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E-raamat: Alternative Investment Fund Managers Directive

  • Formaat: 1080 pages
  • Ilmumisaeg: 17-Sep-2020
  • Kirjastus: Kluwer Law International
  • Keel: eng
  • ISBN-13: 9789403509235
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Alternative Investment Fund Managers DirectiveSuurem pilt
  • Formaat: 1080 pages
  • Ilmumisaeg: 17-Sep-2020
  • Kirjastus: Kluwer Law International
  • Keel: eng
  • ISBN-13: 9789403509235
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In the ten years since its coming into force, the 'Alternative Investment Fund Managers Directive' (AIFMD), with almost EUR 7 trillion assets under management in its remit, 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.00This third edition of the most 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 among others) brings together fund industry experts, fund supervisors, consultants, lawyers and academics to discuss the content and system of the directive from every angle, including its relation not only to the UCITS and MiFI frameworks but also to pension funds, the Sustainable Finance Disclosure Regulation, the Securitization Regulation and the Cross Border Funds Distribution Directive and Regulation, as well as related pieces of tax regulation at the European level.
Editors v
Contributors vii
Preface to the Third Edition lix
List of Abbreviations
lxi
List of Figures
lxxiii
List of Tables
lxxv
Chapter 1 Introduction
1(22)
Dirk Zetzsche
§1.01 Legislative History of the AIFMD
2(4)
[ A] Status Ex Ante AIFMD
2(1)
[ B] Expert Groups and Policy Options
2(1)
[ C] The Impact of the Crisis: Stakeholder Concerns and Leverage
3(1)
[ D] Depositary Rules: Lehmann and Madoff
4(1)
[ E] The Political Process Leading to the AIFMD
4(2)
§1.02 Regulatory Technique
6(3)
[ A] Multi-level Regulation
6(2)
[ B] Supervisory Cooperation and ESMA Coordination
8(1)
[ C] Accompanying Legislation
9(1)
§1.03 Principal Objectives
9(2)
§1.04 Regulatory Tools
11(6)
[ A] Scope
11(1)
[ 1] Hedge Funds
12(1)
[ 2] Private Equity
12(1)
[ 3] Real Estate and Infrastructure
13(1)
[ 4] Special Funds (as Qualified Investor Funds)
13(1)
[ 5] Others
14(1)
[ B] Investment Triangle
14(2)
[ C] Manager Regulation
16(1)
[ D] Risk Management
16(1)
[ E] Cross-Border Dimension
16(1)
§1.05 The AIFMD Within the European Directives on Financial Law
17(2)
[ A] General Direction of European Financial Law
17(1)
[ B] Asset Management Directives
18(1)
[ C] The AIFMD as Pacesetter
18(1)
[ D] The AIFMD Cross-Border Marketing Rules (XBDD and XBDR)
19(1)
§1.06 Third-Country Passport and Private Placement
19(2)
[ A] Implementation of the EU/EEA Passport
19(1)
[ B] Termination of the National Placement Regime
20(1)
[ C] Brexit
20(1)
§1.07 AIFMD and Tax Reporting
21(1)
§1.08 Outlook for the AIFMD II
21(2)
PART I Scope
23(156)
Chapter 2 Scope of the AIFMD
25(38)
Dirk Zetzsche
Christina D. Preiner
§2.01 Introduction
25(1)
§2.02 A1F Definition Pursuant to Article 4(1)(A) AIFMD
26(20)
[ A] Undertaking for Collective Investment
26(1)
[ 1] Central Concept of European Law
26(2)
[ 2] Pooling
28(1)
[ 3] Third-Party Investment Management
29(1)
[ a] Third-Party Versus Investors' Investment Management
29(1)
[ b] In Particular: Joint Ventures
30(1)
[ c] In Particular: Crowdfunding
31(1)
[ B] Five Additional Criteria
32(1)
[ 1] Raising of Capital
32(1)
[ a] `Capital'
33(1)
[ b] `Raising' of Capital: Commercial Communication?
33(1)
[ c] In Particular: Self-Used Investments
34(1)
[ d] In Particular: Family Offices
34(2)
[ e] In Particular: Other Pre-existing Groups
36(1)
[ 2] Number of Investors
37(1)
[ 3] Investment in Accordance with a Defined Investment Policy
37(2)
[ 4] For the Benefit of These Investors
39(1)
[ 5] No Authorization According to UCITSD
39(1)
[ C] Ascertainment
40(1)
[ 1] Open-Ended and Closed-Ended Funds
40(2)
[ 2] Irrelevance of the Legal Form
42(1)
[ 3] Irrelevance of the AIFM's Legal Structure
42(1)
[ 4] Insignificance of the Sales and Distribution Channels
43(1)
[ D] Sub-funds and Unit Classes
44(1)
[ 1] Sub-funds
44(1)
[ 2] Unit Classes
45(1)
[ 3] The Directive's Extended Interpretation
45(1)
§2.03 Safe Harbour Based on Business Activity (Article 2(3) AIFMD)
46(10)
[ A] Four Rationales for Excluding Activities
46(1)
[ 1] Holding Companies: Regulated Versus Non-regulated Business
46(1)
[ 2] Social Security Institutions
46(1)
[ 3] Pursuing the Public Interest
47(1)
[ 4] Alternative Regulation
47(1)
[ B] In Particular: AIFM Versus Holding Companies
48(1)
[ 1] Definition of the Directive
48(1)
[ 2] Interpretation
49(2)
[ 3] Exercising Control Versus Passive Pursuit of Investor's Interests
51(1)
[ 4] Non-controlling Holdings
52(1)
[ C] In Particular: Other Undertakings for Collective Investments
53(1)
[ 1] Venture Capital Funds and European Social Entrepreneurship Funds
54(1)
[ 2] European Long-Term Investment Funds
54(1)
[ 3] State Funds/Sovereign Wealth Funds
55(1)
[ 4] The Basket Character of AIFMD?
56(1)
§2.04 Exclusion Based on Size: `Small' AIFM (Article 3(2)--(4) AIFMD)
56(3)
[ A] Calculation of the Threshold Value
57(1)
[ B] Legislation Applicable to Small AIFMs
57(1)
[ C] Additional National Requirements
58(1)
§2.05 National Jurisdiction
59(2)
[ A] Types of Funds
59(1)
[ B] Legal Forms: Details
59(1)
[ C] National Laws Versus European Passport
60(1)
§2.06 Conclusion
61(2)
Chapter 3 Interplay Between the AIFMD and the UCITSD
63(14)
Ulf Klebeck
David Eckner
§3.01 EU Fund Industry under Regulatory Scrutiny
63(1)
§3.02 Differences Between the AIFMD and the UCITSD
64(5)
[ A] Demarcation Between AIFs and UCITS
64(2)
[ B] Professional Versus Retail Investors: Tertium Non Datur?
66(1)
[ C] Manager Versus Product Regulation
67(1)
[ D] Third-Country Regulations
68(1)
[ E] The AIFMD's Reliance on Level 2 and Level 3
69(1)
§3.03 Interfaces and Overlaps of the AIFMD and the UCITSD
69(4)
[ A] Manager Regulation
69(1)
[ B] `Cross-Sectoral' Activities of AIFMs and UCITS Management Companies
70(2)
[ C] Delegation
72(1)
§3.04 Impact on Fund Managers under the AIFMD and/or the UCITSD
73(3)
[ A] The AIFM's Perspective: Should I Stay or Should I Go?
73(2)
[ B] UCITS Wrapper as an Alternative?
75(1)
[ C] Business as Usual for UCITS Management Companies?
