This Practice Note provides an overview of the organisational, valuation and delegation Requirements that derive from the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD). These were transposed into UK law by the Alternative Investment Fund Managers Regulations 2013, SI 2013/1773 (AIFM UK Regulations) and the Financial Conduct Authority (FCA) Handbook, Investment funds sourcebook (FUND) and are supplemented by Assimilated Regulation (EU) 231/2013 (UK AIFM Level 2 Regulation). This Practice Note provides an overview of how alternative investment fund managers (AIFMs) are expected to organise themselves and explains key provisions in relation to asset valuation, rules and procedures on net asset value (NAV) calculations as well as provisions relating to delegation, such as prior notification requirements and parameters around sub-delegation.

For a comprehensive overview of the UK AIFM regime, see Practice Note: UK regulation of alternative investment fund managers—essentials and for the equivalent requirements under the EU AIFMD regime, see Practice Note: EU AIFMD—organisational, valuation and delegation requirements.