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October 22 , 2020 |4 Comments
Complete Aifm Alternative Investment Fund Manager Solutions For
Luxembourg, UK and Ireland based Alternative Investment funds. Fund management companies manage investment funds for the account of investors and are responsible, among other things, for choosing which investments to make. They are subject to authorisation requirements.
4 10 Can Alternative Investment Fund Manager Provide Investment Management
Alternative Investment Fund Managers
Apart from limited exemptions defined by the AIFM Law, each Luxembourg AIF must have a single AIFM, which is responsible for ensuring compliance with the provisions of the AIFM Law. AIFs can choose to be managed by an external AIFM or internally, where the legal form of the AIF permits such internal management. In the latter case, the AIF itself is authorised as an AIFM according to Chapter 2 of the AIFM Law. An external AIFM can be established in Luxembourg, in another EU Member State or in a third country. Smaller AIFMs are those that manage AIFs which do not exceed the following thresholds in terms of AuM: * AIFs which are not leveraged and without redemption rights for a period of five years, and with aggregate AuM below EUR 500 million; * AIFs whose AuM, including any assets acquired through the use of leverage, do not exceed EUR 100 million. They have to be registered and have to comply with only very few requirements of the AIFM Law (resulting in limited reporting to the CSSF). Alternatively, these below-threshold AIFMs can opt in by applying for a licence as above- threshold AIFM which benefits from a management and marketing passport across the EU/European Economic Area. ### Alternative investment fund managers The alternative investment fund managers (AIFM) directive covers managers of alternative investment schemes designed for professional investors. Alternative investment funds are funds that are not regulated at EU level by the UCITS directive. They include hedge funds, private equity funds, real estate funds and a wide range of other types of institutional funds.
Delegation Under The Alternative Investment Fund Managers Directive
Alternative Investment Fund Managers Directive Aifmd
The AIFMD is an EU directive that seeks to regulate the non-UCITS fund sector, including hedge funds, private equity funds and real estate funds. All Alternative Investment Fund Managers (AIFMs) established in the EEA, whether they manage EEA or non-EEA Alternative Investment Funds (AIFs) are subject to the AIFMD. The AIFMD also governs the managing and marketing in the EEA of AIFs managed by an AIFM established outside the EEA (such as Guernsey). For the avoidance of doubt, for the purposes of AIFMD, all Guernsey regulated funds which are marketed into the EEA fall within the definition of an AIF. Guernsey has introduced the AIFMD (Marketing) Rules, 2013 (the Marketing Rules) which ensure that investment managers established in Guernsey and Guernsey funds, which wish to market/be marketed into the EEA meet the requirements of Articles 42 and 43 of the AIFMD. The Marketing Rules introduce minimal notification requirements to the Commission by Guernsey investment managers and Guernsey funds in respect of marketing into the EEA. The Marketing rules also allow the Commission to co-operate effectively with the relevant EEA securities regulator. The Marketing Rules became effective on 22 Further, prior to the introduction of a pan-European passport, Guernsey operates an equivalent opt in AIFMD regime for Guernsey investment managers and depositaries. The AIFMD Rules, 2013 govern this opt in regime and became effective from 2 January 2014. The Data Protection (Bailiwick of Guernsey) Law, 2001 (the Data Law) came into force in 2001 having been designed to mirror the 1995 EU Data Protection Directive. It is based on the 1998 UK Act and the introduction of the Data Law has resulted in Guernsey being recognised by the European Commission as providing adequate protection for the trans-border flow of data. The Data Law provides for the rights of data subjects and requires data controllers to be registered on a register maintained by the Data
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