75(1)
§3.05 Conclusion
76(1)
Chapter 4 AIFMD Versus MiFID/MiFIR: Similarities and Differences
77(18)
Dirk Zetzsche
Thomas F. Marte
§4.01 Introduction
77(1)
§4.02 A Primer to MiFID
77(3)
[ A] Significance and Scope of MiFID
77(1)
[ B] Know Your Customer
78(1)
[ C] Fitness and Properness
79(1)
[ D] Adequate Organization
80(1)
§4.03 Similarities
80(4)
[ A] Manager Regulation
80(1)
[ B] Licence for Individual Portfolio Management
81(1)
[ C] Commitment to the Investors'/Clients' Best Interests
81(1)
[ D] Remuneration
82(1)
[ E] Prohibition of Letter-Box Entities/Shell Companies
83(1)
[ F] Cross-Border Dimension
83(1)
§4.04 Differences
84(8)
[ A] Policy Objectives
84(1)
[ B] Assets: Financial Instruments Versus Unlimited
85(1)
[ C] Risk Management: Operating Condition Versus Core Activity
85(1)
[ D] Rules on Distribution Versus Mandatory Disclosure
86(1)
[ E] Authorization and Operating Conditions
86(1)
[ 1] Capital Requirements
86(1)
[ 2] Organizational Requirements
87(1)
[ 3] Individual Portfolio Management Versus Management of AIF
88(1)
[ F] Product Regulation
89(1)
[ G] Status of Investment Advisory Relationships
89(1)
[ H] Safekeeping of Assets
90(1)
[ I] Manager Liability
91(1)
[ J] Transparency and Disclosure
92(1)
§4.05 Conclusion
92(3)
Chapter 5 ELTIFR Versus AIFMD
95(34)
Dirk Zetzsche
Christina D. Preiner
§5.01 Objective of ELTIFR
95(1)
§5.02 Eligible Assets (Articles 1, 9-13 ELTIFR)
96(12)
[ A] QPC (Article 11 ELTIFR)
96(1)
[ 1] Undertaking
96(1)
[ 2] Neither CIU nor Financial Undertaking
97(1)
[ 3] Location of the QPC
98(1)
[ 4] Not Listed or Market Cap Below 500 Million
99(1)
[ 5] Legal Form of Investments
99(1)
[ B] Real Assets (Article 10(e) ELTIFR)
100(1)
[ 1] Binding Text
100(1)
[ 2] Guidance from the Recitals and CIU Principles
101(1)
[ 3] Direct and Indirect Holdings
102(1)
[ C] Certain Undertakings for Collective Investments (Article 10(d) ELTIFR)
103(1)
[ D] Prohibited Investment Techniques (Article 9(2) ELTIFR)
103(3)
[ E] Restricting Criteria
106(1)
[ 1] Long-Term Objective
106(1)
[ 2] Conflicted Investments
107(1)
§5.03 Manager Regulation
108(1)
[ A] Corresponding Application of AIFMD and ELTIFR
108(1)
[ B] Internal ELTIF-AIFM
108(1)
[ C] Liability for Infringements of ELTIFR (Article 7(3) ELTIFR)
108(1)
§5.04 The ELTIF's Depositary (Article 29 AIFMD)
109(1)
§5.05 Product Regulation
110(12)
[ A] Authorization Requirement
110(1)
[ B] Portfolio Composition
110(1)
[ 1] Seventy Percent Eligible Assets
110(1)
[ 2] Diversification, Concentration and Borrowing
111(1)
[ a] Diversification (Articles 13, 14 ELTIFR)
111(1)
[ b] Concentration (Article 15 ELTIFR)
111(1)
[ c] Borrowing (Article 16 ELTIFR)
112(1)
[ 3] Quota Calculation and Rectification
113(1)
[ a] Scope
113(1)
[ b] Capital Definition
113(1)
[ c] Treatment of Groups (Article 13(7) ELTIFR)
114(1)
[ d] Timing/Staging Rules (Article 17 ELTIFR)
114(1)
[ e] Rectification of Infringements
115(2)
[ C] The ELTIF's Share/Unit
117(1)
[ 1] Limited Redemptions (Article 18 ELTIFR)
117(1)
[ a] Closed-Ended Fund or Qualified Open-Ended Fund
117(1)
[ b] Managing Liquidity
117(1)
[ c] Redemption in Cash or in Kind
118(1)
[ 2] Furthering the Transferability of ELTIF Units (Article 19 ELTIFR)
119(1)
[ 3] Capital Measures
119(1)
[ 4] Dissolution
120(1)
[ 5] Distribution of Proceeds and Capital During the ELTIF's Life (Article 22 ELTIFR)
120(1)
[ D] Cross-Border Notification
121(1)
§5.06 Sales Regulation
122(3)
[ A] UCITSD/AIFMD-Style Protection
122(1)
[ 1] Investor Information
122(1)
[ 2] Subscription and Payment Agent (Article 26 ELTIFR)
122(1)
[ 3] AIFM: MiFID Side Service Licence (Article 30(2) ELTIFR)
123(1)
[ B] MiFID Style Requirements on the AIFM Only
123(1)
[ 1] AIFM: Product Governance (Article 27(1) and (2) ELTIFR)
123(1)
[ 2] AIFM: Mandatory Product Governance Information for Distributors (Article 27(3) ELTIFR)
123(1)
[ 3] AIFM: Suitability Test (Article 28(1) ELTIFR)
124(1)
[ C] MiFID Style Requirements in AIFM and Distributors
124(1)
[ D] ELTIF Cap at 10% of Retail Portfolio (Article 30(3) ELTIFR)
124(1)
§5.07 Third-Country Relations
125(1)
§5.08 Assessing ELTIFR
125(2)
[ A] Brand Building
125(1)
[ B] Remaining Member States' Discretion
126(1)
[ C] Tax as Investment Barrier
126(1)
[ D] Disrespecting Market Efficiency
126(1)
[ E] ELTIFR Reform?
127(1)
§5.09 The ELTIFR's Impact on Competition
127(2)
Chapter 6 Sustainable Finance, Responsible Investments, the AIFMD and SRD II
129(32)
Dirk Zetzsche
Christina D. Preiner
§6.01 Introduction
129(1)
§6.02 Fundamentals of SF
130(6)
[ A] Defining CSR, RI and SF
131(1)
[ B] RI Categories in the Investment Fund Context
132(1)
[ C] RI, Profitability and Economics
133(1)
[ 1] Profit Perspective
134(1)
[ 2] Cost Perspective
135(1)
§6.03 From CSR to SF in European Financial Law
136(10)
[ A] CSR in European Law
136(1)
[ 1] The First Stage: 1993 Onwards
137(1)
[ 2] The Second Stage: 2000 Onwards
137(1)
[ 3] The Third Stage: 2010 Onwards
138(1)
[ 4] The Fourth Stage: 2016 Onwards
139(2)
[ B] Impact on Financial Law
141(1)
[ 1] The Rise of SRI
141(1)
[ 2] The Impact of the Financial Crisis
142(2)
[ 3] From Voluntary to Mandatory: SF as a New Policy Objective
144(2)
§6.04 RI Approach in the AIFMD
146(10)
[ A] Institutional RI
146(1)
[ 1] Remuneration
147(2)
[ 2] Conflicts of Interest
149(1)
[ B] Investment RI
150(1)
[ 1] Mandatory Disclosure
150(2)
[ 2] The "Best Interest" Requirement
152(2)
[ 3] Limits on Leverage
154(1)
[ C] Integrated RI
154(1)
[ 1] Asset-Stripping Rules and Acquisition of Non-listed Firms
154(1)
[ 2] Voting/Exercise of Shareholder Rights
155(1)
§6.05 Practical Implications
156(3)
[ A] RI as a Guideline for Construing/Interpreting the AIFMD
156(1)
[ B] Indirect Effect
156(1)
[ C] Impact on Fund Governance of the AIFMD and AIFs
156(1)
[ 1] Minimum Sustainable Finance Obligation
156(1)
[ 2] Opting-in to RI: AIF Investment Policy Refers to Sustainable Finance Principles
157(1)
[ D] Impact on Corporate Governance of Portfolio Company
157(2)
§6.06 Toward a New Policy Objective
159(2)
Chapter 7 How to "Fix" the Venture Capital Model? Regulation Versus Disruption
161(18)
Mark Fenwick
Erik P.M. Vermeulen
§7.01 Introduction
161(2)
§7.02 The VC Model: Challenges and Solutions
163(6)
§7.03 Disruptive VC Models
169(9)
[ A] Visibility
172(2)
[ B] Collaboration
174(1)
[ C] Constant Iteration and Learning
175(3)
§7.04 Conclusion
178(1)
PART II Regulation of the AIFM
179(260)
Chapter 8 Appointment, Authorization and Organization of the AIFM
181(50)
Dirk Zetzsche
David Eckner
§8.01 Introduction
181(1)
§8.02 Core and Non-core Activities of the AIFM
182(16)
[ A] AIF Management as Core Activity
182(1)
[ 1] Portfolio and Risk Management as `Managing an AIF'
182(1)
[ 2] Portfolio Management
183(2)
[ 3] Risk Management
185(1)
[ B] Non-core Activities
185(1)
[ 1] Non-core Services under Annex I No. 2 AIFMD
185(1)
[ a] Administration
185(4)
[ b] Marketing
189(2)
[ c] Asset-Related Services
191(1)
[ d] Separate Authorization?
191(1)
[ 2] UCITS Management under Article 6(2) AIFMD
192(2)
[ 3] Discretionary Portfolio Management under Article 6(4) AIFMD
194(1)
[ a] Individual Portfolio Management
194(2)
[ b] Investment Advice, Safekeeping and Technical Administration, Transmission of Orders
196(1)
[ c] Special Authorization
196(1)
[ 4] Relationship to Other European Passports
197(1)
§8.03 Delineation of `AIF' and `AIFM': Internal and External AIFMs
198(5)
[ A] External Legal Person
199(1)
[ B] Appointed as Manager by the Governing Body
200(1)
[ C] Issues
201(1)
[ 1] Inability of Internal Management or Natural Persons to Be AIFMs
201(1)
[ 2] Illegitimate Appointment Resolution
202(1)
[ 3] Governing Body and Trust Companies as Directors
202(1)
[ 4] Management Entity Behind Limited Partnership
203(1)
§8.04 Conditions for Authorization
203(6)
[ A] Asset Management as Licensed Activity (Article 7(1) AIFMD)
203(1)
[ B] Limits on Authorization by Type of Investment Strategy (Article 8(4) AIFMD)
204(1)
[ C] Authorization Conditions (Articles 8 and 9 AIFMD)
205(1)
[ D] Authorization Procedure
205(1)
[ 1] Jurisdiction
205(1)
[ 2] Application Materials
206(1)
[ 3] Review
207(1)
[ 4] Changes to Authorization (Article 10 AIFMD)
207(1)
[ a] Notice Requirement
207(1)
[ b] Delegation
208(1)
[ 5] Withdrawal of Authorization (Article 11 AIFMD)
209(1)
§8.05 Operating Conditions
209(20)
[ A] Overview
210(1)
[ 1] Detailed Level 2 Regulation
210(1)
[ 2] Principle of Proportionality
211(4)
[ B] General Conduct of Business Principles
215(1)
[ 1] Duty of Loyalty
215(1)
[ a] Best Interest Rule and Best Execution
216(1)
[ b] Conflicts of Interest Organization
216(1)
[ c] Fair Dealing
217(1)
[ 2] Duty of Care
218(1)
[ a] Adequate Organization
218(1)
[ b] Compliance
219(1)
[ c] Equal Treatment of Investors
220(1)
[ C] Valuation and NAV Calculation
221(1)
[ 1] AIFM's Obligation and Liability
221(1)
[ 2] Procedural Requirements
221(1)
[ a] Appropriate and Consistent Procedures
221(1)
[ b] Ensuring Compliance
222(1)
[ c] Ensuring the Frequency of Asset Valuation and NAV Calculation
222(1)
[ d] Disclosure
223(1)
[ 3] Substantive Requirements on Valuation
223(1)
[ 4] External Valuation
224(1)
[ a] External Valuation Versus Rules on Delegation (Article 20 AIFMD)
225(1)
[ b] Qualification of the External Valuer (Article 19(5) AIFMD)
226(1)
[ c] Prohibition of Sub-delegation (Article 19(6) AIFMD)
227(1)
[ d] Notification of External Valuation (Article 19(7) AIFMD)
227(1)
[ e] Liability for External Valuation (Article 19(10) AIFMD)
227(1)
[ 5] Issues
228(1)
[ a] Valuation in Decentralized Settings
228(1)
[ b] Valuation with External Management
228(1)
[ c] Cross-Border Dimension
229(1)
§8.06 Conclusion
229(2)
Chapter 9 Delegation
231(28)
Thibaut Partsch
§9.01 Introduction
231(1)
§9.02 Scope
232(6)
[ A] Sources
232(1)
[ B] Delegation of "Core" Investment Management Functions ("Portfolio and Risk Management")
233(1)
[ C] Delegation of Other Management Functions
234(1)
[ 1] ESMA/2011/379
234(2)
[ 2] AIFMD (Commission) Regulation
236(1)
[ a] Exclusion of "Supporting Tasks"
236(1)
[ b] "Annex 1.2. Services" Fully in Scope?
