Alternative Investment Fund Managers Directive

Directive 2011/61/EU on Alternative Investment Fund Managers, also called AIFM Directive ( AIFMD engl. on Alternative Investment Fund Managers Directive) is an EU directive, which was adopted by Parliament on 11 November 2010.

In this Directive, the alternative investment fund managers are regulated, which were not covered by the UCITS Directive (UCITS ). This affects both administrator based in the EU and managers from third countries who wish to distribute their funds in the EU. The current schedule provides the entry into force of the national implementation before the beginning of the year 2013. In Germany, this should be done in the form of the investment code ( KAGB ).

Terms

In the Directive ( Article 4), the following essential terms are defined:

AIF

As an alternative investment funds (short AIF from English alternative investment fund ) is " any collective investment undertaking, including its investment compartments, the collecting by a group of investors capital in order to invest it in accordance with a defined investment policy for the benefit of those investors " means, if he not already under the UCITS Directive requires approval.

AIFM

Since alternative investment funds generally have no economic life of their own, the managers of these funds have been identified as candidates for regulating unit. These are (short of AIFM English Alternative Investment Fund Manager) referred to as the Alternative Investment Fund Managers. Alternative Investment Fund Managers are legal persons whose task is the management of alternative investment funds.

Since 1 August 2013 shall apply to the AIFM Directive Implementation Act various revisions: So all funds are now subject to supervision by the Federal Financial Supervisory Authority ( BaFin). Private investors can also acquire any more shares in hedge funds. Small investors are will be better protected in this way before risky assets.