Alternative Investment Fund Manager

News & Analysis as of

After AIFMD, the Central Bank of Ireland Turns its Attention to Loan Origination Funds

Having been one of the first countries to implement the Alternative Investment Fund Managers Directive (“AIFMD”) and, as far as we can gather, having been the first country to approve an Alternative Investment Fund Manager...more

HMRC Consults on Tax Residence of Non-UCITS Funds Managed by UK Managers

HMRC has released a series of consultations regarding financial services taxation. The proposed measures are in line with the Government’s “UK investment management strategy”, a commitment announced in the 2013 Budget to...more

ESMA Finalises Cooperation Agreements for Alternative Investment Funds

On July 18, the European Securities and Markets Association (ESMA) published a press release stating that it has approved seven Memoranda of Understanding (MoUs) between EU securities regulators and non-EU authorities...more

AIFMD: Countdown to Compliance

The July 22 deadline for EU Member States to transpose the Alternative Investment Fund Managers Directive (AIFMD) into national law has arrived....more

Addressing Remuneration Requirements for the EU Fund Management Industry

Increasing regulation of remuneration is being introduced across the European Union, including the possibility of limits on the amounts of bonuses that may be paid by certain firms....more

AIFMD Countdown to Compliance

The deadline of 22 July 2013 for EU Member States to transpose the Alternative Investment Fund Managers Directive (“AIFMD”) into national law is fast approaching....more

AIFMD in Germany: Strategies for non-EU AIFMs Marketing

Summary: - In conjunction with the implementation of the European Directive on Alternative Investment Fund Managers (2011/61/EU) (the “Directive” or “AIFMD”) the German legislature decided to abolish the private...more

AIFMD Transitional Relief in Germany, Ireland, Luxembourg, Netherlands, Sweden and the United Kingdom

The Alternative Investment Fund Managers Directive (AIFMD) is due to take effect in member states of the European Economic Area (EEA) on July 22, 2013. Some EEA member states (including Germany, Ireland, Luxembourg,...more

Luxembourg Law Transposing the AIFMD Passed by Luxembourg Parliament

The Luxembourg Parliament passed the law on the transposition of the AIFMD (the “AIFM Law”) on 10 July 2013. The AIFM Law will become effective on the day it is published in the Luxembourg official gazette, which will take...more

AIFMD Update – German Private Placement Rules

Our Investment Funds group has received an update on the changes to the private placement rules for marketing of alternative investment funds (“AIFs”) in Germany following the implementation of the Alternative Investment Fund...more

UK Implementation of AIFMD: UK Private Placement Regime and non-EU Fund Managers

By July 22, 2013, EU member states must adopt the provisions of the Alternative Investment Fund Managers Directive (the “AIFMD”). On May 13, 2013, the UK’s HM Treasury further clarified how AIFMD will affect alternative...more

FCA Publishes Final Rules and Guidance to Implement AIFM Directive

The UK Financial Conduct Authority (FCA) published its Policy Statement 13/5 on 28 June 2013, containing its (substantially) final rules and guidance to implement the Alternative Investment Fund Managers Directive...more

Malta Financial Services Authority Launches Its New AIFM Directive Rulebooks and Applications Process

The Malta Financial Services Authority (MFSA) published its new Investment Services Rulebooks on 27 June 2013. The MFSA is now accepting applications for licences for managers which wish to be authorised as Alternative...more

Ropes & Gray’s Private Investment Fund Update: June 2013

Highlights - SEC Updates Form PF "Frequently Asked Questions" - The SEC recently released updated "Frequently Asked Questions" relating to Form PF that, among other things, clarified how Form PF filers should...more

"UK Provides Marketing Grace Period for Alternative Fund Managers"

The U.K. Treasury recently published its response to its January 2013 consultation on transposing the EU Alternative Investment Fund Managers Directive (AIFMD). A revised draft version of the Alternative Investment Fund...more

AIFMD: Impact on US Investment Advisers

In This Issue: - Introduction - Overview: Four key ways that US investment advisers are affected by AIFMD - Marketing funds in the EEA - Managing EEA domiciled funds - Sub-adviser to an EEA manager...more

AIFMD: Impact on US Investment Advisers - June 2013: Marketing Q&A

What if co-operation arrangements are not in place in time? We expect that most will be. However, without a co-operation arrangement in place between all relevant regulatory authorities, the manager will need...more

Draft Alternative Investment Fund Manages Regulations 2013 Published

On June 12, the Draft Investment Fund Managers Regulations 2013, together with an explanatory memorandum, were published. The Regulations come into force on July 22....more

AIFMD: Impact on US Investment Advisers - June 2013: Delegating to an EEA based sub-adviser

In cases where a US investment adviser appoints an EEA sub-adviser, the parties concerned will need to analyse which entity will be the AIFM. Whether such arrangements relate to group entities or third parties, the parties...more

AIFMD: Impact on US Investment Advisers - June 2013: Sub-adviser to an EEA manager

AIFMD will affect the operations of US investment advisers which undertake investment management functions and certain other so-called collective management functions in respect of the portfolios of EEA or non-EEA AIF under...more

AIFMD: Impact on US Investment Advisers - June 2013: Managing EEA domiciled funds

There has been some uncertainty as to the terms on which non-EEA managers (including US investment advisers) will be able to continue to directly manage the portfolios of EEA domiciled AIFs (e.g. Irish or Luxembourg domiciled...more

Financial Regulatory Update - June 2013

This newsletter provides an overview of some of the main financial services regulatory developments in the UK and EU from the period 1 January 2013 to 1 June 2013. Banking and Prudential Supervision Basel 3/Capital...more

AIFMD: Impact on US Investment Advisers - June 2013: Overview: Four key ways that US investment advisers are affected by AIFMD

AIFMD starts to take effect from 22 July 2013, subject to certain transitional arrangements. In broad terms, it will affect US investment advisers engaged in the following activities....more

ESMA Approves Global Supervisory Cooperation Agreements Relating to AIFM Directive

On May 30, the European Securities and Markets Authority (ESMA) published a press release relating to global supervisory cooperation on alternative funds....more

AIFMD: Update for non-EEA fund managers

From 22 July 2013, the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”) and the supplementary level 2 Regulation (EU) No 231/2013 (the “Regulation”) will come into effect. This legislation will...more

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