236(1)
[ D] Advisory Services
237(1)
[ E] Back Delegation
238(1)
§9.03 General Operating Conditions
238(12)
[ A] Justification and Due Diligence
239(1)
[ 1] Justification
239(1)
[ 2] Due Diligence
240(1)
[ B] The Delegate
240(1)
[ 1] Human Resources and Technical Infrastructure
241(1)
[ 2] Fitness
241(1)
[ 3] Properness (Good Repute)
241(1)
[ 4] Impact of Authorization
242(1)
[ C] General Features of the Delegation
242(1)
[ 1] Supervision
243(1)
[ 2] Policies and Compliance with AIFMD Rules
244(1)
[ 3] Continuity of the Service
245(1)
[ 4] Contractual Rights
245(1)
[ 5] Letter-Box Entity
246(3)
[ 6] Regulatory Supervision
249(1)
[ 7] Prohibition of Double Delegation?
249(1)
§9.04 Delegating Core Functions
250(7)
[ A] Delegation to Regulated Entities
250(2)
[ B] Delegation to a Third-Country Entity
252(1)
[ 1] Authorization/Registration
252(1)
[ 2] Cooperation of Competent Authorities
253(1)
[ C] No Delegation to the Depositary
254(1)
[ D] No Delegation to Any "Conflicted Entity"
255(2)
§9.05 Sub-delegation and Further Sub-delegation
257(1)
[ A] Consent of the AIFM
257(1)
[ B] Notification to AIFM's Competent Authority
257(1)
§9.06 Conclusion
257(2)
Chapter 10 Robo-Advisors under AIFMD
259(24)
Isabelle Riassetto
§10.01 Introduction
259(5)
[ A] Benefits and Limitations of Robo-Advisors
260(1)
[ B] Robo-Advisors and Portfolio Management
261(1)
[ C] Robo-Advisors and Investment Funds
262(1)
[ D] Regulatory Perspectives
262(1)
[ E] Compliance with AIFMD
263(1)
§10.02 Anatomy of Robo-Advisors in the Light of the AIFMD
264(1)
[ A] Degree of Automation
264(1)
[ B] Contractual Relationships
265(1)
§10.03 Authorization
265(2)
[ A] Authorization Versus Registration
265(1)
[ B] Authorization Conditions
266(1)
[ C] Authorization Perimeter
266(1)
§10.04 Operating Conditions
267(4)
[ A] Organizational Rules
267(2)
[ B] Conduct of Business Rules
269(1)
[ 1] Duty of Loyalty
269(1)
[ 2] Duty of Care
270(1)
[ 3] Fair Treatment of Investors
271(1)
§10.05 Functions
271(5)
[ A] `Core' Functions
271(1)
[ 1] Portfolio Management
271(1)
[ 2] Risk Management
272(1)
[ B] `Non-core' Functions
273(1)
[ 1] Fund Administration
273(1)
[ 2] Marketing Versus Fund Distribution
274(1)
[ 3] Asset Relating Services
275(1)
[ C] Delegation of Functions
275(1)
§10.06 Transparency Requirements
276(1)
[ A] General Reporting and Disclosure Requirements
276(1)
[ B] Investors Information
276(1)
§10.07 Supervision
277(1)
[ A] Competent Authority
277(1)
[ B] Depositary
278(1)
§10.08 Liability
278(4)
[ A] EU Initiatives
279(1)
[ B] Liability Regimes and Alternative Liability Schemes
280(1)
[ 1] Fault-Based Liability
280(1)
[ 2] Strict Liability
281(1)
[ 3] Robo-Advisor as a Person-Like
281(1)
[ 4] Mandatory Insurance or Compensation Scheme
282(1)
§10.09 Conclusion
282(1)
Chapter 11 AIFM's Governance and Remuneration Committees
283(18)
Paulo Camara
§11.01 Introduction
283(3)
§11.02 Testing the Need for Legal Reform: The Expansion of Scope of EU Corporate Governance Interventions
286(3)
[ A] Political Rather than Economic Reasons
286(1)
[ B] Legal Transplant Rather than Granular Approach
287(2)
§11.03 Testing the Scope of the AIFMD
289(1)
[ A] Distinct Issues in One Box
289(1)
[ B] Proportionality as a Solution
290(1)
§11.04 Testing the Regulatory Tone of the AIFMD
290(2)
[ A] Dominance of Black-Letter Duties
290(1)
[ B] Voluntary Codes?
290(1)
[ 1] Conflicts of Interest
291(1)
[ 2] Organizational Requirements
291(1)
§11.05 Testing the AIFMD's Adequacy in Relation to the Overall Corporate Governance System: The Case of the Remuneration Committee
292(6)
[ A] European Rules on Remuneration Committees
292(1)
[ B] Basic Features of the Remuneration Committee
293(1)
[ 1] One-Tier Board of Directors
294(1)
[ 2] Two-Tier Board/Supervisory Board Committees
294(1)
[ 3] Committees Established by the General Meeting of Shareholders
294(1)
[ C] Remuneration Committee in the Financial Sector and Directive 2010/76/EU (CRD III)
295(2)
[ D] Remuneration Committees under the AIFMD
297(1)
§11.06 Conclusions: Proportionality as a Governance Tool
298(3)
Chapter 12 Liquidity Management and Side Pockets
301(14)
Ulf Klebeck
David Eckner
§12.01 Liquidity as Investor Protection
301(1)
§12.02 Side Pockets: A Suitable tool for Liquidity Management?
302(3)
[ A] Economic Objectives of Side Pockets
302(1)
[ B] Legal Concept and Structures of Side Pockets
303(1)
[ C] Alternative Measures and Instruments for Liquidity Management
304(1)
§12.03 Side Pockets under Regulatory Scrutiny
305(3)
[ A] IOSCO's Principles on Suspension of Redemptions
305(1)
[ B] U.S.
306(1)
[ C] Switzerland
307(1)
§12.04 Side Pockets under AIFMD: A New EU Framework?
308(5)
[ A] Liquidity Management via "Special Arrangements"
308(2)
[ B] Admissibility of Side Pockets under the Laws of EU Member States
310(2)
[ C] Cross-Border Marketing Issues of AIFs with Side Pockets
312(1)
§12.05 ESMA Guidelines on Liquidity Stress Testing
313(1)
§12.06 Conclusion
313(2)
Chapter 13 Risk Management
315(60)
Dirk Zetzsche
Michael Hanke
§13.01 Introduction
315(1)
§13.02 Understanding Risk Management
316(11)
[ A] Three Dimensions of Risk Management
316(1)
[ 1] Control
317(1)
[ 2] Setting Boundaries for Optimizing Business Activity
318(1)
[ 3] Governance
319(1)
[ B] Legal Categorization of Risk Management
320(1)
[ 1] Risk Management Triangle
320(1)
[ a] Risk Organization (Institutional Risk Management)
320(1)
[ b] Risk Procedures (Operational Risk Management)
321(1)
[ c] Risk Measurement (Technical Risk Management)
321(1)
[ 2] Delineation
322(1)
[ a] Compliance
322(2)
[ b] Internal Control System
324(1)
[ c] Internal Audit
325(2)
§13.03 Risk Management as the AIFM's Core Activity
327(9)
[ A] Risk Management as Regulated Activity
327(2)
[ B] Delegation of Risk Management
329(1)
[ 1] Risk Management Process and Regulatory Scope
329(3)
[ 2] Delegation to Authorized Entity
332(1)
[ a] Entities Authorized under Article 20(1)(c) AIFMD and Article 78 AIFMD (Commission) Regulation
332(1)
[ b] Asset Management as Inclusive Expression
333(1)
[ c] Delegation of Risk Management to MiFID Firms with Respect to Non-financial Instruments?
