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, please see Practice Note: Impact of Brexit: AIFMD—quick guide.
The Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) was transposed into national law on 22 July 2013 and brought the alternative investment sector under a single market framework. This Practice Note examines the role of competent authorities (CA) and their key responsibilities including supervision and dispute resolution, hosting, information gathering and sharing obligations.
A CA is defined in AIFMD as 'the national authorities of Member States which are empowered by law or regulation to supervise alternative investment fund managers' (AIFMs) (Article 4(1)(f)).
Member States must inform the European Securities Markets Association (ESMA) and the European Commission (Commission) which CAs will carry out the duties imposed by AIFMD and indicate if there is any division of duties. A CA must be a public authority. For further information on ESMA, see Practice Note: Guide to the European Securities and Markets Authority (ESMA). Guidance
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