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The Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive European Regulation of Alternative Investment Funds

  • 作者:
  • 出版商: Kluwer Law International
  • ISBN: 9789041140449
  • 出版时间 November 2012
  • 规格: Hardback , 864 pages
  • 适应领域: Europe ? 免责申明:
    Countri(es) stated herein are used as reference only
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  • 描述 
  • 大纲 
  • 详细

    The Alternative Investment Fund Managers Directive (AIFMD) may be the most important European asset management regulation of the early 21st century. However, a preponderance of practitioners and academics in the field argue that, in its present form, the directive is seriously out of touch with both the system of European financial law and industry practice. In this first in-depth analytical and critical discussion of the content and system of the directive, thirty-four contributing authors – academics, lawyers, consultants, fund supervisors, and fund industry experts – examine the AIFMD from every angle. They cover structure, regulatory history, scope, appointment and authorization of the manager, rules on delegation, reporting requirements, transitional provisions, and the objectives stipulated in the recitals and other official documents. The challenging implications and contexts they examine include the following:

    • connection with systemic risk and the financial crisis;
    • impact on money laundering and financial crime;
    • nexus with insurance for negligent conduct;
    • connection with corporate governance doctrine;
    • risk management;
    • transparency;
    • the cross-border dimension;
    • liability for lost assets; and
    • impact on alternative investment strategies.

    Ten country reports add a national perspective to the discussion of the European regulation. These chapters deal with the potential interactions among the AIFMD and the relevant laws and regulations of Italy, Switzerland, Luxembourg, The Netherlands, Austria, Liechtenstein, the United Kingdom, Germany, France, and Ireland. The former are Europe’s most vibrant financial centres and markets. Designed to spur a critical attitude towards the emerging new European financial markets framework presaged by the AIFMD, this much-needed discussion not only elaborates on the inconsistencies and difficulties sure to be encountered when applying the directive, but also provides potential solutions to the problems it raises. The book will be warmly welcomed by investors and their counsel, fund managers, depositaries, asset managers, and administrators, as well as academics in the field.

  • Part I: Introduction. 

    Chapter 1 Introduction: Overview, Regulatory History and Technique, Transition Dirk A. Zetzsche. 


    Part II: General Aspects.

    Chapter 2 AIFMD, Systemic Risk and the Financial Crisis Rüdiger Wilhelmi & Moritz Bassler. 

    Chapter 3 Scope of the AIFMD Dirk A. Zetzsche. 

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

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

    Chapter 6 AIFMD vs. MiFID: Similarities and Differences Markus Wagner, Verena Schlömer & Dirk A. Zetzsche.

    Chapter 7 White Collar Crime, Money Laundering and Taxation: The AIFMD and Hedge Funds – An International and Irish Perspective Shelley Horan. 

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


    Part III: The AIFM. 

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

    Chapter 10 The Liability Insurance of the AIFM Gregory Walker. 

    Chapter 11Delegation Thibaut Partsch & Jérôme Mullmaier. 

    Chapter 12 The AIFM’s Governance and Remuneration Committees Paulo Câmara. 

    Chapter 13 Liquidity Management and Side Pockets Ulf Klebeck. 

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

    Chapter 15 Investor Information, Disclosure and Transparency Dirk A. Zetzsche & David Eckner. 

    Chapter 16 The AIFMD’s Cross-Border Dimension and Third Country Rules – A Systematic Perspective Dirk A. Zetzsche & Daniel Litwin. 


    Part IV: The Depositary and the Prime Broker 

    Chapter 17 Depositary Regulation Sebastiaan Hooghiemstra. 

    Chapter 18 The AIF Depositary’s Liability for Lost Assets Christophe Clerc & Jacques Deege. 

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

    Chapter 20 (Prime) Brokerage Dirk A. Zetzsche


    Part V: Investment Strategies 

    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 European Venture Capital Cycle in the Post-AIFMD Era Erik P.M. Vermeulen & Diogo Pereira Dias Nunes. 

    Chapter 25 The AIFMD’s Impact on Real Estate Funds (and its Dutch Implementation) J.H. Bennebroek Gravenhorst & C.C. Destrée. 

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


    Part VI: Country Reports. 

    Chapter 27Italy Giovanni Stefanin & Francesco della Scala. 

    Chapter 28 Switzerland Guenther Dobrauz-Saldapenna.

    Chapter 29 Luxembourg Thibaut Partsch & Ezéchiel Havrenne. 

    Chapter 30 The Netherlands Sebastiaan Hooghiemstra. 

    Chapter 31 Austria Julia Nicolussi. 

    Chapter 32 Liechtenstein Guenther Dobrauz-Saldapenna & Claudio Tettamanti. 

    Chapter 33 United Kingdom James Greig. 

    Chapter 34 Germany Sascha Staat.

    Chapter 35 France Christophe Clerc & Jacques Deege. 

    Chapter 36 Ireland (with Focus on HF Industry)Shelley Horan. 


    Part VII : Conclusion. 

    Chapter 37 The AIFMD and the Joint Principles of European Asset Management Law Dirk A. Zetzsche. 


    Bibliography.

    List of Legal Texts (EU/EEA).

    Index.

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