334(1)
[ 3] Delegation to Non-supervised Entity
335(1)
[ a] Special Permission Requirement
335(1)
[ b] Extent of the Special Permission
335(1)
[ C] The "Risk Management AIFM"
335(1)
§13.04 Risk Management Principles
336(28)
[ A] Risk Management Organization
336(1)
[ 1] Functional and Hierarchical Separation
336(1)
[ a] General Organizational Requirements
336(1)
[ b] Principle of Proportionality: Safeguards in Case of Incompatibility
337(1)
[ 2] Risk Management Policy
338(1)
[ a] Minimum Requirements
339(1)
[ b] Review Period/Measurement Frequency
340(2)
[ c] Risk Limits
342(1)
[ d] Quantitative or Qualitative Limits?
342(3)
[ 3] Permanent Risk Management Function/Chief Risk Officer (CRO)
345(1)
[ a] Organizational Requirements
345(1)
[ b] CRO Versus Governing Body/Senior Management
346(1)
[ c] Delegation
347(1)
[ 4] Risk Management and Remuneration
347(1)
[ a] General Requirements
347(1)
[ b] Interaction with Risk Management
348(1)
[ c] Brief Overview on Potential Issues
349(1)
[ B] Risk Management Procedures
349(1)
[ 1] Risk Transparency and Disclosure
350(1)
[ 2] Due Diligence
351(1)
[ 3] Liquidity Management Procedures
351(1)
[ a] General Requirements
352(1)
[ b] Interaction of Liquidity and Risk Management
353(1)
[ 4] Stress Testing as a Procedural Element
354(1)
[ C] Risk Measurement
355(1)
[ 1] Proportionate Risk Measurement
355(1)
[ a] Principle-Based Regulation
355(2)
[ b] Lack of Consensus, Standardization and Certainty
357(1)
[ 2] Data Management and Processing
357(1)
[ a] The Issue
357(1)
[ b] Operational Risk
358(1)
[ 3] Risk Measurement Techniques in Alternative Strategies
359(1)
[ a] Position-Based Risk System Versus Return-Based Risk System
359(1)
[ b] Advanced Measurement Techniques Versus Basic Strategy-Related Risk Measurement
360(2)
[ c] Scope and Limits of Risk Measurement in Alternative Strategies
362(1)
[ 4] Risk Measurement and the Need for Prudential/Protective Regulation
363(1)
§13.05 Key Risks in the AIFM's Risk Management
364(10)
[ A] Risks Highlighted by AIFMD
365(2)
[ B] Financial Risks
367(1)
[ 1] Investment Risk
367(1)
[ a] Initial Investment Risk
368(1)
[ b] Ongoing Investment Risk
369(1)
[ 2] Leverage Risks
369(1)
[ 3] Liquidity Risk
369(2)
[ 4] NAV Instability Risk/Valuation Risk
371(1)
[ 5] Risk of Overreliance on External Ratings
371(1)
[ C] Operational Risks
372(1)
[ 1] Conflict of Interest Risks
373(1)
[ 2] Legal/Regulatory Risks
373(1)
§13.06 Conclusions
374(1)
Chapter 14 Securitizations and SPVs under STSR and AIFMD
375(22)
Dirk Zetzsche
Sebastiaan N. Hooghiemstra
§14.01 Introduction
375(1)
§14.02 Scope of the STSR
376(4)
[ A] Securitization
376(1)
[ 1] Dependent upon Performance of Exposures to Financial Assets
377(1)
[ 2] Subordinated Tranches
377(1)
[ 3] Exclusion of Schemes Related to Physical Assets
378(1)
[ B] Sponsor
378(1)
[ C] Institutional Investors
379(1)
[ D] Dealing with Out-of-Scope Securitizations
379(1)
§14.03 AIFMD Versus STSR
380(6)
[ A] Two Definitions of Securitizations
380(1)
[ B] The EC's Formal Approach: Debt Versus Ownership Interests
381(1)
[ C] Practice of Member States' Supervisory Authorities
382(1)
[ D] Critique
382(2)
[ E] The Three-Feature Test: A Substance over Form Approach
384(1)
[ 1] First Element: Credit Institution or Investment Firm as Sponsor
384(1)
[ 2] Second Element: No Tranching
385(1)
[ 3] Third Element: Discretionary Management
385(1)
§14.04 General STSR Framework
386(10)
[ A] Credit-Granting Process of the Originator or Original Lender
386(1)
[ 1] EU Credit Institutions and EU Investment Firms
387(1)
[ 2] EU Originators and Original Lenders
387(1)
[ a] Criteria for Credit-Granting
387(1)
[ b] `Fully Supported' ABCP Transaction
388(1)
[ 3] Non-EU Originators and Original Lenders
388(1)
[ B] Risk Retention on the Part of the Securitizing Entity
388(1)
[ 1] Operational Requirements and Calculation
389(1)
[ 2] Most Optimal Alignment of Interests
390(1)
[ 3] Private Sector Securitizations
390(1)
[ C] Organizational Prerequisites
391(1)
[ 1] Monitoring Performance of Securitization Position/Underlying Exposures
391(1)
[ 2] Stress Testing
392(1)
[ 3] (Internal/External) Reporting and Record-Keeping Requirements
392(1)
[ 4] Delegation
393(1)
[ D] Assessment of the Risk Associated with the Relevant Securitization
394(1)
[ E] Transparency Requirements
394(1)
[ 1] Ongoing Transparency Obligations (Investor Disclosure/Reporting)
395(1)
[ 2] Ad-Hoc Disclosure (Investor Disclosure/Reporting)
395(1)
[ 3] Securitization Repository
396(1)
§14.05 Conclusion
396(1)
Chapter 15 Investor Information and Reporting
397(42)
Dirk Zetzsche
David Eckner
Miko Yeboah-Smith
§15.01 Introduction
397(1)
§15.02 Transparency Requirements of AIFMD
398(25)
[ A] Initial Investor Information
398(1)
[ 1] Disclosure Requirements
398(3)
[ 2] Format and Publication, Accessibility and Frequency
401(1)
[ a] Format
401(1)
[ b] Privacy Versus Publication
402(1)
[ c] Accessibility
402(1)
[ d] Frequency
403(1)
[ 3] Initial Investor Information in Product Distribution Chains
404(1)
[ 4] Opt-Out Solution?
405(1)
[ 5] Additional Initial Information under Other AIFMD Provisions
406(1)
[ B] Periodic Disclosure to Investors
407(1)
[ 1] Disclosure Requirements for AIFs
407(1)
[ a] Annual Report
407(2)
[ b] Additional Periodic and Event-Related Disclosure
409(1)
[ 2] Format and Accessibility
410(1)
[ a] Format
410(1)
[ b] Accessibility
410(1)
[ 3] Interaction with the European Directives on Company Law
411(1)
[ a] Scope of the European Company Law Directives
411(1)
[ b] Applying the European Directives on Company Law on AIFMD
412(1)
[ 4] Applicable Accounting Standards: National GAAP Versus IFRS
412(1)
[ 5] Disclosure Requirements for AIFMs
413(1)
[ C] Reporting to Competent Authorities
414(1)
[ 1] Reporting Requirements
414(1)
[ 2] Format, Reporting Measures and Frequency
415(1)
[ a] Format
415(1)
[ b] Reporting Measures
416(1)
[ c] Frequency
417(1)
[ d] Reporting on Leveraged AIFs
418(1)
[ 3] Justification and Legal Limits of Reporting
419(1)
[ 4] Investor Information Versus Reporting Requirements
420(1)
[ D] Acquisition-Related Disclosure
421(1)
[ 1] Additional Reporting to Competent Authorities
421(1)
[ 2] Additional Periodic Disclosure
422(1)
[ 3] Additional Disclosure to AIF's Investors
422(1)
§15.03 AIFMD Versus EU-ProspectusR and TPD
423(5)
[ A] Prospectus Obligation
423(1)
[ 1] The Definition of "Securities"
423(1)
[ a] Conflict of Disclosure Requirements Between EU-ProspectusR and AIFMD
423(1)
[ b] AIF: "Securities Definition" or Extra-Provision in EU-ProspectusR?
424(1)
[ 2] "The Public" Versus "Professional Investors": Always Out of the Scope of EU-ProspectusR?
425(1)
[ a] Definition of "Professional Investor"
425(1)
[ b] Registration Requirement?
