The Alternative Investment Fund Managers Directive, 3rd Edition

Law › Banking / Finance

The Alternative Investment Fund Managers Directive, 3rd Edition

By Dirk Zetzsche
Kluwer Law International September 2020

Specifications

ISBN-13
9789403509105
Publisher
Kluwer Law International
Publication
September 2020
Format
Hardback , 1040 pages
Jurisdiction
International ? Countri(es) for reference only

Details

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.

Table of Contents

List of Contributors.

List of Abbreviations.

Preface to the Second Edition.

Preface to the First Edition.

Chapter 1 Introduction. Dirk A. Zetzsche.

Chapter 2 AIFMD, Systemic Risk and the Financial CrisisRüdiger Wilhelmi & Moritz Bassler

Chapter 3 Scope of the AIFMD Dirk A. Zetzsche & Christina D. Preiner.

Chapter 4 Challenges from the Supervisor’s PerspectiveMarcel Lötscher & Patrick Bont.

Chapter 5 Interplay between the AIFMD and the UCITSD Ulf Klebeck.

Chapter 6 AIFMD versus MiFID II/MiFIR: Similarities and Differences Dirk A. Zetzsche & Thomas F. Marte.

Chapter 7 ELTIFR versus AIFMD Dirk A. Zetzsche & Christina D. Preiner.

Chapter 8 CSR, Responsible Investments and the AIFMD Dirk A. Zetzsche & Christina D. Preiner.

Chapter 9 Appointment, Authorization and Organization of the AIFM Dirk A. Zetzsche & David Eckner.

Chapter 10 The Liability Insurance of the AIFM Gregory Walker.

Chapter 11 Delegation Thibaut Partsch & Jérôme Mullmaier.

Chapter 12 The AIFM’s Governance and Remuneration Committees: The Impact of the AIFMD Paulo Câmara.

Chapter 13 Liquidity Management and Side Pockets Ulf Klebeck.

Chapter 14 Risk Management Dirk A. Zetzsche & David Eckner.

Chapter 15 Investor Information and Reporting Dirk A. Zetzsche & David Eckner.

Chapter 16 The AIFMD’s Cross-Border Dimension, Third-Country Rules and the Equivalence Concept Dirk A. Zetzsche & Thomas Marte.

Chapter 17 Depositary Regulation Sebastiaan N. Hooghiemstra.

Chapter 18 The AIF Depositary’s Liability for Lost AssetsChristophe Clerc.

Chapter 19 Depositary Liability: A Fine Mess and How to Get Out of It John R. Siena.

Chapter 20 (Prime) Brokerage Dirk A. Zetzsche.

Chapter 21 Securitizations Dirk A. Zetzsche & David Eckner.

Chapter 22 Hedge Funds and Systemic Risk Reporting Frank Dornseifer.

Chapter 23 The AIFM’s Duties upon the Acquisition of Non-listed Firms Christophe Clerc.

Chapter 24 The Future of Venture Capital in Europe: Applicable Lessons from the United States Brian Park & Erik P.M. Vermeulen.

Chapter 25 The AIFMD’s Impact on Dutch Real Estate FundsJ.H. Bennebroek Gravenhorst & C.C. Destrée.

Chapter 26 Impact of AIFMD on the Private Equity IndustryMark van Dam & Jérôme Mullmaier.

Chapter 27 Art Investment Vehicles David Eckner & Randall James Willette.

Chapter 28 The AIFMD’s Transposition in Italy Raffaele Lener & Chiara Petronzio.

Chapter 29 (Indirect) AIFMD-Transposition into Swiss LawGuenther Dobrauz-Saldapenna.

Chapter 30 The Luxembourg Implementation of the AIFMDThibaut Partsch & Élisabeth Forget.

Chapter 31 The AIFMD’s Transposition in the NetherlandsSebastiaan Hooghiemstra.

Chapter 32 The AIFMD’s Transposition in Austria Julia Nicolussi.

Chapter 33 The AIFMD Transposition in Liechtenstein Günther Dobrauz-Saldapenna, Annika Schwertschlag & Philip Rosenauer.

Chapter 34 The AIFMD’s Transposition in the United KingdomJohn R. Siena & David Eckner.

Chapter 35 The Implementation of the AIFMD in GermanyThomas Emde.

Chapter 36 The AIFMD’s Transposition in France Christophe Clerc.

Chapter 37 The AIFMD’s Transposition in Malta Joseph Falzon, Christopher P Buttigieg & Martha Chetcutti

Chapter 38 The AIFMD and the Joint Principles of European Asset Management Law Dirk A. Zetzsche.

Bibliography.

Table of Legal Texts (EU/EEA).

Index.

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