Alternative Investment Fund Managers Directive
Countdown to the Directive
Overview
The Alternative Investment Fund Managers Directive (AIFMD) applies to the marketing or management of alternative investment funds (AIFs) in Europe. The Directive seeks to regulate the non-UCITS fund sector, in particular hedge funds, private equity, real estate, infrastructure and investment trusts. The AIFMD must be implemented nationally by 22 July 2013 with all AIFMs required to submit their application for authorisation by 22 July 2014.
Decision makers within Alternative Investment Fund Managers (AIFMs) should be aware of the additional responsibilities the Directive will place on their firm and should plan to implement any additional policies and procedures to ensure relevant responsibilities are met. In particular, offshore AIFMs (non-EU AIFMs) who plan to continue to market their funds in the UK, will need to comply with several disclosure-based requirements, such as providing information to investors and submitting periodic returns to the Financial Services Authority (FSA).
Actions AIFMs should undertake include:
- assessing the cost implications of appointing a depositary as well as annual compliance reviews and additional reporting requirements.
- managing change by taking into account the significant numbers of other regulations such as derivatives clearing requirements, UCITS rules, FATCA and the UK Retail Distribution Review.
- reviewing existing business models, including domicile/product structures.
- assessing the strategic costs and benefits of a change to fund structure or location, along with the tax consequence of any change.
Recent UK & EU AIFMD developments
- March 2013: European Commission AIFMD Q&A document
- March 2013: FSA consultation paper on AIFMD implementation - Part 2
- March 2013: Transposition of the AIFMD – HM Treasury’s further consultation
- March 2013: Webcast: AIFMD remuneration
- March 2013: Webcast: AIFMD post level 2
- February 2013: ESMA’s final report on AIFMD remuneration guidelines
- January 2013: Transposition of the AIFMD
- January 2013: HM Treasury consultation paper on the transposition of the AIFMD
- December 2012: ESMA consultation on the key concepts of the AIFMD
- December 2012: ESMA draft technical standards
- December 2012: European Commission Level 2 Regulation
- November 2012: FSA consultation paper on implementation of the AIFMD
- June 2012: ESMA consultation paper on remuneration guidelines for AIFMs
- February 2012: ESMA discussion paper on the key concepts of the AIFMD
- January 2012: FSA discussion paper on the implementation of the AIFMD
- March 2012: HM Treasury policy options for implementing the AIFMD
- November 2011: ESMA’s final advice to the European Commission on the detailed rules for the AIFMD
Expected UK & EU AIFMD developments
- FSA - Third AIFMD consultation paper
- FSA - Policy Statement
Learn more about the AIMFD
AIFMD publications
View our latest point of view articles on the AIFMD.
AIFMD timeline
See the key dates in the run up to the Directive.
AIFMD frequently asked questions
View our responses to key AIFMD questions.
Deloitte’s approach to the AIFMD
Deloitte can assist with planning and execution covering the full range of the Directive’s effects.
We can help assess business strategy and capital adequacy, restructuring advice, compliance readiness, remuneration, due diligence and valuation services.
Our approach comprises impact assessment, compliance gap analysis and implementation of change across functions such as technology, governance, client management and internal controls.
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