425(1)
[ 3] Initial Investor Information Versus Prospectus under the EU-ProspectusR
426(1)
[ B] Continuing Reporting Requirements under TPD
427(1)
§15.04 AIFMD Versus ELTIFR and PRIIPsR
428(3)
[ A] Prospectus and KIID Obligation
428(1)
[ 1] KIID Obligation under PRIIPsR
428(1)
[ 2] Additional Prospectus Obligations under ELTIFR
429(1)
[ B] Periodical Reporting Requirements
430(1)
§15.05 AIFMD and Tax Reporting
431(1)
§15.06 Conclusion
432(2)
Annex: Degree of Information in AIFMD's, EU-ProspectusR's and ELTIFR's Initial Investor Information/Prospectuses
434(5)
PART III Regulation of the Depositary
439(156)
Chapter 16 Depositary Regulation
441(46)
Sebastiaan N. Hooghiemstra
§16.01 Introduction
441(1)
§16.02 The Scope of the AIFMD with Regard to Depositaries
442(15)
[ A] The Obligation to Appoint a Depositary under the AIFMD
442(1)
[ 1] General Rule
442(1)
[ 2] Exemptions from the Depositary Obligation
443(1)
[ 3] Depositary-Lite Regime
444(1)
[ B] Entities Eligible as a Depositary and Its Organizational Requirements
445(1)
[ 1] Credit Institutions
445(1)
[ 2] Investment Firms
446(1)
[ 3] Other Eligible Institutions
447(2)
[ 4] Eligible Non-EEA Entities
449(1)
[ 5] Option for Private Equity Funds, Venture Capital Funds and Real Estate AIFs
449(1)
[ C] The Location of the Depositary
450(1)
[ 1] Location of the Depositary for EEA-AIFs
450(2)
[ 2] Location of the Depositary for TC-AIFs
452(1)
[ a] EEA-AIFMs
452(1)
[ b] TC-AIFM
452(1)
[ 3] A Quasi-Depositary Passport Regime for TC-AIFs
453(1)
[ D] EEA Depositaries: General Requirements
453(1)
[ 1] Duty of Loyalty
453(1)
[ 2] Conflicts of Interest
454(1)
[ E] Third-Country Depositaries
454(1)
[ 1] Additional Requirements for Third-Country Depositaries
454(1)
[ 2] The Third-Country Depositary and `Effective Prudential Regulation'
455(1)
[ a] Effectively Enforced Prudential Regulation
455(1)
[ b] `Supervision Equivalent' to That Applicable under EEA Law
456(1)
§16.03 The Depositary and Its Functions
457(18)
[ A] The Particulars of the Written Contract
457(1)
[ 1] Eligible Assets
458(1)
[ 2] Flow of Information
458(1)
[ 3] Escalation Procedure
459(1)
[ 4] Third Parties
459(1)
[ 5] Termination of the Contract
459(1)
[ B] Safekeeping
460(1)
[ 1] Financial Instruments That Should Be Held in Custody
460(1)
[ 2] Safekeeping Duties with Regard to Assets Held in Custody
461(2)
[ 3] `Other Assets'
463(1)
[ 4] Safekeeping Duties Regarding Ownership Verification and Record Keeping
464(1)
[ 5] Safekeeping Duties and Crypto-Assets
465(1)
[ C] Control
466(1)
[ 1] Oversight Duties: General Requirements
467(1)
[ a] Ex Ante Verification
467(1)
[ b] Ex Post Controls
467(1)
[ 2] Subscriptions/Redemptions
468(1)
[ 3] Valuation of Shares/Units
469(1)
[ 4] AIFM's Instructions
470(1)
[ 5] The Timely Settlement of Transactions
471(1)
[ 6] AIF's Income Distribution
471(1)
[ 7] Monitoring of the AIF's Cash Flows
472(1)
[ a] Cash Monitoring: General Requirements
473(1)
[ b] Proper Monitoring of All AIF's Cash Flows
474(1)
§16.04 Delegation in the Depositary Chain
475(10)
[ A] Avoiding Requirements
475(1)
[ B] Objective Reason
476(1)
[ C] Due Diligence
476(1)
[ 1] Due Diligence upon Appointment of the Sub-custodian
477(1)
[ 2] Ongoing Monitoring Diligence Sub-custodian
478(1)
[ 3] Adequate Structures and Expertise
478(1)
[ 4] Effective Prudential Regulation
479(1)
[ 5] Segregation of Assets
479(3)
[ 6] Insolvency Protection AIF Assets
482(1)
[ 6] Re-hypothecation
483(1)
[ 7] General Obligations
483(1)
[ 8] Ongoing Monitoring and Periodic Review
483(2)
§16.05 Conclusion
485(2)
Chapter 17 The AIF Depositary's Liability for Lost Assets
487(10)
Christophe Clerc
David Eckner
§17.01 Introduction
487(1)
§17.02 Depositary's Obligation to Safe Keep and Return Entrusted Assets
488(3)
[ A] Safekeeping Obligation
488(2)
[ B] Obligation to Return Assets
490(1)
§17.03 Delegation
491(3)
[ A] Scope
491(1)
[ B] Consequences of the Obligation to Return
492(2)
§17.04 Depositary's Liability for Lost Assets
494(2)
[ A] Loss
494(1)
[ B] AIFMD Exemptions
495(1)
§17.05 Conclusions
496(1)
Chapter 18 Depositaries: Still a Bit of a Mess
497(48)
John R. Siena
§18.01 How Did We Get Here?
497(3)
§18.02 Cross-Sector Coherence?: Other Developments Relevant to Depositaries
500(7)
[ A] The Giovannini Working Group
501(3)
[ B] The Nucleus: Insolvency
504(3)
§18.03 Imprecations and Implications
507(2)
[ A] Increased Risks, Costs and Capital: CRD IV
507(2)
[ B] The Level 2 Dialogue
509(1)
§18.04 The Relevant Provisions of the AIFMD
509(17)
[ A] Assets to Be Held in Custody Versus `Other Assets'
510(3)
[ B] Restitution of Lost Held-in-Custody Financial Instruments
513(1)
[ C] Sub-custodians and Scope of `Delegation'
514(3)
[ 1] Delegation and Collateral Held with Third Parties
517(1)
[ 2] Investor CSDs as `Delegates'
518(2)
[ D] Avoiding Liability?
520(1)
[ E] Duties of Depositary and Sub-custodians with Respect to Held-in-Custody Financial Instruments
521(1)
[ F] Non-EUAIFs
522(2)
[ G] Net Effect: The Depositary as Guarantor
524(2)
§18.05 Developments Subsequent to the AIFMD (Commission) Regulation
526(8)
[ A] The ESMA Segregation Consultation and Opinion
526(1)
[ 1] Segregation in Law and in Practice
526(2)
[ 2] The ESMA Segregation Consultation and Opinion
528(2)
[ B] The 2018 Delegated Regulation
530(1)
[ 1] Reliance Model as Concern
531(1)
[ 2] Taking MiFID into Account
532(2)
§18.06 A Special Concern: Collateral Damage
534(6)
[ A] Background on Use of Collateral
535(1)
[ B] Collateral under the Law
536(2)
[ C] Implications of an Unresolved Inconsistency
538(2)
§18.07 A Way Out?
540(3)
[ A] Basic Concepts
540(1)
[ B] Rules That Would Make Sense
541(2)
[ C] Application to the AIFMD
543(1)
§18.08 Conclusion
543(2)
Chapter 19 (Prime) Brokerage
545(36)
Dirk Zetzsche
§19.01 Introduction
545(1)
§19.02 A Primer on Prime Brokerage, Margin and Collateral
546(5)
[ A] Derivatives and Margin
546(1)
[ B] Initial Margin
547(1)
[ C] Operating or Variation Margin
548(1)
[ D] Assets to Be Provided as Collateral
548(1)
[ E] Collateral in the Prime Broker's Insolvency
549(1)
[ F] Defining Prime Broker Management
550(1)
§19.03 Wide Scope of the AIFMD's Prime Broker Rules: All Brokers
551(1)
§19.04 The Broker's Three Functions
552(10)
[ A] Counterparty to AIFM
552(1)
[ 1] Scope
552(1)
[ 2] Conflicts of Interest Rules
553(1)
[ 3] AIFM in Charge of Prime Broker Management
553(1)
[ 4] Best Execution Rule
554(1)
[ 5] The Depositary's Oversight Role
555(1)
[ B] Sub-depositary
556(1)
[ 1] Scope: Financial Instruments That Can Be Held in Custody
556(1)
[ 2] The Depositary's Obligations: The Three Asset "Buckets"
557(2)
[ 3] Injunctive, Not Performance-Related Right of Action
559(1)
[ C] Prime Broker as Depositary?
560(1)
[ D] The Resulting Situation
561(1)
§19.05 Organizational Requirements
562(7)
[ A] Risk Management
562(1)
[ B] Compliance
563(1)
[ C] Information Flow: Reporting and Disclosure
563(1)
[ 1] Depositary
564(2)
[ 2] Investors
566(1)
[ 3] Competent Authorities
567(1)
[ D] Prime Brokers Versus Delegation
567(1)
[ 1] Distinction Between Counterparty and Sub-depositary
567(1)
[ 2] Delegation by AIFM?
568(1)
[ 3] AIFM: Prime Broker and Collateral Management as Asset Management?
568(1)
[ E] Asset Segregation
569(1)
§19.06 Analysis
569(4)
[ A] Modified Hybrid/Depositary Model
569(1)
[ B] Entering into a Brokerage Agreement
570(1)
[ 1] Collateral Management at the Cross-Section of the AIFM's and the Depositary's Obligations
570(1)
[ 2] Disagreement Between AIFM and Depositary
571(1)
[ C] Allocating Liability
571(1)
[ 1] Each Party for Its Obligations
572(1)
[ 2] Liability of the AIF?
573(1)
[ D] Member States' Discretion to Impose Additional Requirements?
573(1)
§19.07 Prime Broker Models under AIFMD
573(6)
[ A] Sub-depositary with or Without Indemnity Clause
574(1)
[ B] Prime Only
574(1)
[ C] Depositary Prime
575(1)
[ D] Prime Custody
575(1)
[ E] Prime Depositary
576(1)
[ F] Multi-prime
576(1)
[ G] Discharge Model
576(2)
[ H] Depositary Lite or Open-Architecture Model with TC-AIF
578(1)
[ I] Master AIFM with Prime Brokers
579(1)
§19.08 Conclusion
579(2)
Chapter 20 The Rationale for a Depositary Passport
581(14)
Christopher P. Buttigieg
§20.01 Introduction
581(1)
§20.02 Advantages of a Depositary Passport
582(1)
[ A] Efficiency Gains
582(1)
[ B] Cost Benefits
583(1)
[ C] Financial Stability
583(1)
§20.03 The Internal Market for Investment Funds
583(5)
[ A] UCITS II Proposal
584(2)
[ B] UCITS III
586(1)
[ C] Lamfalussy Report
586(1)
[ D] AIFMD and UCITS V
587(1)
§20.04 Stakeholder Views
588(4)
[ A] Green Paper (2005)
588(1)
[ B] Expert Group (2006)
589(1)
[ C] UCITS V (2009)
590(1)
[ D] UCITS V Consultations 2010/2012
590(2)
§20.05 A Proposed Solution to the Supervision Conundrum
592(2)
[ A] Reflexive Governance
592(1)
[ B] Supervisory Colleges?
