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The Alternative Investment Fund Managers Directive

Author : Dirk Zetzsche
ISBN : 9041140441
Genre : Business & Economics
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The Alternative Investment Fund Managers Directive (AIFMD) may be the most important European asset management regulation of the early 21st century. However, a preponderance of practitioners and academics in the field argue that, in its present form, the

The Alternative Investment Fund Managers Directive

Author : Dirk A. Zetzsche
ISBN : 9789041149954
Genre : Law
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Apart from MiFID, the Alternative Investment Fund Managers Directive (AIFMD) may be the most important European asset management regulation of the early twenty-first century. In this in-depth analytical and critical discussion of the content and system of the directive, thirty-eight contributing authors – academics, lawyers, consultants, fund supervisors, and fund industry experts – examine the AIFMD from every angle. They cover structure, regulatory history, scope, appointment and authorization of the manager, the requirements for depositaries and prime brokers, rules on delegation, reporting requirements, transitional provisions, and the objectives stipulated in the recitals and other official documents. The challenging implications and contexts they examine include the following: – connection with systemic risk and the financial crisis; - nexus with insurance for negligent conduct; - connection with corporate governance doctrine; - risk management; - transparency; - the cross-border dimension; - liability for lost assets; - impact on alternative investment strategies, and - the nexus with the European Regulation on Long-Term Investment Funds (ELTIFR). Nine country reports, representing most of Europe’s financial centres and fund markets add a national perspective to the discussion of the European regulation. These chapters deal with the potential interactions among the AIFMD and the relevant laws and regulations of Austria, France, Germany, Italy, Luxembourg, Liechtenstein, The Netherlands, Malta and the United Kingdom. The second edition of the book continues to deliver not only the much-needed discussion of the inconsistencies and difficulties when applying the directive, but also provides guidance and potential solutions to the problems it raises. The second edition considers all new developments in the field of alternative investment funds, their managers, depositaries, and prime brokers, including, but not limited to, statements by the European Securities and Markets Authority (ESMA) and national competent authorities on the interpretation of the AIFMD, as well as new European regulation, in particular the PRIIPS Regulation, the ELTIF Regulation, the Regulation on European Venture Capital Funds (EuVeCaR), the Regulation on European Social Entrepreneurship Funds (EUSEFR), MiFID II, and UCITS V. The book will be warmly welcomed by investors and their counsel, fund managers, depositaries, asset managers, administrators, as well as regulators and academics in the field.

The Alternative Investment Fund Managers Directive

Author : Dirk Zetzsche
ISBN : 9789403509150
Genre : Law
File Size : 79. 27 MB
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In the ten years since its coming into force, the Alternative Investment Fund Managers Directive (AIFMD), with almost EUR 7 trillion assets under management in its remit, has become an important piece of European regulation complementing the Undertakings for Collective Investment in Transferable Securities (UCITS) and the Markets in Financial Instruments (MiFI) frameworks. This third edition of the most comprehensive and in-depth analysis of the AIFMD and its related European investment fund legislation (including the European Venture Capital Fund Regulation, the European Social Entrepreneurship Fund Regulation, the European Long-Term Investment Fund Regulation and the European Money Market Fund Regulation among others) brings together fund industry experts, fund supervisors, consultants, lawyers and academics to discuss the content and system of the directive from every angle, including its relation not only to the UCITS and MiFI frameworks but also to pension funds, the Sustainable Finance Disclosure Regulation, the Securitization Regulation and the Cross Border Funds Distribution Directive and Regulation, as well as related pieces of tax regulation at the European level. Further, the third edition emphasizes the function of such factors in the financial services value chain as the following: the AIFMD’s approach to robo-advisors; digital asset funds; infrastructure investments in the context of real estate and sustainable investments; risk management; transparency; and impact on alternative investment strategies. Five country reports, focusing on the European Union’s five most important financial centres for alternative investment funds, deal with the potential interactions among the AIFMD and the relevant laws and regulations of France, Germany, Luxembourg, Ireland and The Netherlands. This thoroughly updated edition elaborates on potential difficulties encountered when applying the directive and provides potential solutions to the problems it raises. The book is sure to be warmly welcomed by fund lawyers and consultants, investors and their counsels, fund managers, depositaries, asset managers and administrators, as well as regulators and academics in the field.

