Summary
Undertakings For The Collective Investment Of Transferable Securities
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Extract
UCITS, Non-UCITS & Hedge Funds.
(a) EC's Draft Directive on Alternative Investment Fund Managers
At its meeting held in Luxembourg on 19 October, 2010, the ECOFIN reached agreement on the draft Alternative Investment Funds Managers Directive ("AIFMD"). On 11 November, a successful plenary vote by the European Parliament has led to the adoption of the AIFMD. Further details on the implementation of the AIFMD will be decided in 2011. The AIFMD is due to be implemented across the EU in 2013. In November, 2010 the IFIA published an "Industry Information Note" outlining some of the main issues that apply to the fund industry in Ireland. As previously set out, the draft AIFMD on AIFM covers Non-UCITS funds including hedge funds, private equity and commodity funds and aims to create a harmonised regulatory and supervisory framework for AIFM within Europe. The AIFMD will require all applicable AIFM to be authorised and subject to harmonised regulatory standards on an ongoing basis. It will also increase the reporting and transparency of AIFM and the funds they manage for investors and public authorities. The aim is to improve Member States macro prudential oversight of the funds sector and take harmonised action where appropriate with regard to the proper functioning of financial markets. It is proposed that the AIFMD will: Adopt an 'all encompassing' approach to ensure that no significant AIFM is outside of regulation and oversight, while providing exemptions for mu...See the full content of this document
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