- within Litigation, Mediation & Arbitration and Intellectual Property topic(s)
On 27 March 2013, the European Commission's (the
"Commission") online questions and answers section (the
"Q&A") on the alternative investment fund managers
directive (the "AIFMD") was published.
The Commission has produced answers to 67 questions covering the
following topics:
- Co-operation between the competent authorities of the Member States;
- Definition of an alternative investment fund ("AIF");
- Delegation;
- Depositary;
- Issues related to private equity;
- Issues related to master AIFs and feeder AIFs;
- Issues related to private equity;
- Marketing to retail investors;
- Markets in financial instruments directive ("MiFID") firms and MiFID related activities;
- Own funds;
- Passport issues;
- Remuneration;
- Reporting requirements;
- Responsibilities of the competent authorities of the Member States;
- Scope and exceptions;
- Transitional provisions;
- Transposition; and
- Valuation.
Of particular interest are the answers to the questions posed in
respect of the transitional provisions for the implementation of
the AIFMD and those in respect of MiFID firms and MiFID related
activities as discussed below.
In addition, it can be noted that the Commission has also
suggested that the European Securities and Markets Authority
produce guidelines on certain issues, most particularly the
alignment of the dates of delivery of information under the
reporting requirements.
Transitional Provisions
The Q&A provides responses to 6 questions
relating to the transitional provisions in place and states that
"during the one year transitional period alternative
investment fund managers are expected to comply, on a best efforts
basis, with the requirements of the national law transposing the
AIFMD". The Q&A goes on to confirm however, that only
after the transitional period of one year are the obligations under
the AIFMD legally binding. The Commission has not provided a
definition of "best efforts".
MiFID Firms and MiFID Related Activities
Pursuant to Article 6(4) of the AIFMD, Member States
are permitted to authorise alternative investment fund managers to
perform certain MiFID related activities. The Q&A highlights
the fact that this is an exemption to the general rule and that the
passporting provisions under the AIFMD do not apply to the MiFID
related activities.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
