In 2015, AIMA published the 3rd edition of its flagship Fund Directors’ Guide, which examined some of the practical, legal and tax considerations when selecting and appointing directors of an alternative fund. The 3rd Edition of the Guide included a range of appendixes that covered country-specific fund director requirements, as well as describing the types of fund structures available in each jurisdiction.
As a supplement to the 4th Edition of the Guide, AIMA and the ACC, together with the help of its Sponsoring Partners, have converted and expanded on the appendixes by creating a master matrix of fund types and covers the following jurisdictions: Cayman Islands, Guernsey, Hong Kong, Jersey, Luxembourg, Ireland, and the United States. Additional jurisdictions may be added in the future and the existing ones will be updated by the relevant Sponsoring Partner(s) if any information included in the matrix would need to be amended.
The matrix allows for easy comparisons of fund features and comparisons of director/governing body member requirements between a range of jurisdictions. Where applicable, the matrixes separate the director requirements between those stemming from the regulatory form and those from the corporate form. On the former they have been divided into the obligations under the applicable regulatory regimes while on the latter these are separated between the existing fund vehicles.
The information that this chart is intended to cover ranges from the specific director requirements applicable in a jurisdiction, to the organisational requirements that each identified fund structure needs to comply with. The director requirements include information on, for example, the frequency and location of board meetings, any fitness and propriety requirements and any registration fees and requirements. The organisational requirements include, but is not limited to, information on the form of entity, set up registration requirements, capital contributions, beneficial ownership reporting requirements and information on personal liability of the owners.