Alternative investment fund manager (AIFM) meaning

This checklist outlines the requirements an alternative investment fund manager (AIFM) must include in its remuneration policy under the AIFM Remuneration Code (the Code) in the Financial Conduct Authority (FCA) Handbook’s Senior Management Arrangements, Systems and Controls (SYSC) sourcebook (SYSC 19B), as well as the remuneration disclosures that belong in an alternative investment fund (AIF)’s annual report. What is the AIFM Remuneration Code (SYSC 19B)? The Code sits in SYSC 19B. It applies to a full-scope UK AIFM managing a UK AIF or a non-UK AIF. It covers pay and bonus for staff. It sets parameters for pay and bonus awards for specified Code staff. The Code comprises nine remuneration principles, set out in SYSC 19B.1.5 R to SYSC 19B.1.24 R. For guidance on each of these principles, see Practice Note: UK AIFMD—Remuneration Code—What are the AIFM Remuneration Code principles? The principles operate on a proportionate basis, meaning an AIFM must apply them in a manner suitable to its size, internal organisation and the complexity of its activities...

Asset Management & Investment Funds: Irish Practice Developments—January 2026 Some annual compliance deadlines 31 January 2026—Undertakings for Collective Investment in Transferable Securities (UCITS) management company and alternative investment fund manager (AIFM) ownership confirmation—UCITS management companies (ManCos) and AIFMs are required to submit their annual ownership confirmation by 31 January 2026, as outlined for UCITS ManCos and for AIFMs. 20 February 2026—UCITS Key Investor Information Document (KIID)/PRIIPs Key Information Document (KID)—All UCITS offered to ‘retail investors’ in the EEA must provide those investors with a PRIIPs KID before they invest. A UCITS not made available to retail investors in the EEA does not need a PRIIPs KID and may continue to produce a UCITS KID. A UCITS preparing a UCITS KIID must update the KIID annually for each sub‑fund/standalone fund within 35 business days of the end of each calendar year, and the updated UCITS KIID must be filed with the CBI. Unlike the UCITS...

This Practice Note reviews the remuneration framework originating from the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) and set out in the alternative investment fund manager (AIFM) Remuneration Code (the Code) within the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) of the Financial Conduct Authority (FCA) Handbook at SYSC 19B. It outlines the main elements of the Code, including its reach, the meaning of remuneration and the Code’s principles. Managers of alternative investment funds (AIFs), including hedge funds, private equity funds and other AIFs (such as commodity funds, venture capital funds, real estate funds and investment funds), may all potentially fall within the scope of the remuneration requirements. For an accessible checklist of the relevant requirements, see: —checklist. For details on the equivalent EU requirements, see Practice Note: EU AIFMD—remuneration requirements. For an overview of the UK AIFM regime, see Practice Note: UK regulation of alternative investment fund managers—essentials. Scope of the Code The Code applies to a full-scope UK AIFM of a UK AIF or...

AIFMD transparency and prospectus requirements The Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) took effect in UK national law on 22 July 2013, establishing rules on transparency and the information to be provided to prospective investors before they commit to an investment decision. For investors and an alternative investment fund manager (AIFM), the core document is the investment prospectus (also referred to as an information memorandum). It must present all material details about the opportunity so that an investor can make a properly informed choice. This Practice Note outlines the prospectus transparency obligations in the Financial Conduct Authority (FCA) Handbook-specifically, the Investment Funds sourcebook, chapter 3.2 (FUND 3.2)-and examines how these principles should be applied when preparing an investment memorandum that is fit for purpose. Related materials include: Practice Note: UK AIFM regime-disclosure, reporting and anti-asset stripping requirements, on the disclosure and reporting duties imposed on UK AIFMs Practice Note: EU AIFMD-transparency rules and the prospectus, on the equivalent obligations under...

This Practice Note is archived and is no longer kept up to date. Regulation (EU) 2019/834 (EU EMIR REFIT) appeared in the Official Journal of the EU on 28 May 2019, with application from dates starting on 17 June 2019. Regulation (EU) 2019/2099 (EU EMIR 2.2) was published in the Official Journal of the EU on 12 December 2019 and applies from 1 January 2020. This Practice Note outlines the amendments to Regulation (EU) 648/2012 (EU EMIR) introduced by EU EMIR REFIT and EU EMIR 2.2. For current detail on EU EMIR, see Practice Note: EU EMIR—essentials and Checklist: EU EMIR—timeline. EU EMIR REFIT The following sets out the principal adjustments to EU EMIR made by EU EMIR REFIT. EMIR REFIT has applied since 17 June 2019, unless otherwise indicated. Categorisation of counterparties Article 2(8) of Regulation (EU) 648/2012 (EU EMIR) — revised definition of financial counterparty (FC): it now covers all EU Alternative Investment Funds (AIFs) (irrespective of whether the...