The Alternative Investment Fund Managers Directive will put hedge funds and private equity funds under the supervision of a European Union regulator.
* The European Parliament voted through, with a very large majority, the Directive on Alternative Investment Funds Managers (AIFM) in November 2010.
* The directive defines alternative investment fundss as any investment not covered by the existing Ucits directive (Undertakings for Collective Investment in Transferable Securities). The directive therefore covers hedge funds, private equity
funds, venture capital firms, commodities and real estate funds, among others.
* The directive proposes alternative investment fund managers managing a portfolio of over €100m of assets for hedge funds or €500m for private equity funds must obtain authorisation from regulators.
* Alternative investment fund managers must have an initial and ongoing capital base of at least €125,000 to ensure the continuity and regularity of their management services.
* Alternative investment fund managers managing portfolios that exceed €250m must have further capital equal to 0.02 per cent of the amount by which the value of the portfolios exceeds €250m.
* Alternative investment fund managers must provide key information to supervisors about the alternative investment fund managers manage and strategies they employ.
* The directive came into force in early 2011 and will be transposed into national law and applied by the UK by the first half of 2013.
To read more about the directive, click here.
Published by HM Treasury, 20 Mar 2012
A lighter touch regulatory regime could be applied to some “small” alternative investment fund managers operating in the UK.
Proposed: deadline for responses 04 Apr 2012.
Published by FSA, 24 Jan 2012
“Significant changes” from July 2013 for alternative fund managers plus depositaries, valuers and administrators are outlined in an FSA discussion...
Proposed: deadline for responses 23 Mar 2012.