The following Financial Services guidance note Produced in partnership with Macfarlanes LLP provides comprehensive and up to date legal information covering:
BREXIT: The UK is due to leave the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on AIFMs, see Practice Note: Impact of Brexit: AIFMD—quick guide.
Central to the various measures under the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) is a framework requiring that each alternative investment fund manager (AIFM) meets certain organisational requirements and adopts a range of operating policies and procedures.
The measures in the AIFMD set out a number of organisational requirements in relation to an authorised firm’s senior management arrangements, systems and controls and delegation of functions.
Under Article 18 of the AIFMD, an AIFM is required to use adequate and appropriate human and technical resources at all times necessary for the proper management of the AIF that it manages. The regulator in the home state of an AIFM must impose requirements for sound administrative and accounting procedures, control and safeguard arrangements for electronic data processing, and have adequate internal control mechanisms, including rules for personal transactions or for the holding or management of investments in order to invest on its own account. The organisational requirements include:
an AIFM’s senior management must be responsible for: valuation policies; compliance function; investment policy; investment
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