Directive On Alternative Investment Fund Managers

Author : Great Britain: Parliament: House of Lords: European Union Committee
ISBN : 0108459403
Genre : Political Science
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Directive on alternative investment fund Managers : 3rd report of session 2009-10, Vol. 2: Evidence

Directive On Alternative Investment Fund Managers

Author : Great Britain. Parliament. House of Lords. European Union Committee
ISBN : OCLC:767828994
Genre : Hedge funds
File Size : 67. 58 MB
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This report examines the proposed Alternative Investment Fund Managers Directive which introduces an EU-wide approach to the regulation of Alternative Investment Fund Managers, including hedge fund and private equity fund managers. The Directive aims both to increase the stability of the financial system and to facilitate the single market in Alternative Investment Funds. The report argues that the Directive will seriously damage the EU and UK economies unless it is fully compatible with the global approach to the regulation of fund managers and the Government should withhold agreement on the Directive until these concerns are addressed.

The European Alternative Investment Fund Managers Directive Aifmd

Author : Thomas Bernhardt
ISBN : 9783844102857
Genre : Law
File Size : 64. 93 MB
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The European Alternative Investment Fund Managers Directive (AIFMD) has been formulated as a response to the global financial crisis, which climaxed in the collapse of Lehman Brothers on 15 September 2008. The securitisation of real estate risks that came about by launching financial innovations such as asset-backed securities (ABS), mortgage-backed securities (MBS), collateralised debt obligations (CDO) or structured investment vehicles (SIV) contributed particularly to the fast worldwide circulation of ‘poisoned’ papers. Assuming that the financial crisis of 2008/2009 was the consequence of wrongfully set incentives that primarily concerned the fund managers’ remuneration, the European Commission followed the ideas of Jacques de Larosière, Klaus-Heiner Lehne and Poul Nyrup Rasmussen and set the legal focus on the fund managers, as these entities launch and distribute financial products such as those mentioned above and also decide on the investment strategy that might bear systemic risks. Due to their financial market potential and in view of the design of financial products, these entities admittedly have a strong impact on the financial market development and may jointly be responsible for the realisation of systemic risks of transnational dimensions. In particular, in the view of a steady credit supply of the real economy, the enormous transnational mobility of capital and the global competition of financial market regulations, it seems doubtful whether one can identify the fund managers as those responsible for the financial market crisis of 2008/2009. This thesis highlights the history, symptoms and supposed core reasons of the financial crisis of 2008/2009 and critically assesses whether the AIFMD can reach its objective to effectively contain systemic risks in the context of a globalised financial system.

The European Alternative Investment Fund Manager Directive Aifmd

Author : Haiko R. M. Buettner
ISBN : OCLC:1032612883
Genre : Finance
File Size : 48. 57 MB
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Auswirkungen Der Directive On Alternative Investment Fund Managers Aifms Auf Private Equity Finanzierungen In ?sterreich

