Is an AIFM regulated?
The Alternative Investment Fund Managers Directive (AIFMD) is a regulatory framework that applies to EU-registered hedge funds, private equity funds, and real estate investment funds.
What is AIFMD filing?
AIFMD stands for Alternative Investment Fund Managers Directive. It’s a European regulation that applies to Alternative Investment Funds (AIFs) like hedge funds, retail investment funds, private equity funds, currency brokers and real estate funds.
Who can be an AIFM?
An AIFM is defined as an entity that provides, at a minimum, portfolio management and risk management services to one or more AIFs as its regular business irrespective of where the AIFs are located or what legal form the AIFM takes.
Does AIFMD apply to UK?
While AIFMD no longer binds the UK in its implementation, the UK has put in place a domestic regime regulating the management and marketing of AIFs in the UK, which generally maintains the rules set out in AIFMD as implemented at the end of the Transition Period.
Who falls under AIFMD?
Who is subject to the AIFMD? All alternative investment funds managers established in the European Union, whether they manage EU or non-EU AIF, are subject to the AIFMD. The AIFMD also governs the marketing in the EU of AIF managed by an AIFM established outside the EU.
Is a small AIFM a MiFID firm?
MiFID investment firms (other than Exempt CAD firms). These are investment managers and other firms authorised as MiFID investment firms. In a private equity context, these are typically firms acting as an investment manager (but not an AIFM).
Do AIFs need to be audited?
AIFMD will require audited annual reports to be made available by an AIFM for each AIF that it manages or markets within the EU within six months of each AIFs financial year end.
What is an AIF under AIFMD?
For the purposes of the AIFMD regime in the United Kingdom, an AIF is a. collective investment undertaking, including investment compartments of. such an undertaking, which: (1) raises capital from a number of investors, with a view to investing it in. accordance with a defined investment policy for the benefit of …
Can an AIFM be an investment manager?
Alternative investment fund managers AIFs can choose to be managed by an external AIFM or internally, where the legal form of the AIF permits such internal management.
Who does AIFMD apply?
Subject to certain exemptions, the AIFMD applies to: All EU AIFMs managing EU AIFs or non-EU AIFs (irrespective of where they are marketed); Non-EU AIFMs managing EU AIFs (irrespective of whether they are marketed in the EU); and. Non-EU AIFMs marketing AIFs (whether EU AIFs or non-EU AIFs) to EU investors.
When did AIFMD come into force?
On the 22 July 2013 UK law implementing the Alternative Investment Fund Managers Directive (AIFMD) came into force. It creates a tighter regulatory framework for alternative investment fund managers including managers of hedge funds, private equity firms and investment trusts.
Is an AIF regulated?
Acting as the manager of an AIF is a regulated activity, as is establishing, operating (which includes managing) and winding up an unregulated collective investment scheme.
What is the difference between AIFMD and UCITS?
AIFMD. The AIFMD applies to managers of funds that are not UCITS, including hedge funds, private equity funds, and real estate funds. Taken together, the UCITS Directive and the AIFMD provide for a comprehensive set of rules for fund management activities in the EU.
What is a depositary AIFMD?
AIFMD – Depositary Requirements. The Alternative Investment Funds Management Directive (“AIFMD”) requires Alternative Investment Fund Managers (“AIFMs”) to appoint a single. depository to all Alternative Investment Funds (“AIFs”) that they manage and introduces new depository requirements in relation to their AIFs.*
Does MiFID apply to AIFM?
Introduction. Any authorised AIFM may apply to their home regulator for “MiFID Top-Up” permissions, i.e. authorisation to provide certain additional investment services as per Article 6 AIFMD.
Does MiFID II apply to AIFM?
Under MiFID II, the product governance requirements are extended to all client types. The MiFID II product governance requirements apply to full scope AIFMs which are also authorised to provide MiFID investment services (i.e. CPMI firms) but only in connection with the performance of such MiFID investment services.
What is Annex IV reporting AIFMD?
Firms marketing their funds into, or managing funds from, the European Economic Area (EEA) are required to complete transparency reporting, often referred to as Annex IV reporting. This is required regardless of where in the world firms or their funds are based.
What is a registered AIFM?
A registered AIFM is a firm that manages AIFs with assets below certain prescribed thresholds as follows: ▪ A registered AIFM is an AIFM managing AIFs with assets under management below prescribed thresholds. ▪ It can avail of a lighter touch regulatory regime than an authorised AIFM.
What is the difference between custodian and depositary?
Custodian refers to the person in charge of the property, while Depository refers to the location where the funds are held. So your shares or holdings will be held by the custodian, but they will be legally held in a Depository’s safe-keeping account.
Is an AIFM subject to MiFID?