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* [[EU]] fund managers that manage alternative investment funds (essentially [[hedge funds]] and [[private equity]] funds) ("AIFs") (wherever they are based); | * [[EU]] fund managers that manage alternative investment funds (essentially [[hedge funds]] and [[private equity]] funds) ("AIFs") (wherever they are based); | ||
* fund managers (wherever they are based) that manage AIFs established in the [[EU]]; and | * fund managers (wherever they are based) that manage AIFs established in the [[EU]]; and | ||
* fund managers (wherever they are based) that market the units or shares of an AIF in the [[EU]]. | * fund managers (wherever they are based) that market the units or shares of an AIF in the [[EU]]. | ||
[[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. | [[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. | ||
===Application=== | ===Application=== | ||
AIFMD [[Depositary]] requirements are driven by a combination of the domicile of the AIFM and AIF and marketing practices: | AIFMD [[Depositary]] requirements are driven by a combination of the domicile of the AIFM and AIF and marketing practices: |