Asset Management & Investment Funds Publications - AIFMD
Money Market Reform – update to Reverse Distribution Mechanism
Regulation (EU) 2017/1131 of the European Parliament on MMFs (the MMFR) came into effect on 20 July 2017.
On 29 June 2016, Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (the Regulations) was published in the Official Journal of the European Union (OJEU).
The Regulations are a European legislative response to the LIBOR scandal and the allegations and subsequent investigations into manipulation of the setting of LIBOR, EURIBOR and other benchmarks.
Central Bank moves to self-certification for most UCITS using financial indices
On 8 October 2018, the Central Bank of Ireland (Central Bank) introduced:
- a self-certification regime in respect of (most) financial indices used by UCITS for investment or efficient portfolio management purposes
- a pre-approval submission to the Central Bank will be required in limited circumstances
- no certification is required where an index is used solely as a performance benchmark.
The changes are reflected in updated guidance on the use of financial indices by UCITS (the Guidance).
The Securitisation Regulation
The Securitisation Regulation (Regulation 2017/2402) (the Regulation) came into force on 17 January 2018 and will be directly applicable across the EU from 1 January 2019. It is part of the European Commission’s reform measures on the EU’s capital markets union. It contains significant changes to the current securitisation regulatory framework in its consolidation of the existing patchwork of sector-specific rules. It also introduces rules for issuing simple, transparent and standardised (STS) transactions. These harmonised rules impact UCITS management companies, AIFMs, internally-managed UCITS and AIFs and certain other types of investor (collectively, Institutional Investors) that engage in certain transactions.
AIFMD - ESMA recommends extension of marketing passport
Directive 2011/ 61/EU on Alternative Investment Fund Managers (AIFMD) had to be implemented by EU Member States by 22 July 2013.
AIFMD - Twelve months on
The Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) brought with it significant changes for the regulation of the funds industry in Europe and here we take a look at events since implementation twelve months on from the close of the transitional period, focusing on the AIFMD regime in Ireland.
AIFMD - Central Bank issues update on AIFMD Q&A
On 8 November 2013 the Central Bank of Ireland (the Central Bank) published an updated AIFMD Questions and Answers publication (AIFMD Q&A) which sets out answers to queries likely to arise in relation to the implementation of the AIFMD in Ireland.
AIFMD - Third Countries
The provisions of the AIFMD in respect of third countries are largely reliant on cooperation arrangements and procedures being in place between the relevant regulators.
AIFMD - Summary of Alternative Investment Fund Managers Directive
The AIFMD (Directive 2011/61/EU) must be implemented by EU member states by 22 July, 2013.
AIFMD - Valuation
Article 19 of AIFMD sets out the valuation requirements applicable to each AIFM and this is supplemented by section 7 of the AIFMD Regulation.
AIFMD - Delegation of Functions
Article 20 of the AIFMD provides that an AIFM can delegate tasks to third parties, which in turn can sub-delegate such tasks.
AIFMD - Remuneration Provisions
The European Securities and Markets Authority (ESMA) has published final Guidelines on remuneration of alternative investment fund managers (AIFMs) (Guidelines).
AIFMD - Remuneration and Proportionality
Directive 2011/ 61/EU on Alternative Investment Fund Managers (AIFMD) had to be implemented by EU member states by 22 July 2013. AIFMD is supplemented by a delegated regulation (AIFMD Regulation).
AIFMD - Liquidity Management
AIFMD deals with liquidity management in Article 16 and the AIFMD Regulation supplements this in Articles 46-49.
AIFMD - Depositary
There are no transitional provisions for depositaries so after the effective date of AIFMD, depositaries must comply with the provisions of AIFMD where they are appointed as a depositary of an AIF by an AIFM.
AIFMD - Transparency
AIFMD sets out transparency requirements for annual reports, disclosures to investors and reporting to regulators.
AIFMD - Investment in Securitisation Positions
AIFMD through the AIFMD Regulation introduces requirements for AIFs investing in securitisation transactions.
AIFMD - Calculation of Assets Under Management (AUM)
This note looks at Calculation of Assets Under Management; (AUM); Breaches of Thresholds; Calculation of Leverage and Professional Liability Risk Cover.
AIFMD - Passporting
The AIFMD contemplates two forms of passport, the first is in respect of marketing (which is the incentive to seek authorisation as an AIFM) and the second is in respect of managing an EU AIF located in a Member State other than the home Member State of the AIFM.