593(1)
[ C] ECB Supervision
593(1)
§20.06 Conclusion
594(1)
PART IV Investment Strategies
595(178)
Chapter 21 Hedge Funds and Systemic Risk Reporting
597(30)
Frank Dornseifer
§21.01 Introduction and Overview
597(6)
§21.02 The EU Hedge Fund Market
603(1)
§21.03 Definition and Methods for Calculation of Leverage
604(8)
[ A] AIFMD
604(1)
[ B] AIFMD (Commission) Regulation 231/2013 and ESMA Advice 2011/379
605(2)
[ 1] Gross Method (Article 7 AIFMD (Commission) Regulation)
607(2)
[ 2] Commitment Method (Article 8 AIFMD (Commission) Regulation)
609(1)
[ C] ESMA Q&A Related to Calculation of Leverage
610(2)
§21.04 Specific Requirements of Leveraged AIFs Within the Authorization Procedure
612(5)
[ A] Information Requirements
612(1)
[ B] Internal Leverage Limit
612(5)
§21.05 Reporting Obligations with Regard to Leverage
617(3)
[ A] AIFMD
617(1)
[ B] AIFMD (Commission) Regulation and ESMA/2011/379
618(2)
§21.06 Use of Information by Competent Authorities, Supervisory Cooperation and Limits to Leverage
620(5)
[ A] AIFMD
620(1)
[ 1] Assessment of Information
620(1)
[ 2] Information Exchange
620(1)
[ 3] Limits to Leverage by Competent Authorities
621(2)
[ B] AIFMD (Commission) Regulation and ESMA/2011/379
623(1)
[ C] Potential Countermeasures
624(1)
[ D] Disclosure
624(1)
§21.07 Conclusion
625(2)
Chapter 22 Digital Asset Funds
627(16)
Dirk Zetzsche
John Lore
Roberta Consiglio
§22.01 Introduction
627(1)
§22.02 Definitions
627(3)
§22.03 Market Overview
630(4)
[ A] Crypto Hedge Funds
631(1)
[ 1] Governance
631(1)
[ 2] Remuneration and Performance Fees
632(1)
[ 3] Top Five CHFs
632(1)
[ B] CCEs and Wallets
632(1)
[ C] Cryptocurrency Index Funds and ETFs
633(1)
§22.04 Fund Types
634(2)
[ A] UCITS
634(1)
[ B] AIFs
635(1)
§22.05 Legal Issues
636(5)
[ A] Safekeeping and Custody
636(3)
[ B] Valuation
639(1)
[ C] Qualification of Service Providers
640(1)
[ D] Tech Entrepreneurs Versus Depositaries
640(1)
§22.06 Summary
641(2)
Chapter 23 AIFMD and Private Equity
643(14)
Roderik Boogaard
Jerome Mullmaier
§23.01 Introduction
643(2)
§23.02 Typical Private Equity Structure
645(1)
[ A] Tax-Driven Variety
645(1)
[ B] Basic Features
645(1)
[ C] Industry Divergence
646(1)
§23.03 Impact of the AIFMD on Private Equity Funds
646(9)
[ A] Registration as AIFM/Scope and Calculation of Assets under Management (AuM)
646(3)
[ B] Marketing of Private Equity Funds
649(1)
[ C] Identifying the AIFM: Delegation
650(2)
[ D] Depositary
652(1)
[ E] Transparency Requirements
653(1)
[ F] Asset Stripping Provisions
654(1)
[ G] Risk Management Functions
654(1)
[ H] Remuneration Guidelines and Disclosure
654(1)
§23.04 Conclusion
655(2)
Chapter 24 The AIFM's Duties upon the Acquisition of Non-listed Firms
657(12)
Christophe Clerc
David Eckner
§24.01 Scope, Definitions and General Principles
657(5)
[ A] Exempt Companies
657(1)
[ 1] Real Estate Special Purpose Vehicles
658(1)
[ 2] SMEs
658(2)
[ B] Definition of Control
660(1)
[ C] Confidentiality Obligations
661(1)
[ D] Gold-Plating
662(1)
§24.02 Disclosure
662(3)
[ A] Requirements When Certain Thresholds Are Crossed
662(1)
[ B] Requirements upon Acquisition of Control
663(2)
§24.03 Asset Stripping
665(2)
[ A] Original Views
665(1)
[ B] Adopted Rules
666(1)
[ C] Policy Rationale
666(1)
§24.04 Conclusion
667(2)
Chapter 25 Art Investment Vehicles
669(12)
David Eckner
Randall James Willette
§25.01 Introduction
669(1)
§25.02 Asset Class-Related and Operational Environment
670(3)
[ A] Art and the Private Equity Fund Model
670(1)
[ B] Active Management of an Art Portfolio
671(1)
[ C] Art Fund Structure, Process and Management
672(1)
§25.03 Investor Concerns and Impact of Regulation
673(4)
[ A] AIFMD Scope
673(3)
[ B] AIFMD-Compliant Art Fund Managers
676(1)
§25.04 Current Art Investment Vehicle Trends
677(2)
[ A] Family Offices
677(1)
[ B] Managed Art Accounts
678(1)
§25.05 Conclusion
679(2)
Chapter 26 Infrastructure Investments
681(14)
Frank Dornseifer
Dirk Zetzsche
Miko Yeboah-Smith
§26.01 Introduction
681(1)
§26.02 Categories
682(3)
[ A] Economic Versus Social
682(1)
[ B] Equity Versus Debt
683(1)
[ C] Risk and Return
684(1)
§26.03 Infrastructure as a Risk Management Tool
685(1)
§26.04 Market Overview
686(4)
§26.05 Set-Up of Infrastructure AIFs
690(2)
[ A] Closed-Ended and Open-Ended AIFs
690(1)
[ B] Professional or Retail AIFs
691(1)
[ C] Fund Vehicles
691(1)
[ D] Note on Taxes
692(1)
§26.06 Outlook
692(3)
Chapter 27 The AIFMD and (Dutch) Real Estate Funds
695(12)
Charles Destree
§27.01 Introduction
695(1)
§27.02 Typical Structure of a Real Estate Fund
696(1)
§27.03 AIFM Authorization
697(2)
[ A] Licence Versus Registration
697(1)
[ B] Licensing Requirements for RE-AIFM
697(1)
[ C] Implementation in the Netherlands: Split Supervision by the DNB and the AFM
698(1)
§27.04 Depositary and Custodian
699(1)
§27.05 Leverage
700(3)
[ A] AIFMD Rules
700(2)
[ B] Implementation in the Netherlands: Leverage Monitoring by the DNB
702(1)
§27.06 Valuation
703(2)
[ A] Revaluation under AIFMD
703(1)
[ B] External Valuer
703(1)
[ C] Liability in Connection with a Valuation
704(1)
[ D] Supervision
704(1)
§27.07 Financial Implications for Real Estate Funds
705(1)
§27.08 Conclusion
706(1)
Chapter 28 Loan-Originating (Debt) Funds
707(20)
Sebastiaan N. Hooghiemstra
Dirk Zetzsche
§28.01 Introduction
707(2)
§28.02 Loan Funds as Alternative Finance: Loan-Originating Funds Versus Loan-Participating Funds
709(1)
§28.03 Banking Law Restrictions for Loan-Originating Funds
709(1)
§28.04 Loan-Originating Funds Versus Banks
710(3)
[ A] Investor Protection Versus Depositor Protection
710(1)
[ 1] Depositor Protection
710(1)
[ 2] Investor Protection
711(1)
[ B] Systemic Risk
711(1)
[ 1] Substitutability
712(1)
[ 2] Size
712(1)
[ 3] Interconnectedness
712(1)
[ C] Conclusion
713(1)
§28.05 The Fragmented Loan-Originating Fund Framework in Europe
713(9)
[ A] The European Legal Framework for Loan-Originating Funds
713(1)
[ 1] UCITSD
714(1)
[ 2] ELTIFR
714(1)
[ 3] EuVECAR/EuSEFR
715(1)
[ B] National Level: A Fragmented Regulatory Landscape
716(1)
[ 1] `Manager Regulation' Versus `Product Regulation Approach'
716(1)
[ 2] Intermediary Regulation: AIFMs
717(1)
[ a] Authorized Versus Sub-threshold AIFMs
717(1)
[ b] Organizational Requirements for AIFMs
718(1)
[ 3] Product Regulation
719(1)
[ a] Authorized Versus Registered AIFs
719(1)
[ b] Qualifying Investors
719(1)
[ c] Leverage
719(1)
[ d] Portfolio Composition and Anti-concentration Rules
720(1)
[ e] Open-Ended Versus Closed-Ended
721(1)
[ 4] Types of Investors
721(1)
[ 5] Types of Borrowers
721(1)
[ 6] Investors' Disclosure and Reporting Obligations
722(1)
§28.06 Towards a European Legal Framework for Loan-Originating Funds
722(3)
[ A] Authorized Versus Sub-threshold AIFMs
722(1)
[ B] Organizational Requirements for AIFMs
722(1)
[ C] Eligible Borrowers
723(1)
[ D] Authorized Versus Registered AIFs Depending on Investors
723(1)
[ E] Leverage
724(1)
[ F] Open-Ended Versus Closed-Ended
724(1)
[ G] Investor Disclosure/Reporting Obligations
725(1)
§28.07 Conclusion
725(2)
Chapter 29 Cooperation of AIFMs with Pension Vehicles
