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The AIFM (Alternative Investment Fund Managers) Directive establishes an harmonised regulation framework for alternative funds distributed in the EU. In return, with the European passport, AIFMs are offered new opportunities to deploy their management services and distribute their Alternative Investment Funds (AIFs) in all EU Member States.

The AIFM Directive includes an harmonisation of the fund depositary function which is mandatory for each AIF.

The European Commission has adopted two regulations dated 12 July 2018, directly applicable from 1st April 2020. These regulations, published in the OJEU of 30th October 2018, amend the obligations of depositaries on the safekeeping of financial instruments held by alternative investment funds and UCITS: 

In particular, the following are specified:

Main provisions

AIFMD establishes conditions of accreditation for investment management firms.

  • Rules regarding their capital, delegation of management, organisation, risk management, funds' use of leverage, remuneration policies and practices, valuation by the investment manager itself or by an outside expert, reporting to the authorities and provision of information to investors.
  • Depositary mandatory for each structure and obligation to send reporting to national competent authorities.

Challenges and opportunities for AIFMs:

  • AIFM authorisation
  • Delegation of functions (portfolio management and/or risk management)
  • Depositary mandatory
  • Remuneration policy
  • Conflict of interest
  • Independent valuation of assets
  • Transparency
  • Leverage
  • Marketing passport facilitating cross-border distribution
  • Reporting to National Competent Authorities

CACEIS helps fund managers comply with and take full advantage of the AIFM Directive

  • AIF Structuring and Distribution
  • Luxcellence & AIFMD Substance Requirements
  • Risk Management Support for AIFMs/AIFs
  • Middle and Back Office Activity Outsourcing for AIFs
  • Depositary & Banking Services for AIFMs/AIFs
  • AIFM Reports to National Competent Authorities

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