Clifford Chance
AIFMD: Key issues for Private Equity and Infrastructure Fund Managers
20 February 2013
For the alternative investment fund industry, 22 July 2013 will mark the radical transformation of the EU regulatory landscape. The EU Alternative Investment Fund Managers Directive (“AIFMD”) imposes a licensing and regulatory compliance framework on the managers of alternative investment funds other than retail funds regulated under the UCITS Directive (referred to as “AIFMs” and “AIFs”, respectively in this briefing) which are managed or marketed in the EU. Its provisions will affect EU AIFMs managing and marketing AIFs in the EU, non-EU AIFMs managing EU AIFs and non-EU AIFMs marketing AIFs in the EU, and will therefore have significant implications for financial sponsors across the globe.
The first part of this briefing provides an overview of some of the key structuring issues for managers. The second part focuses on the impact of the AIFMD’s transparency and asset stripping provisions for portfolio companies and looks in particular at some of the UK implementation issues. Finally, we consider the key issues relating to the remuneration provisions in the AIFMD.
