319:. Article 26(5) defines "control" as holding over 50% of voting rights, including as a ‘club deal’. This was watered down from 30% in the draft (formerly in article 26(1)(a)). Article 27(1) states that funds have to notify investee companies and shareholders when they acquire control, and article 28(4) requires them to disclose the acquisition to stakeholder groups including employees or representatives via the investee's board. Article 29 places an obligation on the central Private Equity management company (rather than an investee companies) to give information on operational and financial developments in firm's annual reports. Article 30 lists distribution requirements, which are intended to prevent
304:
depending on whether the AIFM is engaged in portfolio or risk management activities within the EU or markets its funds to EU investors. Each fund can only have one AIFM, though the AIFM can delegate certain functions to other entities. EU AIFMs became subject to all of the provisions of
Directive 2011/61/EU once it was implemented at the EU member state level. Authorised fund managers located within the EU are permitted to market their EU funds to professional investors in any EU member state under what Directive 2011/61/EU calls a passport.
336:
placement regimes, as non-EU managers cannot obtain the marketing passport. Likewise, non-EU funds managed by EU managers may only be marketed under the private placement regimes. Funds marketed under national private placement regimes are subject to compliance with certain provisions of
Directive 2011/61/EU related to reporting, regulatory co-operation agreements, and the jurisdiction of the fund and the manager not being listed as a "non-cooperative country and territory" by the
246:
295:
supervision, that are financially sound, and that have the necessary organizational structure to provide services to the AIFM or the AIF. All AIFMs must submit quarterly, semi-annual, or annual reports to their respective member state regulator with information about the AIFM and its AIFs as well as an annual report with information such as the fund's financial statements, activities, and information about the total amount of remuneration paid by the AIFM to its staff.
53:
463:, 71% of American fund managers said they believed Directive 2011/61/EU would have a negative effect on the industry. Fund managers from within the EU, Asia and the rest of the world excluding the United States reported in 2014 and 2015 that Directive 2011/61/EU was costing them more than they had expected it to. Criticism of the costs of the legislation comes partly from industry lobbyists.
213:
trading activity in financial markets; and constituting an important source of counterparty risk for other market participants" and that they had "contributed to the build-up of leverage in the financial system, the consequences of which for the stability of financial markets became apparent when leverage in the hedge fund sector was rapidly unwound during the crisis".
228:, said "The adoption of the directive means that hedge funds and private equity will no longer operate in a regulatory void outside the scope of supervisors. The new regime brings transparency and security to the way these funds are managed and operate, which adds to the overall stability of our financial system."
373:(EC) on possible implementation measures for Directive 2011/61/EU. On 19 December 2012, the EC added a series of new regulations to supplement the text. EU member states were required to write Directive 2011/61/EU into national law by no later than 22 July 2013. As of July 2014, not every EU member state had
441:
In
Luxembourg, the AIFM directive was transposed into national law on 12 July 2013. According to the 2013 law an entity – in order to become an AIFM – will have to submit an application to, and obtain authorisation from, the Commission de Surveillance du Secteur Financier (CSSF). The application must
331:
For the purposes of the directive, marketing is defined as any offering or placement (sale) of an AIF at the initiative of the AIFM, or on behalf of the AIFM, to investors domiciled in the EU. Member state laws and rules determine whether a fund is engaged in marketing for purposes of the directive.
307:
The reporting requirements of
Directive 2011/61/EU apply to all AIFMs who manage or market alternative funds within the EU. To fulfill the reporting requirements, AIFMs must file an Annex IV report within 30 days of the end of the applicable reporting period, which is determined by the amount of an
474:
think that the AIFM Directive could reduce the competitiveness of the EU's alternative investment funds industry because of the compliance the regulations impose on the industry. In addition, these managers from the hedge fund, private equity and real estate sectors believe that the directive will
212:
On the need for the directive, an explanatory document from the
European Commission stated that AIFMs had become "very significant actors in the European financial system, managing a large quantity of assets on behalf of pension funds and other investors; accounting for a significant proportion of
348:
In 2015, an analyst for EurActiv.com, a
European news and policy website, expressed concern that the directive puts non-EU funds at a disadvantage. In 2015, the European Securities and Markets Authority initiated a consultation to discuss issuing new rules to allow EU AIFMs to market their non-EU
303:
Special requirements apply to AIFMs using leverage. AIFMs are required to disclose the extent of the leverage employed within their funds, and prove that leverage in any fund has been limited to a reasonable amount. The scope of
Directive 2011/61/EU requirements that apply to AIFMs are different,
294:
The reporting regulations of
Directive 2011/61/EU require each AIF to be named using a series of codes, including its national identification code, the Bank Identifier Code (BIC) and the Legal Entity Identifier code. AIFMs must select only brokers and counterparties that are subject to regulatory
335:
EU funds managed by EU managers may be marketed across the EU under the passport of
Directive 2011/61/EU, provided the manager complies with all of the requirements of the directive. EU or non-EU funds managed by non-EU managers may currently be marketed within the EU only under national private
416:
Since 1 April 2013, the FMA Liechtenstein accepts applications for authorisation of AIFMs and AIFs as well as other persons and entities requiring authorisation under the AIFM Act. On 30 September 2016, the EEA Joint
Committee, whose decisions result in the inclusion of new EU law in the EEA
276:
The scope of the application of the directive is defined. The directives apply to EU AIFMs which manage one or more AIFs irrespective of whether such AIFs are EU AIFs or non-EU AIFs; non-EU AIFMs which manage one or more EU AIFs; and non-EU AIFMs which market one or more AIFs in the Union
475:
reduce the number of non-EU managers operating within the EU. Directive 2011/61/EU passed after contentious negotiations, especially between UK and French authorities, and because of its third-country provisions, which attracted considerable interest and engagement from U.S. authorities.
