The following Financial Services guidance note provides comprehensive and up to date legal information covering:
The Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) was transposed into national law in the UK on 22 July 2013. All delegated acts contained in the AIFMD are set out in a single regulation—the AIFMD Level 2 Regulations (EU) 231/2013.
Chapter IV of the AIFMD, together with the Financial Conduct Authority's (FCA) Investment Funds Sourcebook (FUND 3), imposes extensive disclosure and reporting obligations requiring an alternative investment fund manager (AIFM) authorised under it to disclose a large amount of information to investors prior to making a decision to invest and on an ongoing basis. The principal document for any investor and AIFM is the investment prospectus, also known as an information memorandum, which must be drafted to include all information in relation to the investment opportunity to allow an investor to make an informed choice. This information is provided in a document called the prospectus, which can also be known as an information memorandum.
The application of the requirements of FUND 3 is summarised in the following table (FUND 3.1.1G):
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