727(14)
Benedikt Weiser
§29.01 AIFM and Pension Funds as Asset Managers
727(4)
[ A] Portfolio Management with Own Asset Expertise (Group-AIFM)
728(1)
[ B] Portfolio Management for the Investor (Platform-AIFM)
729(1)
[ C] Portfolio Management for Another Manager (`White-Label Managers')
729(2)
§29.02 Conflict of Objectives
731(2)
[ A] Regulatory Conflicts
731(1)
[ B] Permanent Establishment
732(1)
§29.03 Motivations for Engaging with an AIFM
733(1)
[ A] Group-AIFM
733(1)
[ B] Platform-AIFM
733(1)
[ C] White-Label Managers
734(1)
§29.04 Selection of the AIFM by a Pension Fund
734(3)
[ A] Indicative Offers
735(1)
[ B] Analysis of Indicative Offers
736(1)
[ C] Recall Level
736(1)
[ D] AIFM Agreement
736(1)
§29.05 Dedicated Structuring
737(1)
§29.06 Conclusion
738(3)
Chapter 30 Money Market Funds Regulation
741(18)
Sebastiaan N. Hooghiemstra
§30.01 Introduction
741(1)
§30.02 Scope of MMFR
742(4)
[ A] UCITS or AIF
743(1)
[ B] Short-Term Assets (Objective)
743(1)
[ C] Returns in Line with Money Market Rates or Value Preservation
743(1)
[ D] MMF Typology
744(1)
[ 1] Three Sub-categories of MMF
745(1)
[ 2] Short-Term and Standard MMFs
746(1)
[ E] MMF Authorization
746(1)
§30.03 Manager Regulation
746(6)
[ A] Credit Quality of Money Market Instruments, Securitisations and ABCPs
746(1)
[ B] MMF Liquidity Risk Management Measures
747(1)
[ 1] MMF Credit Ratings
747(1)
[ 2] `Know Your Customer' Policy
748(1)
[ 3] Stress Testing
748(1)
[ 4] Specific Liquidity and Redemption Gates for Public Debt CNAV and LVNAV MMFs
749(1)
[ C] Valuation of MMFs
750(1)
[ 1] Valuation of MMFs
750(1)
[ a] Mark-to-Market and Mark-to-Model Accounting Method
750(1)
[ b] Cost Amortization Method
750(1)
[ 2] Calculation of NAV per Unit/Share
751(1)
[ D] External Support
751(1)
§30.04 Depositary Regulation
752(1)
§30.05 MMF Product Regulation
752(4)
[ A] Eligible Assets and Investment Restrictions
753(1)
[ B] Provisions on Investment Policies
754(1)
[ 1] Diversification Rules
754(1)
[ 2] Concentration Rules
754(1)
[ C] Portfolio Rules
755(1)
[ 1] Short-Term MMFs
755(1)
[ 2] Standard MMFs
755(1)
§30.06 Transparency Requirements
756(1)
[ A] Investor Disclosure
756(1)
[ B] Reporting Requirements
756(1)
§30.07 Conclusion
757(2)
Chapter 31 Subscription Credit Lines under AIFMD
759(14)
Ezechiel Havrenne
§31.01 Introduction
759(1)
§31.02 Different Perspectives on SCLs
760(2)
[ A] AIFMs
760(1)
[ B] Investors
761(1)
[ C] Lenders
761(1)
§31.03 Debt Financing and the Leverage Notion
762(3)
[ A] SCLs Not Qualifying as Leverage
762(1)
[ 1] "Temporary in Nature" Notion
762(1)
[ a] Luxembourg and German Regulators' General Position
762(1)
[ b] CSSF's View on "Revolving Credit Facilities"
763(1)
[ 2] "Fully Covered by Contractual Capital Commitments from Investors in the AIF" Notion
763(1)
[ B] Leverage and "Portfolio Financings"
764(1)
[ C] Shareholder Loans and Leverage: FSMA Interpretation
764(1)
§31.04 SCLs and the Entity Authorized to Act
765(5)
[ A] SCLs and the "Portfolio Management" Notion
765(2)
[ B] Applicable Legal Provisions to AIFMs and SCLs
767(1)
[ C] SCLs and the Board's Supervisory Role
767(1)
[ 1] Board's Ex Ante Supervisory Function
768(1)
[ 2] Board's Ex Post Supervisory Functions
769(1)
[ D] SCLs and the Board's Execution Role
769(1)
[ E] SCLs and Umbrella AIFs
769(1)
§31.05 Security Taken in the Framework of an SCL
770(1)
[ A] SCLs and AIF Constitutive Documents
770(1)
[ B] SCLs and Collateral Together with Drawdown Right
770(1)
[ C] SCLs and Notification Obligation
770(1)
[ D] SCLs and Drawdown Right
770(1)
§31.06 Synthesis and Conclusion
771(2)
PART V The AIFMD's Cross-Border Dimension
773(68)
Chapter 32 The AIFMD's Cross-Border Dimension in Light of the Cross-Border Distribution Directive and Regulation
775(20)
Dirk Zetzsche
Robin Veidt
§32.01 Introduction
775(1)
§32.02 European Passport
776(2)
[ A] Marketing or Management Passport
776(1)
[ B] Entities Entitled to Pre-marketing
777(1)
[ C] Direct Cross-Border Activity or Activity Through a Branch
777(1)
[ D] Split Supervision and Escalation to the ESMA
778(1)
§32.03 Notification
778(1)
§32.04 Requirements for Cross-Border Activity
779(4)
[ A] Pre-marketing
779(1)
[ B] Marketing
780(1)
[ 1] Content of Marketing Materials
781(1)
[ 2] Applicable Laws of Member States
781(1)
[ 3] Minimum Facilities
782(1)
[ 4] De-notification
782(1)
[ 5] Split Supervision and Ex-ante Verification
782(1)
[ C] Branch Requirements
783(1)
§32.05 Management, Pre-marketing and Marketing
783(9)
[ A] Management Versus Administration
783(1)
[ B] Premarketing as Defined by the XBDD
783(1)
[ C] Marketing of AIF Units
784(1)
[ 1] Understanding Marketing: The Supervisory View
785(2)
[ 2] EU Financial Law Perspective
787(1)
[ D] Marketing Versus Pre-marketing
788(1)
[ 1] Direct Offering or Placement
789(1)
[ 2] Indirect Offering or Placement
790(2)
§32.06 Cross-Border Information Exchange in Tax Matters
792(1)
§32.07 Conclusion
793(2)
Chapter 33 The AIFMD's Third-Country Rules and the Equivalence Concept
795(46)
Dirk Zetzsche
Robin Veidt
§33.01 Introduction
795(2)
§33.02 Defining EEA and Third-Country Entities
797(9)
[ A] The Location of the Manager
797(1)
[ 1] Registered Office as a Basic Criterion
797(2)
[ 2] The Member State of Reference as a Potential Solution?
799(1)
[ 3] A Systems Approach to Defining TC-AIFMs
799(1)
[ a] Place of Effective Management
800(1)
[ b] The Real Seat Theory
800(1)
[ c] AIFMD Principles
801(1)
[ d] Principles of European Financial Law
802(1)
[ e] The AIFM's Head Office
803(1)
[ 4] Defining the Core Investment Activities
803(1)
[ B] The Location of the Fund
804(1)
[ 1] EC and Competent Authorities' View: The Registered Office
804(1)
[ 2] Reconsidering the Authorities' View on AIF Location
805(1)
§33.03 National Placement Regime (NPR): A Two-Pillar System
806(10)
[ A] General Requirements
807(1)
[ B] The Two Third-Country Pillars
808(1)
[ 1] Pillar I: Cooperation Agreements on Information Exchange Between Supervisory Authorities
808(1)
[ a] Parties
808(1)
[ b] Contents
808(2)
[ c] Limits on Information Exchange and Confidentiality
810(1)
[ d] Impact of the GDPR
811(1)
[ 2] Pillar II: FATF Compliance
812(2)
[ C] Marketing of AIF Units to Professional and Retail Investors
814(1)
[ D] Additional Requirements by Member States
815(1)
§33.04 The European Third-Country Passport: A Four-Pillar System
816(19)
[ A] The Role Model: The European Passport for EEA Entities
817(1)
[ B] The Four Regulatory Pillars
818(1)
[ 1] Pillar I: Cooperation Agreements on Information Exchange Between Regulatory Bodies
819(1)
[ 2] Pillar II: FATF Compliance
820(1)
[ 3] Pillar III: Tax Information Exchange Between States
821(1)
[ a] Parties
821(1)
[ b] Content
821(1)
[ c] Limits
822(1)
[ d] No Double Taxation Agreement
822(1)
[ 4] Pillar IV: Supervision by a Member State
823(1)
[ a] Supervision of TC-AIFMs: The Member State of Reference
823(1)
[ i] General MSR Authorization Requirements
823(1)
[ ii] Determination of the MSR
824(1)
[ iii] Procedures
824(2)
[ iv] Changes
826(1)
[ v] Who Will Benefit?
