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AIFMD

The Alternative Investment Fund Managers Directive (AIFMD) 2011/61/EU, which regulates the management of Alternative Investment Funds (AIFs), was published in the Official Journal of the European Union in July 2011. An AIF is defined in the Directive as any collective investment funds that do not fall under the scope of the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive, such as hedge funds, retail investment funds, and real estate. In June 2020, the European Commission submitted a report to the European Parliament and the Council which outlined that although there had been significant growth in the AIF market since 2011, it was determined that the legal structure of the AIFMD required improvement to further enhance investor protection, and to establish differences between retail and professional investors. A review of the AIFMD was finalised in 2023, with reforms to delegation, liquidity management, fund naming and costs for AIFs.

It is a requirement for all AIFMs to attain a license from the relevant National Supervisor and adhere to the AIFMD’s supplementing Regulation 231/2013/EU – The Alternative Investment Fund Manager Regulation (AIFMR). The reviewed Directive will now be transposed into EU Member States local legislation by mid-2025 and is also supplemented by regulatory guidance from individual National Competent Authorities (NCAs) and the European Securities and Markets Authority (ESMA).

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ISLA Working Groups

ISLA runs a variety of standing and topic specific working groups for its members, covering all aspects of advocacy, tax, legal, regulation and best practice. These include SFTR, CSDR, Legal & Regulatory Broadcasts and Best Practice.

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