The following Financial Services practice note Produced in partnership with Macfarlanes LLP provides comprehensive and up to date legal information covering:
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.
Articles 22–30 of the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD), as implemented by The Alternative Investment Fund Managers Regulations 2013, SI 2013/1773 (AIFMD UK Regulations) and the Financial Conduct Authority (FCA) Handbook, Investment Funds sourcebook, chapter 3 (FUND 3) and supplemented by Chapter V of Commission Delegated Regulation (EU) No 231/2013 (AIFMD Level 2 Regulation) impose extensive disclosure and reporting obligations on AIFMs. This Practice Note explores these obligations, including AIFM’s investor disclosure requirements prior to their investment in the AIF and on an ongoing basis, the preparation of AIF annual reports, and reporting and disclosure obligations to regulators. It also covers additional disclosure requirements for AIFMs managing leveraged AIFs and AIFMs managing private equity funds (AIFs that acquire control of non-listed companies), as well as the AIFMD rules preventing asset stripping.
The AIFMD provides AIFMs with both a general and specific duty of disclosure and reporting when conducting
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