The Introduction of Directive 2011/61/EU on Alternative Investment Fund Managers (AIFM Directive) aimed at creating a single, barrier-free marketplace for alternative investment funds in Europe. Creating a harmonized regulatory and supervisory framework, allowed the marketing of such funds to certain types of investors throughout the European Union simply through home member- state approval which came to be known as the ‘EU Marketing passport’. In this way, the pan-European market was unlocked for distribution of AIF units the same way it did for UCITS in the past.
In this seminar, we will primarily examine the basic provisions of the AIFM Directive and their practical application for EU Fund Managers. Where possible, specific reference will be made to various EU Jurisdictions such as the UK, Ireland, Luxembourg and Cyprus.
The Legal Framework, Aim and Scope of the AFMD
A general overview of the EU Funds Market by employing graphs and statistics. The background to the need for harmonized regulation and the aim & scope of the AIFM Directive. What is an AIF? A brief examination of the legal regimes for AIF funds in different jurisdictions across the EU and the various AIF types and structures found in UK, Ireland, Luxembourg and Cyprus
An analysis of the Directive’s provisions for authorization and other related provisions. Practical examples will be given from various jurisdictions.
Operating Provisions for AIFMS and their Practical Implementation
A close examination of various rules by the Directive on the organization and operation of EU AIFMs and how are these applied in practice by AIFMs.
Description of who can act as a Depositary. The functions, responsibilities and liabilities of Depositaries under the Directive.
What information are AIFMs obliged to disclose to investors and to the Regulator/Competent authorities. Reporting.
Marketing and Managing AIFS in the EU and Third Countries
An overview of some of the Directive’s provisions on managing and marketing of fund’s units by EU AIFMs throughout the EU. Provisions for non-EU AIFMS will only be mentioned.
Supervision by Competent Authorities
- Powers of Competent Authorities
- Competencies of ESMA
- Co-operation between supervisory authorities
- Penalties and Rights to Appeal
- Retention of DATA
- Disclosure to Third Countries