Alternative Investment Fund Managers Directive Publications

Global Spotlight:

Risk Management for Private Equity

The latest economic crisis has highlighted the need to improve the Risk Management processes and structures. In that context, there are no “one size fits all” approach or set of general risk factors that can be used. Therefore, Risk Managers and Board of Directors of Management Companies will have to thoroughly understand their exposures and monitor them adequately.

AIFMD: right here, right now!

As a consequence of the financial crisis, the asset management industry faces a wave of regulation which will change it radically. The Alternative Investment Fund Managers Directive (AIFMD) is one part of this development and will be a key element of the future European regulatory framework. The AIFMD will heavily affect the non-UCITS sector in Luxembourg. It will have a massive impact on nearly all market players and their existing business models, which will all need to be reviewed and adapted.

Current Outlook on AIFMD for Luxembourg Private Equity Structures

The Alternative Investment Fund Managers Directive ('the AIFMD' or 'the Directive') entered into force on 21 July 2011. Its aim is to provide a harmonised and comprehensive regulatory and supervisory framework within the EU as well as a single EU market for managers of Alternative Investment Funds (AIFs). The ultimate deadline for EU Member States to transpose the Directive into their national law is just 18 months away (22 July 2013).

Depositary Bank compliance check - Diagnosing before resolving

As a response to the financial crisis, the EU has launched several regulatory initiatives impacting the depositary banks. While the AIFMD and UCITS V will largely focus on a re-cast in safekeeping liability and oversight duties, other indirect consequences for the depositary bank will stem from the new rules on derivatives trading and collateral management under EMIR. It's now the right time to act and reposition within this new environment.

Current Outlook on AIFMD for Luxembourg Real Estate Structures

This booklet highlights the key issues covered by the Alternative Investment Fund Managers Directive (the "AIFMD") entered into force on 21 July 2011 and ESMA Final Advice with a special focus on Luxembourg Real Estate Structures.

AIFMD News: ESMA publishes final advice

On 16th November, the European Securities and Markets Authority published its final advice to the European Commission on possible implementing measures (also known as the Level 2 measures) under the Alternative Investment Fund Managers Directive.


AIFMD News: Continuing engagement remains crucial

On 13 July, the European Securities and Markets Authority (ESMA) issued its consultation paper on possible implementing measures of the AIFMD. This was followed by a further consultation paper, issued on 23 August, dealing with third country issues.
The objective of this client AIFMD News is to outline some of the main issues raised by the consultation papers and to indicate where important issues are still unaddressed or where the policy proposals give rise to concern.



AIFMD News: The lull before the storm

A delay to AIFM Directive legislative progress should not be seen as a reason to delay preparations for its impact - industry needs to take action now.
The European Commission (EC) has pushed back the response date for the advice from the European Securities and Markets Authority (ESMA) to November 2011. In addition, Switzerland’s Federal Council has urged legislators and regulators to begin preparing for AIFM Directive.


AIFMD – Impact on Service Providers

The Alternative Investment Fund Managers Directive (AIFMD) subjects managers of alternative investment funds (AIFs) to compulsory regulation in the EU and will require significant modifications to the structures, strategies and operations of fund managers and funds in the non-UCITS sphere and will also directly and materially affect those who service this industry.


The recent financial crisis highlighted that the importance of Liquidity Risk Management, as well as the severity and swiftness with which this risk can materialise, had been severely underestimated by the industry, markets and regulators alike.


A new challenge... Risk Management in the context of AIFMD

The final text of the Alternative Investment Fund Manager Directive (AIFMD) has been adopted on 11 November, 2010 and member states will be required to transpose the directive in their national laws within two years (i.e. early 2013 at the latest).


AIFMD News - Time for a second reading?

On 26 February 2010 by means of a ‘State of play’ document, the Spanish Presidency handed over the Alternative Investment Fund Manager (AIFM) dossier to COREPER (the Committee of Permanent Representatives of the EU) to thrash out a final compromise on the three remaining most contentious issues, in preparation for approval of the Council’s ‘general approach’ by the EcoFIN Council on 16 March.


This note is to provide an update on the draft Alternative Investment Fund Managers Directive (“AIFMD”) about the key areas of agreement and disagreement between the various parties debating the directive, and then recommends what managers can do to prepare for the time when a final draft emerges.



Key features and unexpected consequences of the AIFM directive
  • The draft AIFM Directive - Some reflections from a Luxembourg perspective (October 2009)

    The EU Commission published a first draft of a Directive on Alternative Investment Fund Managers on 30 April 2009. The draft has provoked much controversy, not just within the industry sector, but also in the political environment of several major EU countries. This review seeks to make a measured analysis of the proposals, and examines their likely major implications from a Luxembourg perspective were the Directive to be effected in its current draft form. There are however growing signs that this may not be the case as a revised draft, as amended by the Swedish EU Presidency, is expected to be published very soon, and intense lobbying and debate is continuing. Future editions of this AIFM Analysis will track the many likely changes and compromises in approach that are anticipated.