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Alternative Investment Fund Managers (AIFM)

These pages contain information on the regulation and supervision of managers of (alternative) investment funds that fall within the scope of the AIFM Directive or the AIFMD registration regime under Section 2:66a of the Dutch Financial Supervision Act. The AIFMD (Alternative Investment Fund Managers Directive) applies to all managers of (one or more) alternative investment funds (AIFs). The applicable regime depends on the total assets under management and the characteristics of the AIF(s).

 

Wide Scope

The AIFM Directive has a broad scope. In principle, the directive applies to all managers of one or more alternative investment funds. This concerns the collective investment vehicles that are not considered to be undertakings for collective investment in transferable securities (UCITS). Think of private equity, hedge, infrastructure, real estate, equity and bond funds.

What does the AIFMD mean for managers?

The AIFM Directive prescribes that a manager may not manage an alternative investment fund and/or market units in it to investors without a licence.

Many requirements are imposed on the granting of the licence. For example, there are requirements in the field of minimum capital and the fit and proper assessment of executive directors. In addition, there are rules for having controlled and ethical business operations, a depositary and for an appropriate remuneration policy.

In addition to the rules for the licence, the directive imposes continuous requirements on the manager. For example, with regard to the prevention of conflicts of interest, the implementation of appropriate risk and liquidity management, the provision of an independent valuation of the assets and various transparency obligations.

Task of the AFM and DNB

The AFM is responsible for granting the licence and ongoing supervision. In addition to behavioural requirements, there are also prudential requirements, for example on minimum capital and leveraged investing. DNB monitors compliance with the prudential rules.

AIF(M)s are subject to many laws and regulations that are important for managers of alternative investment funds. Here is an overview of some important guidelines and measures.


Level 1 (guideline and implementation guideline) 

European:

Natoinal: 

Level 2 (elaboration measures European Commission)

Level 3 (further elaboration ESMA)