AIFMD: on the road to implementation
Key developments and impacts
The Alternative Investment Fund Managers Directive (AIFMD) provides a brand new EU framework for the regulation and oversight of alternative investment fund managers (AIFMs).
For the first time, AIFMs are required to seek authorisation under a comprehensive regime with far-reaching business impacts.
Time to prepare: ESMA issues final guidelines on AIFMD reporting
The wait for the final set of reporting guidelines under the Alternative Investment Fund Managers Directive (AIFMD) is now over.
A number of helpful and important new clarifications have been made, enabling AIFMs to step up their preparations. Much to the relief of industry, initial reporting will now be aligned with authorisation and the quarterly calendar year. This will allow for a phasing in of filings from 31 January 2014.
AIFMs will need to consider a separate opinion ESMA issued to national regulators advising them to collect some additional items of information. The guidelines now pass to national regulations for adoption and roll-out.
Minimise effort and risk with AIFMD reporting: Get a head start
The reporting framework for AIFMD is now finalised. Fund service providers are ideally placed to assist clients with the new reporting obligations and thereby develop new service offerings from AIFMD. However, implementing an AIFMD reporting solution is not without challenges and risks. Clients need to know that the reporting solution is correctly calibrated. Deloitte can assist you to get your AIFMD reporting solution right first time – minimising the effort for you and the risk to your business.
AIFMD webinar: remuneration and delegation
AIFMD went live on 22 July 2013 but AIF Managers continue to grapple with the compliance challenges the new regime has brought. Two key areas – remuneration and delegation – stand out as major challenges where uncertainties persist.
To help firms understand these challenges and how to address them, Deloitte specialists from the UK, Ireland and Luxembourg hosted a joint webinar in which they share insights on the latest developments in AIFMD’s rules on remuneration and delegation. Areas for discussion include:
- Current themes across asset management reward
- Impact of the recent Financial Conduct Authority (FCA) remuneration consultation paper
- AIFM remuneration in a Luxembourg and Ireland context
- How the different remuneration regimes (CRD III, CRD IV, AIFMD, UCITS V) interact
- Delegation and substance in the UK, Ireland and Luxembourg
Deciding on your AIFM model
Helen Beck, Partner, Financial Services Remuneration, Deloitte UK
Niamh Geraghty, Director, Investment Management Advisory, Deloitte Ireland
Marc Noirhomme, Director, ERS Regulatory Consulting, Deloitte Luxembourg
Patrick Rooney, Senior Manager, Investment Management Advisory, Deloitte Ireland
AIFMD implementation webinars: get the right focus
This series breaks AIFMD down into manageable parts, focusing on key compliance aspects and business strategy implications. We discuss new developments, share with you our insights and outline key actions to ensure compliance. Some of our recent AIFMD webinar sessions are outlined below.
Webinar: AIFM depositary function
20 June 2013
- Overview of the new depositary regime
- Key duties
- Depositary liability and prime broker models
- Operational impacts
- Future depositary landscape
Webinar: AIFM structuring and delegation, valuation and remuneration
13 June 2013
- AIFM structuring and delegation
Webinar: AIFMD for US fund managers
3 June 2013
- Impacts on distribution
- Key requirements of the directive
- Options available and steps to compliance
To access further webinars, visit the Deloitte Link'n Learn archive
AIFMD Alert: European Commission Q&A
On 27 March 2013, the European Commission published on its website a series of questions and answers on the application of the Alternative Investment Fund Managers Directive (AIFMD).The Q&A section provides responses to several technical questions raised in relation to AIFMD, including the key topic of the transitional arrangements for pre-existing AIFMs.
We have compiled all of the Q&A into a single document which you can download here.
AIFMD Alert: European Commission Q&A (PDF)