Author : Ines Ludwig
ISBN : OCLC:1020625999
Genre :
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Die vorliegende Arbeit beschäftigt sich mit den möglichen Auswirkungen der neuen Richtlinie für alternative Investmentfonds-Manager (AIFMD) auf den Private Equity-Markt in Österreich. Dazu wird in den ersten Kapiteln zuerst eine umfangreiche Literaturrecherche durchgeführt, um Private Equity allgemein und in Österreich zu beleuchten. Anschließend werden die wichtigsten Bestandteile der Richtlinie erörtert. Die Fragen, die sich im Laufe des theoretischen Teils ergeben haben, werden mit Hilfe des Private Equity-Finanzierungsprozesses kontextualisiert, da dieser Basis des Bezugsrahmens darstellt. Diese Fragen werden mittels Experteninterviews diskutiert und dienen neben der Literaturrecherche zur Beantwortung der Forschungsfrage. In Österreich kann zum einen davon ausgegangen werden, dass die Richtlinie den Marktkonsolidierungstrend verstärken wird. Darüber hinaus wird auch mit einem leichten Anstieg des Fundraising gerechnet, da in der Vergangenheit Investitionen in PE-Fonds durch die mangelnde rechtliche Transparenz der Branche behindert wurden. In Summe wird jedoch nicht mit einer drastischen Veränderung des PE-Marktes in Österreich gerechnet, auch, wenn auf PE-Unternehmen umfangreichere administrative Aufwendungen vor allem im Bereich der Verwahrstelle und der internen Strukturen zukommen.*****This paper deals with possible effects of the Alternative Investment Fund Manager Directive on the Austrian Private Equity-Market. In general the author attains analysis of the current literature about Private Equity, especially concerning Austria. Furthermore, the main points of the directive are illustrated. The questions which arise in the theoretical part of the paper are leaded over into a reference framework which is based on the Private Equity-Process. The author discusses these questions with different experts. The result of these interviews as well as the result of the theoretical part of this paper leads to the answer of the research question. The directive will increase the consolidation of the market. Furthermore the author anticipates little increase of fundraising in Austria, because in the past some funds were discouraged due to the inexplicit regulatory framework. To conclude, there will be no dramatic change in the Private Equity-Market, but administration costs especially for depositary and internal structures will increase.

Directive On Alternative Investment Fund Managers

Author : Great Britain: Parliament: House of Lords: European Union Committee
ISBN : 010845942X
Genre : Business & Economics
File Size : 71. 26 MB
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In this report the European Union Committee warn that unless the Directive on alternative investment funds is compatible with a global regulatory approach it will seriously damage the EU and UK economies. The UK Government should not agree with the Directive unless it is compatible with equivalent legislation in third countries and in particular the United States. It is essential to ensure that EU alternative investment fund managers do not lose competitiveness at a global level. This is a particular concern for the UK and the City of London which has a large alternative investment fund industry that employed an estimated 40,000 people in 2009. The Committee recognise the risk the aggregate activity of hedge funds could cause to financial stability and welcome the principle of EU regulation of the managers. The Directive has the potential to reduce risk posed by fund managers and be beneficial to the single market and the EU economy as a whole. The Committee stress that the requirements on provision of information should be proportionate and carefully thought out to ensure Supervisors are provided with the relevant data. The Committee also criticise the "one size fits all" approach of the Directive. The Directive covers a wide variety of fund managers including hedge funds, private equity and infrastructure funds, and its detailed requirements must differentiate between types of managers to avoid unwanted outcomes that could restrict the operation of fund managers unnecessarily.

Transposition Of The Alternative Investment Fund Managers Directive

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ISBN : 1909096296
Genre :
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Report On The Operation Of The Alternative Investment Fund Managers Directive Aifmd

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ISBN : 9279857312
Genre :
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This report provides and assesses evidence for the European Commission's review of AIFMD pursuant to Article 69 AIFMD. The assessment of this study is focused on 15 selected Member States. It consists of two main sections. The general survey among AIFMs, NCAs and other stakeholders asked questions about specific aspects of AIFMD and market developments. The evidence-based study was based on desk research, the general survey results, interviews, and quantitative data collection and analysis. On the basis of the evidence retrieved and analysis undertaken, AIFMD has played a major role in helping to create an internal market for AIFs and a harmonised and stringent regulatory and supervisory framework for AIFMs. Most areas of the provisions are assessed as having contributed to achievement of the general, specific and operational objectives, to have done so effectively, efficiently and coherently, to remain relevant and to have EU added value. There are, however, aspects that have not contributed, or may be counter to, the achievement of these aims - particularly, but not exclusively, in relation to the principles of effectiveness and efficiency.

