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The Alternative Investment Fund Managers Directive, Third Edition by ZETZSCHE

The Alternative Investment Fund Managers Directive, Third Edition

Edited by Dirk Zetzsche


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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.

Last Updated 06/01/2020
Product Line Kluwer Law International
SKU 10058835-0002
Table of Contents

List of Contributors

Preface to the Third Edition

List of Abbreviations

Chapter 1: Introduction

Chapter 2: Scope of the AIFMD

Chapter 3: Interplay between the AIFMD and the UCITSD

Chapter 4: AIFMD versus MiFID/MiFIR: Similarities and Differences

Chapter 5: ELTIFR versus AIFMD

Chapter 6: Sustainable Finance, Responsible Investments, the AIFMD and SRD II

Chapter 7: How to “Fix” the Venture Capital Model? Regulation versus Disruption

Chapter 8: Appointment, Authorization and Organization of the AIFM

Chapter 9: Delegation

Chapter 10: Robo-Advisors under AIFMD

Chapter 11: AIFM’s Governance and Remuneration Committees

Chapter 12: Liquidity Management and Side Pockets

Chapter 13: Risk Management

Chapter 14: Securitizations and SPVs under STSR and AIFMD

Chapter 15: Investor Information and Reporting

Chapter 16: Depositary Regulation

Chapter 17: The AIF Depositary’s Liability for Lost Assets

Chapter 18: Depositaries: Still a Bit of a Mess

Chapter 19: (Prime) Brokerage

Chapter 20: The Rationale for a Depositary Passport

Chapter 21: Hedge Funds and Systemic Risk Reporting

Chapter 22: Digital Asset Funds

Chapter 23: AIFMD and Private Equity

Chapter 24: The AIFM’s Duties upon the Acquisition of Non-listed Firms

Chapter 25: Art Investment Vehicles

Chapter 26: Infrastructure Investments

Chapter 27: The AIFMD and (Dutch) Real Estate Funds

Chapter 28: Loan-Originating (Debt) Funds

Chapter 29: Cooperation of AIFMs with Pension Vehicles

Chapter 30: Money Market Funds Regulation

Chapter 31: Subscription Credit Lines under AIFMD

Chapter 32: The AIFMD’s Cross-Border Dimension in Light of the Cross-border Distribution Directive and Regulation

Chapter 33: The AIFMD’s Third-Country Rules and the Equivalence Concept

Chapter 34: Regulation of AIFMs and AIFs in Germany

Chapter 35: Regulation of AIFMs and AIFs in France

Chapter 36: Regulation of AIFMs and AIFs in the Netherlands

Chapter 37: Regulation of AIFMs and AIFs in Luxembourg

Chapter 38 – Regulation of AIFMs and AIFs in Ireland

Chapter 39: Joint Principles of European Asset Management Law – Towards Crosssectoral Consistency


Table of Legal Texts (EU/EEA)