AIFMD—essentials

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

  • AIFMD—essentials
  • Key changes to the UK AIFMD regime after the Brexit transition period
  • Scope of AIFMD
  • What is an AIFM?
  • What is an AIF?
  • Exemptions under AIFMD
  • Limited exemptions for small AIFMs
  • The AIFMD regulatory framework
  • UK implementation of AIFMD
  • HM Treasury statutory instruments implementing AIFMD
  • More...

AIFMD—essentials

This Practice Note explores key elements of the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD), including the scope of the AIFMD, exemptions available under the AIFMD, the AIFMD regulatory framework, the AIFMD authorisation process and AIFMD for small alternative investment funds (AIFs). It also looks at the implementation of the AIFMD in the UK and key aspects of the AIFMD regime in the UK after the end of the Brexit transition period.

Key changes to the UK AIFMD regime after the Brexit transition period

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 have come to an end and changes begin to take effect across the UK’s legal regime.

Key changes following the end of the Brexit transition period are detailed in Key changes introduced by the AIFMD Exit Regulations below and include:

  1. AIFMD has already been implemented in the UK through various UK legislation, regulations and Financial Conduct Authority (FCA) rules and guidance, as set out in UK implementation of AIFMD below

  2. the main Commission Delegated Regulation (EU) No 231/2013 (the AIFMD Level 2 Delegated Regulation) (which before IP completion day had direct effect in the UK), has been retained in the UK (Delegated Retained Regulation (EU) No 231/2013) and technical ‘onshoring’ (rather than

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