The Alternative Investment Management Association (AIMA), the global hedge fund industry association, has published a new set of practical guides for hedge fund managers wishing to comply with the Alternative Investment Fund Managers Directive (AIFMD).
The new guides cover three of the most important EU jurisdictions for the industry – the UK, Ireland and Luxembourg – and build on the generic AIFMD implementation guide that AIMA published in January 2013.
The new guides are intended to help managers understand how the AIFMD as implemented in the UK, Ireland and/or Luxembourg will impact their business and set out some of the strategic and operational choices that they face in order to respond to and comply with the AIFMD as transposed into national law in those countries.
The UK guide, AIMA said, is targeted at managers either already present in the country or considering establishing a business there, while the Irish and Luxembourg guides are perhaps most relevant to managers considering setting up funds in those jurisdictions.
The Irish guide was produced jointly by AIMA and the Dublin office of Maples and Calder, the international law firm, while the Luxembourg guide was a production of AIMA and Elvinger, Hoss & Prussen, the Luxembourg law firm.
Jack Inglis, AIMA CEO, said: “We hope that these practical guides for the UK, Ireland and Luxembourg improve managers’ understanding of what they need to do in order to establish a business or fund in those locations.
“Ever since the level II text of the AIFMD was agreed in 2011, AIMA has played a leading role in helping the industry meet the challenge of complying with the AIFMD. AIMA’s generic implementation guide helped the industry better understand the basic requirements of the AIFMD across the EU as a whole, but it is only now, with the July 2014 implementation deadline approaching, that we have a clearer picture of how the AIFMD will be applied in some of the most important EU jurisdictions for our industry.”
Peter Stapleton, Partner, Maples and Calder, said: “We have been tracking the development of the AIFMD and advising our clients and their international counsel on the impact of the AIFMD across their Irish, Cayman Islands and BVI structures since the first draft texts were published almost five years ago. During that time we have seen particular interest in the co-domiciliation of international fund structures and the increasing use of Irish vehicles for management and marketing in the EEA. We are therefore delighted to partner with AIMA in producing the Irish guide. As we enter the key implementation phase for the AIFMD, with the first transitional periods expiring, the Irish guide will be an extremely valuable tool for all market participants, providing a clear and accessible overview of strategic options in Ireland and a wide range of opportunities for dealing with the AIFMD.”
Jérôme Wigny, Partner at Elvinger, Hoss & Prussen, said: “Luxembourg’s implementation of the AIFMD will be of particular interest to AIF managers worldwide who keep the evolution of the Luxembourg landscape under close scrutiny. This guide should prove to be a very useful tool for both managers and the wider hedge fund community alike. Although the AIFMD will open up new marketing horizons to AIF managers, it inscribes itself within a wider global trend of increased legal and regulatory complexity in the financial sphere. We are honoured to collaborate with AIMA on this guide.”