The Scope Of The Eu Alternative Investment Fund Managers Directive 2011 61 Eu And Its Significance For Eu Investment Funds Law

Author : Christos Gortsos
ISBN : OCLC:1305154762
Genre :
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This study aims to analyse the provisions of the Alternative Investment Fund Managers Directive of the European Parliament and of the Council (2011/61/EU) which pertain to its scope. It is divided into two Sections:(a) Section A offers an overview of the legal framework governing alternative investment funds (AIFs) and their managers (AIFMs) in the EU, which forms part of EU investment funds law. The impact of international regulatory initiatives on the elaboration of this legal framework is also discussed therein.(b) In Section B the author analyses the provisions of Directive 2011/61/EU (as well as the Commission's delegated and implementing acts and the ESMA's Guidelines adopted on the basis of this Directive) which govern its scope (under 1) and exceptions therefrom (under 2). The related issue of the determination of AIFMs is also discussed (under 3).

Transposition Of The Alternative Investment Fund Managers Directive

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ISBN : 190979001X
Genre :
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Regulating Hedge Funds In The Eu

Author : Alexandros Seretakis
ISBN : 9789403535135
Genre : Law
File Size : 42. 99 MB
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Hedge funds remain the most controversial vehicles of the alternative investment funds universe. Their opaque nature, alleged role in major crises around the world and perceived lack of investor protection have repeatedly led to calls for greater regulation. Yet despite its tremendous growth, the hedge fund industry is still shrouded in a veil of mystery largely due to the highly complex and dynamic trading strategies employed by hedge funds and the scarcity of information about them. For the first time in one comprehensive volume, this concise but thorough guide explains how hedge funds work, analyses risk, compares the European Union (EU) and United States (US) systems and proposes reforms to the European framework in order to improve its resilience. Focusing on the contribution of the hedge fund industry to systemic risk, the author elucidates the complex world of hedge funds and the legal issues linked to it. The analysis proceeds as follows: introduction to the world of hedge funds – definition, main characteristics, organizational structure, investment strategies, and benefits; deeply informed exploration of the dangers posed by hedge funds; documentation and examination of the major incidents connecting hedge funds and financial crises; rationales for regulation of hedge funds; comparison of relevant legislative developments in the US and EU; and proposals for strengthening the current EU supervisory and regulatory framework. Guiding legislation, such as the EU Alternative Investment Fund Managers Directive and the US Dodd-Frank Act, is analysed, along with topical issues such as hedge fund activism. Because the direction that hedge fund regulation takes in the future has implications for the Eurozone and systemic risk in the wider financial system, this book will be of immeasurable value to professionals in both the legal and business communities. It will be welcomed by corporate lawyers, regulatory authorities, policymakers and academics in both business-related and finance-related disciplines.

Multilingual Interpretation Of European Union Law

Author : Dirk A. Zetzsche
ISBN : 9789041147998
Genre : Law
File Size : 68. 24 MB
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The Alternative Investment Fund Managers Directive (AIFMD) may be the most important European asset management regulation of the early 21st century. However, a preponderance of practitioners and academics in the field argue that, in its present form, the directive is seriously out of touch with both the system of European financial law and industry practice. In this first in-depth analytical and critical discussion of the content and system of the directive, thirty-four contributing authors – academics, lawyers, consultants, fund supervisors, and fund industry experts – examine the AIFMD from every angle. They cover structure, regulatory history, scope, appointment and authorization of the manager, rules on delegation, reporting requirements, transitional provisions, and the objectives stipulated in the recitals and other official documents. The challenging implications and contexts they examine include the following: connection with systemic risk and the financial crisis; impact on money laundering and financial crime; nexus with insurance for negligent conduct; connection with corporate governance doctrine; risk management; transparency; the cross-border dimension; liability for lost assets; and impact on alternative investment strategies. Ten country reports add a national perspective to the discussion of the European regulation. These chapters deal with the potential interactions among the AIFMD and the relevant laws and regulations of Italy, Switzerland, Luxembourg, The Netherlands, Austria, Liechtenstein, the United Kingdom, Germany, France, and Ireland. The former are Europe’s most vibrant financial centres and markets. Designed to spur a critical attitude towards the emerging new European financial markets framework presaged by the AIFMD, this much-needed discussion not only elaborates on the inconsistencies and difficulties sure to be encountered when applying the directive, but also provides potential solutions to the problems it raises. The book will be warmly welcomed by investors and their counsel, fund managers, depositaries, asset managers, and administrators, as well as academics in the field.

