The following Financial Services guidance note 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, see Practice Notes: 10 key steps asset managers and investment funds should be taking to prepare for Brexit and Impact of Brexit: AIFMD—quick guide.
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.
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
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