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For the supermen and women of the AIF world, the 22nd July AIFMD implementation deadline may be looming large, with new disclosure and annual reporting requirements on their way. New pre-investment disclosures to investors; an annual AIF report; and a report to competent authorities, covering investment strategies amongst other things. A fundamental threat to hedge funds’ USPs?
Caroline Gibbs, Director at Kinetic Partners discussed the changes and their potential impact with LexisNexis’ Duncan Wood.
What changes will come about from the requirements for transparency/annual reports?
The AIFMD introduces a number of new transparency requirements including disclosures to investors, an annual AIF report and a report to competent authorities.
The disclosure to investors requirements are applicable to any AIF manager that manages an EEA AIF or markets an AIF in the EEA. There are requirements to provide disclosures to investors prior to them investing and will include a number of new disclosures as a result of AIFMD. These include information on the valuation procedure, liquidity policy, the depositary and the prime broker. There are also requirements regarding disclosures that need to be made on an ongoing basis.
The annual AIF report must be prepared for any EU AIF managed by the AIF manager as well as any AIF marketed in the EEA. This report is based on the financial year end of the AIF and must be produced within six months of the period end. The report must be sent to the competent authority of both the home state of the AIF manager as well as the home member state of the AIF (if the AIF is an EEA AIF). This report must also be made available to investors if they request it. A number of requirements in relation to content are items which will already be included in the annual report investment managers currently prepare (eg financial statements and reports on activities during the financial year)—however, there are a number of new items which investment managers may not already include, such as remuneration arrange
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