by various Member States and Member State competent authorities. In this area you will find an archive of consultation responses, guidance notes, briefing notes, FAQs and other resources all produced by AIMA.

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