European Commission Publishes Q&A Relating To AIFMD

Author:Mr Fionán Breathnach and Mark Browne
Profession:Mason Hayes & Curran

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...

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