The AIFMD was introduced as part of a wider regulatory effort undertaken by G20 nations following the global market downturn of 2008. The scope of the AIFMD is broad and, with a few exceptions, covers the management, administration and marketing of alternative investment funds (“AIFs”). Its focus is on regulating the Alternative Investment Fund Manager (“AIFM”) rather than the AIF.
An AIF is a ‘collective investment undertaking’ that is not subject to the UCITS regime, and includes hedge funds, private equity funds, retail investment funds, investment companies and real estate funds, among others. The AIFMD establishes an EU-wide harmonised framework for monitoring and supervising risks posed by AIFMs and the AIFs they manage, and for strengthening the internal market in alternative funds.
This highly practical 1 day course conducted by a senior fund management practitioner will explore the AIF industry, the components of an AIF structure, distribution and passport requirements. You will also learn about the registration and authorisation processes for AIFMs and regulatory reporting requirements. Finally, you will have a chance to learn in more detail about the AIFMD legislation and the latest market developments.
What will you learn
By the end of this course you will have a solid understanding of:
- The key characteristics of AIFs, their structure and objectives
- The impact of AIFMD on Operators of AIF’s and MiFID Firms
- Depositary’s liability
- Marketing opportunities with cross-border passport
- Challenges for Non-EU AIF’s
- Reporting requirements
- Why there’s the perceived need for the AIFMD
- The AIFMD regulation
- AIFM distribution and passporting requirements
- What’s coming next
Course Content
- Introduction to EU AIFMD legislation
- FCA level 2 impact
- Asset classes for AIF’s
- AIF structures
- Concept of the AIFM (the Operator) and the portfolio manager (Investment Manager)
- Subsistence requirement
- Depositary liability - impact on cost to AIFs
- The UK regulatory reporting
- Impact on regulatory capital for AIFM / portfolio manager
- Non-EU domiciled funds -v- EU domiciled funds
- Timetable for EU distribution passport
- What should we expect in the future
Speakers
Neil is a founder of a sustainable asset management business and is responsible for risk, compliance and operations. He is also Chair of the investment committee. He has over 35 years’ experience as a trader, broker, management consultant and asset management risk manager. He was responsible for establishing and authorising the UK and Guernsey regulated entities and fund vehicles. He has acted as an expert witness on fund regulation and client classification cases, both of which settled in line with his advice. He has sat on LP Advisory Committees and acts as a NED for a range of companies.
Prior to this, Neil was a Global Head of Risk Management for Credit Suisse Asset Management, which had assets under management of cUS$350 billion when he left. At CSAM he established their independent risk function, sat on the Credit Suisse Group Risk Committee and was a trustee director of the Credit Suisse UK pension schemes. Previously, Neil was Global Head of Risk Management at HSBC Asset Management, where he established their independent risk function.
Neil is a Chartered Fellow of the CISI. For the past fifteen years he has chaired the CISI diploma panel for the Financial Derivatives paper and chairs the CISI Bond Forum.
Neil has worked with well known clients across the asset management industry on a range of diverse projects.
Who Should Attend
The course is relevant for Managers and Team Members from Asset and Fund Management, Investment Banking, Hedge Funds and Institutional Investors with the following background:
- Funds Management
- Investment Management
- Fund Administration
- Portfolio Management
- Structuring
- Risk Management
- Lawyers
