Alternative Investment Fund Managers Directive
Adding value with AIFMD compliance - Your roadmap to controls reporting
Recent EU AIFMD developments
Guidelines on asset segregation under the AIFMD
With a view to ensuring a common, uniform and consistent application of the rules on depositaries under the AIFMD and its implementing measures, ESMA has published on 1 December 2014 guidelines on the AIFMD segregation requirements. The consultation paper sets out proposals in case of delegation of safe-keeping duties by the appointed depositary of the AIF. ESMA proposed two options: (i) the account of which the AIFs assets are to be kept by the delegated third party may only comprise assets of the AIF and assets of other AIFs of the same delegated party, or (ii) a delegated party holding assets for multiple depositary clients would not be required to have separate accounts for the AIF assets of each of the delegating depositaries. ESMA will consider all comments received by 30 January 2015.
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The CSSF publishes regularly updates of Frequently Asked Questions (FAQs) which aim at highlighting some of the key aspects of the AIFMD regulation from a Luxembourg perspective. The FAQs are primarily addressed to managers of AIFMs and AIFs that are established in Luxembourg. The latest publication of FAQ’s can be found here
The present FAQs are to be read in conjunction with the questions and answers ESMA has published with respect to the application of the AIFMD regulation. These questions and answers, which will also be updated from time to time, are available here
In addition to the ESMA questions and answers, the European Commission has published answers to questions received in relation to the transposition of Directive 2011/61/EU on AIFMs. These questions and answers may be accessed on the dedicated webpage for Questions on Single Market Legislation of the European Commission.
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Communication from the CSSF
Press release, 18 July 2013 - the CSSF provided some practical guidance in relation to the registration or authorisation of AIFMs established in Luxembourg. In particular:
- All Luxembourg AIFMs, above thresholds, which will need to be authorised at the latest by July 22, 2014, need to provide by 16 August 2013, at the latest, to the CSSF the results of their self assessment.
- All Luxembourg AIFMs, below thresholds, which do not need to be authorised but must be registered need to do so immediately.
AIFMD Level 2 regulations published on 19 December 2012
On 19 December 2012, the European Commission (EC) published its delegated acts (the Level 2 Regulation) under the Alternative Investment Fund Managers Directive (AIFMD). The Level 2 Regulation provides the long awaited detail behind many of the elements of the Directive which sets out to regulate all managers of non-UCITS funds in Europe or marketing funds into Europe.
With the adoption of Level 2, we are publishing a series of Newsbriefs to provide a closer look at the requirements that AIFMs and depositaries will need to meet as well as issues they will be facing:
- The AIFM: Getting Authorised
- The AIFM and its delegates: Getting organised
- Depositaries
- Risk Management
- Valuation
- Transparency and Reporting
- Strategy, Marketing and Distribution
- The AIFMD outside the European Union
An overview of the key provisions of the Level 2 regulations is included in our Flash News: AIFMD: the final details take shape
ESMA final guidelines on sound remuneration policies
On 11 February 2013, the European Securities and Markets Authority (ESMA) published its final guidelines on sound remuneration policies under the Alternative Investment Fund Managers Directive (AIFMD).
How we can help
We have a multi-disciplinary and multi-industry team of professionals in business strategy, operation and structuring, regulatory compliance, tax, remuneration and assurance services ready to assist you: identify and assess the many impacts of the AIFMD on your organisation. Our team has gathered a deep experience with all specificities of the AIFMD, thereby having an on-going experience working with our clients on the topic. Our team of experts have stayed on top of each step of the Directive’s development, its related implementation measures and its post implementation issues.