826(1)
[ b] Supervision of TC-AIFs Marketed by EEA-AIFMs
827(1)
[ C] Additional European Passport Requirements for TC-AIFMs
827(1)
[ 1] Marketing of AIF Units to Professional Investors
827(1)
[ 2] Appointment of a Legal Representative
828(1)
[ 3] Compliance with the AIFMD or Equivalent Third-Country Rules
828(1)
[ a] The Equivalence Principle
829(1)
[ b] The Future of Global Financial Regulation?
830(1)
[ i] Between Competition and Harmonization
831(1)
[ ii] Between Convergence and Diversity
832(1)
[ c] Equivalence and Risk Symmetry
832(1)
[ d] Equivalence in European Banking and Financial Law
833(2)
[ D] Cross-Border Management by TC-AIFMs in Detail
835(1)
§33.05 Applicability of Third-Country Rules and Brexit
835(4)
[ A] The ESMA's Equivalence Assessments
836(1)
[ B] Critique
837(1)
[ C] The European Commission's Delegated Act
838(1)
[ D] XBDD and AIFMD II
838(1)
§33.06 Conclusion
839(2)
PART VI The AIFMD's Transposition
841(84)
Chapter 34 Regulation of AIFMs and AIFs in Germany
843(20)
Thomas Erode
§34.01 Market Overview
843(2)
[ A] Data
843(1)
[ B] Framework Prior to AIFMD
844(1)
[ C] Supervisory Perspective
845(1)
§34.02 Scope and Organization: Definitions and Jurisdictional Specifics
845(8)
[ A] KAGB Framework
846(2)
[ B] Core Definitions
848(2)
[ C] Particularities
850(1)
[ 1] Small AIFMs
850(1)
[ 2] MiFID Services
851(1)
[ 3] Semi-professional Investors
851(1)
[ 4] Retail AIF
852(1)
§34.03 Regulation of Management Companies and Depositaries
853(2)
[ A] Authorization
853(1)
[ B] Depositary
854(1)
§34.04 Product Regulation
855(2)
[ A] Retail AIFs
855(1)
[ 1] Open-Ended Retail AIFs
856(1)
[ 2] Closed-Ended AIF
856(1)
[ B] Special-AIFs
856(1)
§34.05 Regulation of Promotion, Distribution and Marketing of AIFs
857(3)
[ A] Definition of Marketing
857(1)
[ B] Marketing Measures
858(1)
[ C] Marketing of Domestic AIF, EU AIF and Non-EU AIF
858(1)
[ 1] Retail Investors
859(1)
[ 2] (Semi-)Professional Investors
859(1)
[ a] Incoming Scenario
859(1)
[ b] Outgoing Scenario
860(1)
§34.06 Conclusion and Outlook
860(3)
Chapter 35 Regulation of AIFMs and AIFs in France
863(22)
Isabelle Riassetto
§35.01 Introduction
863(4)
[ A] Legal Framework for French Investment Funds
863(1)
[ B] Implementing the AIFMD
864(1)
[ C] Terminology
864(1)
[ D] Market Overview
865(2)
§35.02 AIFMs
867(4)
[ A] Status
867(1)
[ 1] Prior to the Implementation of the AIFMD
867(1)
[ 2] Since the Implementation of the AIFMD
868(2)
[ B] Creation, Organization and Functioning
870(1)
§35.03 Depositary
871(1)
§35.04 Products
872(9)
[ A] AIFs by Nature
873(1)
[ 1] AIFs Open to Non-professional Investors
874(2)
[ 2] AIFs Open to Professional Investors
876(1)
[ a] Types of AIFs
876(1)
[ b] Notion of Professional Investors
877(1)
[ 3] Employee Investment Undertakings
878(1)
[ 4] Securitization Vehicles
878(1)
[ B] "Other AIFs"
879(1)
[ C] AIFs in the French Taxonomy of Collective Investments
879(1)
[ 1] Collective Investments (Placements Collectifs---PC)
880(1)
[ 2] Collective Investment Undertakings (Organismes de placement collectif---OPC)
880(1)
§35.05 Marketing
881(4)
[ A] Definition of Marketing
881(2)
[ B] Marketing of AIFs to Retail Investors in France
883(1)
[ C] Transparency Requirements
883(2)
Chapter 36 Regulation of AIFMs and AIFs in the Netherlands
885(14)
Sebastiaan N. Hooghiemstra
§36.01 Introduction
885(1)
§36.02 The Dutch AIFMD Legislation and Other Regulatory Sources
886(1)
§36.03 The Scope of the AIFMD under Dutch Law: The AIF-Definition
886(1)
§36.04 Intermediary Regulation
887(5)
[ A] AIFMs
887(1)
[ 1] Full-AIFMs Versus `Third-Party AIFMs'
887(1)
[ 2] Ancillary MiFID II Investment Management Services
888(1)
[ 3] Sub-threshold (Small) AIFMs
889(1)
[ B] Depositaries
890(1)
[ 1] Continuation of the Pre-AIFMD `Depositary' Regime: The `Legal Title Entity'
890(1)
[ 2] PE Depositary
891(1)
§36.05 Legal Forms of AIFs in the Netherlands (Product Regulation)
892(2)
[ A] Corporate Entities (Beleggingsmaatschappij)
892(1)
[ 1] Companies (NV or BV)
892(1)
[ 2] Cooperative (Cooperatie)
892(1)
[ B] Non-corporate Entities (Beleggingsfonds)
893(1)
[ 1] Limited Partnership (Commanditaire Vennootschap, CV)
893(1)
[ 2] Fund for Joint Account (Fonds voor gemene rekening, FGR)
893(1)
§36.06 Marketing Regulation
894(1)
[ A] Registration/Authorization (Retail) AIFs
894(1)
[ B] Investor Qualification
894(1)
[ C] Investor Information
895(1)
§36.07 Private Placement
895(2)
[ A] TC-AIFs Managed by an (EEA-)AIFM (Article 36 AIFMD)
895(1)
[ B] AIFs Managed by a Non-EEA AIFM (Article 42 AIFMD)
896(1)
[ C] Cross-Border Management of Dutch AIFs by a Non-EEA AIFM (Article 42 AIFMD)
896(1)
[ D] Absence Level Playing Field: AIFs Managed by a Small EEA-AIFMs
897(1)
§36.08 Conclusion
897(2)
Chapter 37 Regulation of AIFMs and AIFs in Luxembourg
899(12)
Thibaut Partsch
§37.01 General Considerations
899(1)
§37.02 Legal Framework
900(1)
§37.03 Modifications of the Management Company Regime
901(2)
§37.04 Modernization of the AIF Regulation
903(1)
[ A] SIFs
903(1)
[ B] SICARs
904(1)
[ C] Part II UCIs
904(1)
[ D] RAIFs
904(1)
§37.05 Practical Issues
904(5)
[ A] Scope of CSSF's Approval
905(1)
[ B] Delegation and Substance
905(1)
[ C] Policies Review
906(1)
[ D] Cross-Border Asset Management
906(1)
[ E] Marketing Rules
907(1)
[ 1] Marketing in the EEA of EEA AIFs (Including Luxembourg AIFs) by Luxembourg Authorized AIFMs
907(1)
[ 2] Marketing in Luxembourg of Non-EEA AIFs by EEA AIFMs
907(1)
[ 3] Marketing in Luxembourg of AIFs by Non-EEA AIFMs
908(1)
[ 4] Private Placement
908(1)
§37.06 Conclusion
909(2)
Chapter 38 Regulation of AIFMs and AIFs in Ireland
911(14)
Blanaid Clarke
Mark White
§38.01 Method of Implementation of the AIFMD
912(1)
§38.02 Product (and Sales) Regulation
912(4)
[ A] Legal Forms
912(2)
[ B] Eligible Investors
914(1)
[ C] QIAIFs
914(1)
[ D] Additional Rules for RIAIFs
915(1)
§38.03 Manager Regulation
916(3)
[ A] Capital Requirements
916(1)
[ B] Licensed Activities
916(1)
[ C] Organizational Requirements
917(1)
[ D] Key Executives and AIFM Governance
917(2)
§38.04 Details on Sub-threshold/De Minimis AIFM under Irish Law
919(1)
§38.05 Depositary Regulation
919(1)
[ A] Depositary for Real Assets
919(1)
[ B] Depositary for RIAIF and QIAIF
920(1)
§38.06 NPPR
920(2)
§38.07 The Impact of Brexit on Delegation of Portfolio Management Functions
922(1)
§38.08 Conclusion
923(2)
PART VII The AIFMD as Part of EU Asset Management Law
925(12)
Chapter 39 Joint Principles of European Asset Management Law: Towards Cross-Sectoral Consistency
927(10)
Dirk Zetzsche
§39.01 The Joint Principles of European Asset Management
927(1)
§39.02 Evidence from the AIFMD
928(5)
[ A] Scope
928(1)
[ B] Manager Regulation
929(1)
[ 1] Licensing Requirements
929(1)
[ 2] Business Organization
929(1)
[ 3] Risk Management
930(1)
[ 4] Securitization
930(1)
[ C] Depositary Regulation
931(1)
[ D] Disclosure
931(1)
[ E] Supervision
932(1)
[ F] Cross-Border Dimension
932(1)
[ 1] European Passport
932(1)
[ 2] Third-Country Rules
933(1)
§39.03 Policy Objectives
933(1)
§39.04 Towards Asset Management Centres
934(3)
Bibliography 937(26)
Table of Legislation 963(12)
Index 975
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