AIFMD—essentials
AIFMD—essentials

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • AIFMD—essentials
  • Scope of AIFMD
  • What is an AIFM?
  • What is an AIF?
  • Exemptions under AIFMD
  • Limited exemptions for small AIFMs
  • AIFMD and unregulated and regulated funds
  • The AIFMD regulatory framework
  • UK implementation of AIFMD
  • HM Treasury statutory instruments implementing AIFMD
  • More...

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.

The Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) provides a set of common standards applicable across all EU Member States for the activities of alternative investment fund managers (AIFMs). The AIFMD applies to EU AIFMs who manage alternative investment funds (AIFs), irrespective of where those AIFs are established, and it also applies in part to non-EU AIFMs operating in the EU. This Practice Note introduces the key elements of the AIFMD and its implementation in the UK, examining the scope of the AIFMD, exemptions available under it, the authorisation process for AIFMs and how the regime applies to small AIFs.

Scope of AIFMD

The scope of the AIFMD is outlined in Article 2(1), which states that the AIFMD applies to all EU AIFMs that manage one or more AIFs, irrespective of whether those AIFs are EU AIFs or non-EU AIFs. The AIFMD also applies (in part) to non-EU AIFMs that manage EU AIFs and

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