The following Financial Services guidance note Produced in partnership with Macfarlanes LLP provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on the impact of Brexit on AIFMs, please see Practice Note: Impact of Brexit: AIFMD—quick guide.
Chapter IV of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD), together with the Financial Conduct Authority's (FCA) Sourcebook on Investment Funds (FUND 3), imposes extensive disclosure and reporting obligations requiring an alternative investment fund manager (AIFM) authorised under it to disclose a large amount of information to both investors and competent authorities both before investments are made and on an ongoing basis. This Practice Note sets out the general position under Alternative Investment Fund Managers Directive (AIFMD) and does not cover individual member state national implementing provisions explores the disclosure and reporting obligations for AIFM's, including investor disclosure requirements prior to investment and on an ongoing basis, the preparation of alternative investment fund (AIF) annual reports, and reporting and disclosure obligations to regulators. All delegated acts contained in the AIFMD are set out in a single regulation—the AIFMD Level 2 Regulations (EU) No 231/2013.
The AIFMD provides
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