The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this one minute guide. For further guidance on the impact of Brexit on AIFMs, please see Practice Note: Preparing for Brexit: AIFMD—quick guide.
This one minute guide provides a condensed summary of the key requirements of the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD). For a more detailed summary and a chronological summary of the latest developments concerning AIFMD, see Practice Note: AIFMD—essentials and Checklist: Alternative Investment Fund Managers Directive (AIFMD)—timeline.
The Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) entered into force on 21 July 2011 and had to be implemented by EU Member States by 22 July 2013. The transitional period ended on 22 July 2014. The AIFMD applies to Alternative Investment Funds (AIFs) irrespective of where they are established,
All delegated acts contained in the AIFMD are set out in a single regulation—the AIFMD Level 2 Regulations (EU) 231/2013 (the Level 2 Regulations), including in particular, the rules relating to calculation of the threshold, leverage, operating conditions for AIFMs, including risk and liquidity management, valuation and delegation, requirements detailing the functions and duties of depositaries of AIFs, rules on transparency and specific requirements relating to third countries.
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