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Home > Regulation > Regulation Tracker > AIFMD

AIFMD

regulation keypoints

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.

  1. Published by FCA, 06 Jun 2013

    Restricting promotion of Ucis

    Promotion of unregulated collective investment schemes (Ucis) will generally be restricted to sophisticated investors and high net worth individuals.

    Final ruling: effective from 01 Jan 2014.

  2. Published by FSA, 05 Jun 2013

    Alternative investment fund managers rules

    How the European Union’s Alternative Investment Fund Managers Directive will work in the UK is explained in one of the last consultation papers to...

    Proposed: deadline for responses 10 May 2013.

  3. Published by HM Treasury, 20 Mar 2012

    Lighter rules for certain alternative fund managers

    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.

  4. Published by FSA, 24 Jan 2012

    Rules for alternative investment fund managers

    “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.

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