The AIFM Directive in principle is applicable to all managers that manage or market one or more alternative investment funds in the EU, that is collective investment vehicles that do not qualify as Undertakings for Collective Investment in Transferable Securities (UCITS). Private equity, hedge, infrastructure, property, share and bond funds, among others, are in scope of the AIFMD.
General information For AIFM / Collective investment schemes
The AIFMD aims to provide for an internal market for managers of alternative investment funds (AIFMs) and a harmonised and stringent regulatory and supervisory framework for the activities within the EU as of 22 July 2013.
The AIFM Directive lays down rules and requirements for the authorisation, ongoing operation and transparency of AIFMs. There are, for example, minimum capital requirements, organisational requirements to minimise conflicts of interest, principles regarding sound remuneration policies, the obligation to appoint a depositary and to assure that the persons who effectively conduct the business of the AIFM are of good repute and are sufficiently experienced.
Additionally the Directive contains ongoing requirements such as appropriate risk and liquidity management, procedures resulting in the proper and objective valuation of the fund assets and various obligations regarding transparency.
Duties of the AFM and DNB
The AFM is responsible for the authorisation and ongoing supervision. DNB (The Netherlands Central Bank and Prudential Regulator) monitors compliance with the prudential rules for example, the minimal capital requirements and the use of leverage.
Further information on the AIFM Directive is provided in the Dutch section of the AFM website. The Dutch AFM website also provides answers to frequently asked questions, as well as information on the obligation to apply for a licence or registration and other related issues.