The Alternative Investment Fund Managers Directive And Hedge Funds Systemic Risk Regulation In The Eu

Author : Hossein Nabilou
ISBN : OCLC:1308970795
Genre :
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In the aftermath of the f ...

Transposition Of The Alternative Investment Fund Managers Directive

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ISBN : 1909096652
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European Union Directives

Author : Source Wikipedia
ISBN : 1230620249
Genre :
File Size : 76. 20 MB
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Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 84. Chapters: Alternative Investment Fund Managers Directive, ATEX directive, Battery Directive, Best available technology, Biocidal Products Directive, Birds Directive, Capital Requirements Directive, CHP Directive, Clinical Trials Directive, Collective Redundancies Directive, Computer Programs Directive, Conditional Access Directive, Construction Products Directive, Copyright Directive, Copyright Duration Directive, Copyright Term Directive, Cosmetics Directive, Dangerous Preparations Directive, Dangerous Substances Directive (67/548/EEC), Database Directive, Database right, Data Protection Directive, Data Retention Directive, Directive (European Union), Directive 2004/38/EC on the right to move and reside freely, Directive on Electricity Production from Renewable Energy Sources, Directive on Privacy and Electronic Communications, Directive on services in the internal market, Directive on the energy performance of buildings, Directive on the legal protection of biotechnological inventions, Directive on the legal protection of designs, Directive on the Promotion of the use of biofuels and other renewable fuels for transport, Directive on the re-use of public sector information, Electronic Commerce Directive (EU), Employee Involvement Directive, Employment discrimination law in the European Union, Employment Equality Framework Directive, End of Life Vehicles Directive, Enforcement Directive, Environmental liability directive, European Directive on Traditional Herbal Medicinal Products, European Investigation Order, European SEA Directive 2001/42/EC, European Union Council Directive 1999/74/EC, European units of measurement directives, EU Tissue Directive, Floods Directive, Good Clinical Practice Directive, Habitats Directive, Infrastructure for Spatial Information in the European Community, Institutions for Occupational...

Report On The Operation Of The Alternative Investment Fund Managers Directive Aifmd

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ISBN : 9279857584
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File Size : 53. 48 MB
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This report provides and assesses evidence for the European Commission's review of AIFMD pursuant to Article 69 AIFMD. The assessment of this study is focused on 15 selected Member States. It consists of two main sections. The general survey among AIFMs, NCAs and other stakeholders asked questions about specific aspects of AIFMD and market developments. The evidence-based study was based on desk research, the general survey results, interviews, and quantitative data collection and analysis. On the basis of the evidence retrieved and analysis undertaken, AIFMD has played a major role in helping to create an internal market for AIFs and a harmonised and stringent regulatory and supervisory framework for AIFMs. Most areas of the provisions are assessed as having contributed to achievement of the general, specific and operational objectives, to have done so effectively, efficiently and coherently, to remain relevant and to have EU added value. There are, however, aspects that have not contributed, or may be counter to, the achievement of these aims - particularly, but not exclusively, in relation to the principles of effectiveness and efficiency.

Transposition Of The Alternative Investment Fund Managers Directive

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ISBN : 1909096903
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