European Institute of Management and Finance | European Funds: An Overview of the AIFM Directive
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European Funds: An Overview of the AIFM Directive

In Partnership with

European AIF Funds | An Overview of the AIFM Directive

 and its application on EU Fund Managers

A Reference to Cyprus, Luxembourg and Ireland

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.

Seminar Details

Date | 7 December 2018

 

Time | 09:45-16:30

 

Duration | 6 hours | 6 CPD Units

 

Location | The London Institute of Banking and Finance

 

Cost | £800 (plus VAT) for non-clients

         | £650 (plus VAT) for existing clients of Complyport and EIMF 

 

 

Seminar Content

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.

 

  • The EU Funds Market: An Overview
  • The Background to the Directive: The need for harmonized Regulation across the EU
  • Regulating AIFMS and AIF Funds: A brief insight to the UK, Ireland, Cyprus and Luxembourg
  • The Aim and Scope of the Directive
  • Definition: What is an AIF
  • Determination of the AIFM as per Art.5 of the Directive
  • Types of AIF: A description of various types of AIFs in UK, Ireland, Cyprus and Luxembourg

An analysis of the Directive’s provisions for authorization and other related provisions. Practical examples will be given from various jurisdictions.

 

  • Conditions for taking up an Activities as AIFM
  • Application for Authorization
  • Conditions for granting Authorization
  • Provisions for Initial Capital
  • Changes in the scope and withdrawal of Authorization

 

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:

 

  • General Requirements for AIFMS
  • Remuneration Policies
  • Conflicts of Interest and how should they should be approached
  • Risk Management & Liquidity Management provisions for Fund Managers
  • Organizational Requirements for AIFMS
  • Valuation of Assets Principles set out in the Directive
  • Delegation of Functions. What can be delegated by the Fund Manager and the Rules set out in the Directive

Description of who can act as a Depositary. The functions, responsibilities and liabilities of Depositaries under the Directive:

 

  • Appointment of the Depositary
  • Who can act as a Depositary
  • Cash Flow Monitoring Functions
  • Assets Safekeeping
  • Oversight Responsibilities
  • Other Duties and Responsibilities
  • Liability

What information are AIFMs obliged to disclose to investors and to the Regulator/Competent authorities. Reporting.

 

  • The Annual Report of the AIFM
  • Disclosure to Investors
  • Reporting to the Competent Authorities

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.

 

  • Marketing Units of EU AIFs in the home member state of the AIFM
  • Marketing Units of EU AIFs in member states other than the home member state of the AIFM
  • Managing EU AIFs in other member states
  • EU AIFMs managing EU AIFs which are not marketed in EU member states
  • Marketing in the EU with a passport of a non EU AIF managed by an EU AIFM
  • Marketing in the EU without a passport of non EU AIFs managed by an EU AIFM
  • Non EU AIFMS marketing units
  • Powers of Competent Authorities
  • Competencies of ESMA
  • Co-operation between supervisory authorities
  • Penalties and Rights to Appeal
  • Retention of DATA
  • Disclosure to Third Countries

Note: Please note that the above structure is given for informative reasons. The Trainer may amend the seminar’s content or structure if this will serve the quality of the presentation as a whole.

Trainer | Athos Myrianthous

Mr. Athos Myrianthous is a senior Legal Advocate with expertise in Finance and Commercial Law. He holds an Honours degree in Law (LLB) from Queen Mary University London, a Masters Degree in International Commercial Law (LLM) from the University of Westminster and a Masters Degree in Finance (MSC .SH) from Cass Business School, City University. He is a member of the Cyprus Bar, the Cyprus Investment Funds Association (CIFA) and a holder of CYSEC’s Advanced Certificate in Financial Services Legal Framework. He held various positions in the Legal and Finance Sector and provided expert advice and technical assistance in Finance Law, Funds Law and International Commercial Law both on a local and International level. He served as Manager in BDO Fund Services, Cyprus specializing in Fund Set Up, Administration and Compliance. Currently he is the Head of Compliance in Fortified Capital Limited, an Alternative Fund Management Company (AIFM) regulated by CYSEC.