AIFMD country fact sheet

The latest AIFMD news from six of Europe’s top fund domiciles.


Private fund advisors that submit AIFMD applications any time before the July 22 deadline can continue operating even if regulators have not yet approved their request for authorization. The FCA expects to receive 776 total AIFMD authorization requests before the submission deadline, according to official figures obtain by Bovill. Ashley Kovas, head of funds at Bovill, says GPs need to ensure that by going “hell for leather in getting the application across the line” GPs don’t “miss the point they need to not only apply but comply” with the directive.


The popular fund domicile has set its AIFMD reporting deadlines. For fund managers reporting quarterly or semi-annually, they will have up to ten weeks to submit their first report, with information on the reporting period ending June 30, 2014 due to be submitted no later than September 11, 2014. However, legal sources expect most private fund managers to be required to report only on a yearly basis. Information for the period ending December 31, 2014 must be submitted by January 31, 2015.


Popular fund domicile Luxembourg was an early adopter of the AIFMD and its take on the directive doesn’t show any signs of ‘gold-plating’ – EU parlance for going above and beyond the minimum requirements of EU legislation. But the regulator (the CSSF) issued guidance last month requiring all AIFMD applications to be submitted by April 1 in order to authorize all GPs by July. Most other EU countries, including the UK, France and Germany, have allowed fund managers until July 21 submit their AIFMD applications.


Fund managers that were already marketing in Germany before July 22, 2013, must apply for permission with the German regulator no later than July 21, 2014 to become AIFMD compliant. But non-EU managers looking to market in Germany will struggle as the country’s private placement rules have been abolished, say legal sources. With the private placement route closed, fund managers soliciting capital in Germany fall under the AIFMD regime by default. GPs able to meet the directive’s obligations, which include rules on pay, reporting and the need for a depositary, must notify German authorities about their marketing intents. Assuming no objection from German regulators, a GP can begin marketing four months from after this notification is made.


The French AIFMD transposition measures published in summer 2013 are currently being modified. Over the past few weeks, the French Assemblée Nationale and the Senate have been examining the draft law which ratifies the secondary legislation transposing the directive in France. Amendments were introduced that aim to simplify the regimes for marketing non-EU funds.


Italy has introduced transposition measures which allow for an initial and partial implementation of the AIFMD (until the draft transposition law is approved). As soon as the transposition becomes law, the Italian regulators, the Banca d’Italia and Consob will be delegated to issue the appropriate new regulations, but the old regulations will apply until the new ones come into force. This effectively grants grandfathering rights to non-Italian funds authorized to be marketed in Italy until the new rules will apply.