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AIFM legislation and regulations

AIF(M)s are subject to a lot of legislation and regulations relevant to alternative investment fund managers. Here is an overview of some key directives and measures.

Other: VC and SEF Regulations

The European legislator has adopted two separate regulations for Venture Capital (VC) and Social Entrepreneurship Funds (SEFs). These regulations create a regime for VC and SEF managers in which, provided they manage less than €500 million in assets and meet a number of additional requirements, they can qualify for a European passport without having to meet all the requirements of the AIFM Directive.

Venture Capital: EuVECA Regulation
Social Entrepreneurship Funds: EuSEF Regulation

In addition, Regulation 2017/1991 applies. This incorporates amendments to the two regulations referred to above.

'Business or investment' policy rule

The AFM has withdrawn its ‘Business or investment’ policy rule.

The advent of the AIFM directive has broadened the regulation of alternative investment fund managers.