International Banking and Finance Law Series, Volume Number 20
The Alternative Investment Fund Managers Directive, in this third edition, brings the book up-to-date with several new pieces of legislation. It introduces European alternative investment funds law and picks up recent developments in regulation, technology and politics and addresses them in the investment fund context. In the ten years since the entry into force, the Alternative Investment Fund Managers Directive (AIFMD) 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. By discussing the latest developments, this edition brings a 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.
What’s in this book:
This 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.
How this will help you:
This thoroughly updated edition elaborates on potential difficulties encountered when applying the directive and provides potential solutions to the problems it raises. Since the first edition, this book has assumed the role of providing thought leadership on the AIFMD and the related pieces of regulation. The book is sure to be warmly welcomed as a much-needed practical guide by fund lawyers and consultants, investors and their counsels, fund managers, depositaries, asset managers and administrators. Regulators, lawyers, academics will welcome this as a standard volume in the field that presents the contents and discusses the regulation in a systematic manner.
Editors
Contributors
Preface to the Third Edition
List of Abbreviations
List of Figures
List of Tables
CHAPTER 1
Introduction
Dirk Zetzsche
PART I
Scope
CHAPTER 2
Scope of the AIFMD
Dirk Zetzsche & Christina D. Preiner
CHAPTER 3
Interplay Between the AIFMD and the UCITSD
Ulf Klebeck & David Eckner
CHAPTER 4
AIFMD Versus MiFID/MiFIR: Similarities and Differences
Dirk Zetzsche & Thomas F. Marte
CHAPTER 5
ELTIFR Versus AIFMD
Dirk Zetzsche & Christina D. Preiner
CHAPTER 6
Sustainable Finance, Responsible Investments, the AIFMD and SRD II
Dirk Zetzsche & Christina D. Preiner
CHAPTER 7
How to “Fix” the Venture Capital Model? Regulation Versus Disruption
Mark Fenwick & Erik P.M. Vermeulen
PART II
Regulation of the AIFM
CHAPTER 8
Appointment, Authorization and Organization of the AIFM
Dirk Zetzsche & David Eckner
CHAPTER 9
Delegation
Thibaut Partsch
CHAPTER 10
Robo-Advisors under AIFMD
Isabelle Riassetto
CHAPTER 11
AIFM’s Governance and Remuneration Committees
Paulo Câmara
CHAPTER 12
Liquidity Management and Side Pockets
Ulf Klebeck & David Eckner
CHAPTER 13
Risk Management
Dirk Zetzsche & Michael Hanke
CHAPTER 14
Securitizations and SPVs under STSR and AIFMD
Dirk Zetzsche & Sebastiaan N. Hooghiemstra
CHAPTER 15
Investor Information and Reporting
Dirk Zetzsche, David Eckner & Miko Yeboah-Smith
PART III
Regulation of the Depositary
CHAPTER 16
Depositary Regulation
Sebastiaan N. Hooghiemstra
CHAPTER 17
The AIF Depositary’s Liability for Lost Assets
Christophe Clerc & David Eckner
CHAPTER 18
Depositaries: Still a Bit of a Mess
John R. Siena
CHAPTER 19
(Prime) Brokerage
Dirk Zetzsche
CHAPTER 20
The Rationale for a Depositary Passport
Christopher P. Buttigieg
PART IV
Investment Strategies
CHAPTER 21
Hedge Funds and Systemic Risk Reporting
Frank Dornseifer
CHAPTER 22
Digital Asset Funds
Dirk Zetzsche, John Lore & Roberta Consiglio
CHAPTER 23
AIFMD and Private Equity
Roderik Boogaard & Jérôme Mullmaier
CHAPTER 24
The AIFM’s Duties upon the Acquisition of Non-listed Firms
Christophe Clerc & David Eckner
CHAPTER 25
Art Investment Vehicles
David Eckner & Randall James Willette
CHAPTER 26
Infrastructure Investments
Frank Dornseifer, Dirk Zetzsche & Miko Yeboah-Smith
CHAPTER 27
The AIFMD and (Dutch) Real Estate Funds
Charles Destrée
CHAPTER 28
Loan-Originating (Debt) Funds
Sebastiaan N. Hooghiemstra & Dirk Zetzsche
CHAPTER 29
Cooperation of AIFMs with Pension Vehicles
Benedikt Weiser
CHAPTER 30
Money Market Funds Regulation
Sebastiaan N. Hooghiemstra
CHAPTER 31
Subscription Credit Lines under AIFMD
Ezechiel Havrenne
PART V
The AIFMD’s Cross-Border Dimension
CHAPTER 32
The AIFMD’s Cross-Border Dimension in Light of the Cross-Border Distribution Directive and Regulation
Dirk Zetzsche & Robin Veidt
CHAPTER 33
The AIFMD’s Third-Country Rules and the Equivalence Concept
Dirk Zetzsche & Robin Veidt
PART VI
The AIFMD’s Transposition
CHAPTER 34
Regulation of AIFMs and AIFs in Germany
Thomas Emde
CHAPTER 35
Regulation of AIFMs and AIFs in France
Isabelle Riassetto
CHAPTER 36
Regulation of AIFMs and AIFs in the Netherlands
Sebastiaan N. Hooghiemstra
CHAPTER 37
Regulation of AIFMs and AIFs in Luxembourg
Thibaut Partsch
CHAPTER 38
Regulation of AIFMs and AIFs in Ireland
Blanaid Clarke & Mark White
PART VII
The AIFMD as Part of EU Asset Management Law
CHAPTER 39
Joint Principles of European Asset Management Law: Towards Cross-Sectoral Consistency
Dirk Zetzsche
Bibliography
Table of Legislation
Index
