Managing AIFs meaning

Key deadlines 5 August 2025—EU register of third countries with strategic AML/CFT weaknesses— The updated EU register of third nations with strategic shortcomings in their AML/CFT frameworks becomes effective and applicable from 5 August 2025 across the European Union. H2 2025—Liquidity management tools (LMTs) available to AIFMs managing open-ended AIFs and to UCITS— The European Commission must decide by 15 August 2025 whether to adopt ESMA’s draft Regulatory Technical Standards (RTS) on LMTs, as discussed here. Under the draft RTS, entry into force occurs on the twentieth day after publication in the Official Journal of the European Union. ESMA will translate and issue its accompanying guidelines following the Commission’s adoption of the draft RTS, and the guidelines will apply from the date the RTS take effect. Funds already in existence before the RTS take effect will have twelve months to comply with the guidelines. 18 September 2025—Financial transaction reporting— SMA’s call for evidence on a comprehensive approach for the simplification of financial transaction reporting (primarily...

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The CBI has a process to allow in-scope AIFMs to secure authorisation for the new loan origination activity by 16 April 2026, the deadline for transposing AIFMD II into Irish law. Background AIFMD II establishes a harmonised framework for loan origination by AIFs and AIFMs across the EU, emphasising micro-prudential risks and investor protection. AIFMD II must be transposed into national law by 16 April 2026 and will apply to AIFs that originate loans, with extra requirements for 'Loan Originating AIFs' (LO AIFs) whose principal strategy is lending or whose originated loans represent at least 50% of their net asset value. AIFMD II sets out rules that operate at the level of the AIFM as well as at the level of the AIF that originates loans...

This Practice Note reviews the role of depositaries under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) and their duties for asset safekeeping, cash flow monitoring and oversight of alternative investment funds (AIFs). It outlines the AIFMD’s depositary obligations, who may act as depositary, their responsibilities, issues around delegation and liability, the depositary agreement, and the reforms to depositary services introduced by Directive (EU) 2024/927 (AIFMD II), which must be applied by Member States from 16 April 2026. What is the AIFMD? The AIFMD (Directive 2011/61/EU) took effect in EU Member States on 22 July 2013 and governs the management, administration and marketing of AIFs throughout the EU. As implemented, it applies to all EU alternative investment fund managers (AIFMs) managing one or more AIFs, whether those AIFs are established in the EU or outside the EU. The AIFMD, as implemented in EU Member States, also applies to: non-EU AIFMs who manage EU AIFs, and (in part) non-EU AIFMs who actively market AIFs...

FSMA 2000 activities and investments Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), no one may carry on a regulated activity in the UK by way of business, or hold themselves out as doing so, unless authorised by the Prudential Regulation Authority (PRA) and/or the Financial Conduct Authority (FCA), or is an exempt person. For FSMA 2000, s 22, a regulated activity is a specified form of activity undertaken by way of business in the UK that relates to a specified investment or, depending on the activity, ‘property of any kind’. Activities and investments become ‘specified’ where they are designated in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (as amended) (RAO). For further detail on the general prohibition in FSMA 2000, s 19, its territorial scope, and what amounts to conducting regulated activities by way of business, see Practice Notes: The general prohibition and implications of its breach, Territorial scope of the prohibition and What does ‘by way...

This Practice Note examines how Brexit affects asset managers and investment funds, and outlines essential ‘no-deal’ readiness measures. For a summary of related Brexit Practice Notes, refer to: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime [Archived]. For deeper analysis of Brexit’s implications for funds and their managers, consult: Impact of Brexit: AIFMD—quick guide [Archived] and Impact of Brexit: UCITS—quick guide [Archived]... ‘Onshoring’ of EU funds and asset management regulatory regimes The principal EU regimes governing asset management and investment funds (the Relevant Regimes) comprise: the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive 2009/65/EC the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II) Throughout the ‘Brexit transition period’ (implementation period), the implemented Relevant Regimes, together with the related marketing and management passport rights, continued to apply in the UK...