Can an AIF have more than one AIFM?
Can an AIF have multiple AIFM (for example an EU AIFM and a non-EU AIFM)? Each AIF managed within the scope of the AIFMD shall only have one single AIFM, responsible for the compliance with the requirements of the AIFMD.
Are REITs AIFS?
REITs: a REIT may avoid being classified as an AIF by relying on (i) the holding company exemption, (ii) the fact that it has a general commercial or industrial purpose or (iii) that it does not have a defined investment policy.
What is an AIFM Ireland?
AIFM means legal persons whose regular business is managing one or more Alternative Investment Fund (AIF) schemes. The AIFM shall be either: An external manager, which is the legal person appointed by the AIF or on behalf of the AIF and which, through that appointment, is responsible for managing the AIF; or.
Why was AIFMD introduced?
The AIFMD was implemented to better regulate alternative investments that were left largely unchecked prior to the 2008-09 global financial crisis. The directive aims to protect investors as well as reduce some of the systemic risk that these types of funds can pose to the EU and its economy.
Can an AIF be open ended?
An AIF is open-ended if its units or shares may, at the request of any of its investors, be repurchased or redeemed prior to the commencement of its liquidation phase or wind-down, directly or indirectly, out of the assets of the AIF in accordance with the procedures and frequency set out in its constitutive and/or …
What is the purpose of AIFMD reporting?
The purpose of AIFMD reporting is to effectively monitor and prevent systemic risk and market disruptions. The reporting obligation applies to registered and authorised AIFMs, and to those AIFMs that are established in a third country (non-EEA country), which market in Finland the AIFs they manage.
When was the AIFMD applicable from?
2013
The Alternative Investment Fund Managers Directive (the “AIFMD”) came into force in 2011 and was required to be implemented by the European Economic Area (the “EEA”) member states into their national laws by 2013.
Are REITs closed ended?
In short, a REIT is a closed-ended company which trades on public markets, providing tax efficient investment exposure to property assets. As well as strong performance and regular income, REITs offer access to sector specialists who are experts in selecting the best assets to provide long-term, dependable cash flows.
What is the difference between UCITS and AIFMD?
The key difference between the two texts is that UCITS requires a “risk management process” that “enables it to monitor, measure at any time” whereas the AIFMD legislation require “risk management systems” that will be used “in order to identify, measure, manage and monitor all risks … to which each AIF is or may be …
Who does AIFMD apply?
The Alternative Investment Fund Managers Directive (AIFMD) is a regulatory framework that applies to EU-registered hedge funds, private equity funds, and real estate investment funds.
What is the Central Bank AIFMD Q&A ID for Irish AIFS?
AIFMD Q&A Thirty-third Edition: On 29 March 2019, the Central Bank issued the 33rd edition of the Central Bank AIFMD Q&A which included a new Q&A ID 1130 in relation to Irish AIFs which acquire Chinese bonds through the Bond Connect infrastructure.
What guidance has the Central Bank issued on the AIF Rulebook?
The Central Bank has issued guidance on a number of topics to assist users of the AIF Rulebook, including that listed below: The AIFMD Q&A sets out answers to queries likely to arise in relation to the implementation of the AIFMD. It is published in order to assist in limiting any uncertainty until definitive positions and practices are finalised.
What is the AIFMD Q&A and why is it important?
The AIFMD Q&A sets out answers to queries likely to arise in relation to the implementation of the AIFMD. It is published in order to assist in limiting any uncertainty until definitive positions and practices are finalised. It is not relevant to assessing compliance with regulatory requirements.
What are the new AIFMD Q&A IDs for 2020?
AIFMD Q&A Thirty-sixth Edition: On 23 November 2020, the Central Bank issued the 36th Edition of the Central Bank AIFMD Q&A, which included new Q&A IDs 1134 and ID 1135. The Q&As concern a discontinuation of the practice of requiring general partners of investment limited partnerships to be approved by the Central Bank as AIF management companies.