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| Alternative Investment Fund Managers Directive
| | {{a|aifmd|}}{{aifmd intro}} |
| ===Overview===
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| The '''Alternative Investment Fund Managers Directive''' [http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2011:174:0001:01:EN:PDF 2011/61/EU] ("AIFMD") is a [[European Union]] Directive that entered into force on 22 July 2013. The Directive regulates:
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| * [[EU]] fund managers that manage alternative investment funds (essentially [[hedge funds]] and [[private equity]] funds) ("AIFs") (wherever they are based);
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| * fund managers (wherever they are based) that manage AIFs established in the [[EU]]; and
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| * fund managers (wherever they are based) that market the units or shares of an AIF in the [[EU]].<ref>[http://www.ganadoadvocates.com/resources/publications/four-months-left-to-aifmd-it-is-time-to-get-off-the-fence/ Four months left to AIFMD: it is time to get off the fence. Retrieved on 14 June 2013.]</ref>
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| [[Hedge fund]]s and [[private equity fund]]s and their Investment Managers (AIFMs) have not been subject to the same rules to protect the investing public as mutual (including [[UCITS]]) and pension funds and their managers. In general, the lack of [[financial regulation]] is seen by some{{cn|date=August 2013}} to have contributed to the severity of the [[global financial crisis]]. The Directive was aimed at redressing this perceived regulatory gap.
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| ===Application=== | | ===Application=== |
| AIFMD [[Depositary]] requirements are driven by a combination of the domicile of the AIFM and AIF and marketing practices: | | AIFMD {{aifmdprov|Depositary}} requirements are driven by a combination of the domicile of the {{aifmdprov|AIFM}} and {{aifmdprov|AIF}} and marketing practices: |
| *'''EU AIFM of EU AIF''': Subject to Full [[Depositary]] requirements (Article 21) | | *'''EU AIFM of EU AIF''': Subject to Full [[Depositary]] requirements (Article {{aifmdprov|21}}) |
| *'''EU AIFM of non-EU AIF''': Subject to lighter depositary regime (Article 36) – mandatory in order to market the non EU-AIF marketed to EU investors through [[private placement]]. | | *'''EU AIFM of non-EU AIF''': Subject to lighter depositary regime (Article {{aifmdprov|36}}) – mandatory in order to market the non EU-AIF marketed to EU investors through [[private placement]]. |
| *'''Non-EU AIFM of EU or non-EU AIF''': not subject (at least initially) to any depositary requirements irrespective of whether AIF being marketed to EU investors, except potentially if marketing into certain countries (e.g. Germany, Denmark, France "gold plating"), and any other country specific requirements (e.g. Ireland QIAIF requirements) | | *'''Non-EU AIFM of EU or non-EU AIF''': not subject (at least initially) to any depositary requirements irrespective of whether AIF being marketed to EU investors, except potentially if marketing into certain countries (e.g. Germany, Denmark, France "gold plating"), and any other country specific requirements (e.g. Ireland QIAIF requirements) |
| | | {{ref}} |
| ====Depositary Lite Regime====
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| Non-EU [[AIF]]s marketed by an EU [[AIFM]] to EU investors through [[private placement]] are subject to certain depositary requirements (Article 36 [[AIFMD]])
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| * An AIFM must ensure one or more entities are appointed to carry out the following duties of:
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| **Cash flow monitoring (Article 21.7);
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| **Safe keeping of assets, both financial instruments and OTC (Articles 21.8a and 21.8b); and
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| **Oversight (Article 21.9)
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| *Unlike Article 21 (which covers the full depositary obligations of an EU AIFM / EU AIF) there is no strict liability for loss of assets for a non-EU AIF, and no requirement to appoint a single depositary - therefore this regime is referred to as "Depositary-Lite" or "Depo-Lite".
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