Fund managers face up to the AIFMD

It's decision time for non-UCITS Collective Investment Schemes, report Roxy Nadershahi and Andrew Lowin, as practical details of the controversial Alternative Investment Fund Managers Directive begin to emerge.

Roxy Nadershahi (roxana.nadershahi@kinetic-partners.com) is a consultant and Andrew Lowin (andrew.lowin@kinetic-partners.com) is technical director, consulting, at Kinetic Partners (www.kinetic-partners.com).

This year will see the enactment of the long-awaited Alternative Investment Fund Managers Directive, which will have far-reaching consequences for any Collective Investment Scheme (CIS) or Collective Investment Undertaking that is not a UCITS scheme - categorised as Alternative Investment Funds (AIF). Before the Level 2 Regulations (AIFMR) were formally published on 19 December 2012, the investment industry held back on making any major decisions. Since then, AIFMD/R seminars at corporate law firms have been overflowing with weary investment managers jostling for the latest news and what this means for marketing and managing their funds in the EU. With AIFMR firmed up, this is the time to get up to scratch quickly with the AIFMD/R and establish the impact and issues faced by AIF investment schemes.