308:
AIFM's assets under management. Reporting periods range from quarterly to half-yearly to annually. The Annex IV report is a government regulatory document comprising 41 questions, analysing a fund's investment portfolios, exposures, leverage ratios, liquidity and risk analysis.
285:
An AIFM must be authorised with the AIFM's home state regulator for AIFMs that have assets under management in AIFs above the thresholds of: (1) 100 million EUR, if the AIF uses leverage; or (2) 500 million EUR, if the AIF does not use leverage.
168:
It was reported in May 2014 that only one-third of EU member states had successfully implemented the directive into law. As of 2014, the countries that had transposed Directive 2011/61/EU into law include Cyprus, the Czech Republic, the United Kingdom,
458:
In a study conducted by Multifonds in June 2014, 72% of respondents from the EU and Canada said they expected non-EU managers to set up European operations in order to take advantage of Directive 2011/61/EU. In a 2014 study conducted by
961:"COMMISSION DELEGATED REGULATION (EU) supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision"
349:
AIFs under the passport of Directive 2011/61/EU, and likewise for non-EU managers to market their funds under the passport. In July 2016 AIFM concluded that there were no fundamental obstacles to issuing passports to Canada,
442:
include information on the directors of the AIFM, its shareholders, and the alternative investment funds (AIF), which it intends to manage and demonstrate how the entity will comply with the requirements of the AIFM Law.
377:
Directive 2011/61/EU into national law. Some, but not all, member states provided for a one-year transition period, beginning 22 July 2013, before AIFMs would become subject to the requirements of Directive 2011/61/EU.
1874:
2023:
2054:
433:
transposed the requirements of the Directive by means of a series of regulations issued under the Investment Services Act (Cap. 370, Laws of Malta) and a number of new MFSA rulebooks. = EU-Passport
1932:
2008:
1008:
1515:
1878:
311:
In chapter V, section 2, articles 26–30, additional obligations apply for AIFs acquiring controlling influence in non-listed companies. This is essentially directed at
1914:
724:
2031:
520:
1229:
2062:
531:
1382:
1795:
884:
2111:
1939:
429:
became the first EU Member State to complete the transposition of the requirements of the Directive into national law. The Maltese legislator and the
1820:
2283:
1600:
542:
2206:
Prabhakar, Rahul (1 June 2013). "Varieties of Regulation: How States Pursue and Set International Financial Standards". Oxford University GEG.
1042:
161:. The Directive requires all covered AIFMs to obtain authorisation, and make various disclosures as a condition of operation. It followed the
627:
408:
has also issued a number of guidelines to national competent authorities including on key concepts of Directive 2011/61/EU and remuneration.
1648:
1016:
1838:
1693:
ESMA's technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive
257:
209:(ESRB) have the information they need to monitor financial systems in the EU. Directive 2011/61/EU also is intended to protect investors.
750:
1856:
985:
405:
277:
irrespective of whether such AIFs are EU AIFs or non-EU AIFs. Specific entities that are exempt from the directives are also listed.
202:
198:
827:
1275:
1124:"European Commission statement at the occasion of the European Parliament vote on the directive on hedge funds and private equity"
885:"AIFM Directive – Latvia, Poland and Spain Warned by European Commission for Failing to Fully Implement New Investment Fund Rules"
1769:
1545:
687:
90:
1626:
1408:
1355:
960:
1744:
1489:
1718:
1325:
417:
Agreement, decided to incorporate the first package of legal acts relating to the European Supervisory Authorities (ESAs).
225:
17:
1964:
201:. Provisions of Directive 2011/61/EU include increasing transparency by AIFMs and assuring that national supervisors, the
2268:
1145:
854:
2278:
776:
504:
430:
397:
391:
385:
2024:"Two-thirds of fund admin industry believes AIFMD will be a catalyst for the convergence of long-only and hedge funds"
1204:
802:
1078:
943:
920:
697:
1171:
910:
2137:
134:
162:
2288:
2163:
1433:
177:
and Ireland. In December 2014, the European Commission issued a formal warning to countries including Spain,
75:
2085:
206:
2188:
337:
661:
369:
The directive came into force on 21 July 2011. On 16 November 2011, ESMA issued technical advice to the
96:
1665:
564:
138:
35:
1307:
1261:
1230:"Consultation paper: guidelines on reporting obligations under Article 3 and Article 4 of the AIFMD"
1123:
1101:
635:
388:
on exemptions, general operating conditions, depositaries, leverage, transparency and supervision;
2273:
497:
43:
2232:
2211:
221:
1294:
1248:
2112:"Minority of Infrastructure and Real Estate Fund Managers Believe AIFMD Has Positive Impact"
1900:
2263:
595:
590:
194:
146:
944:
G20/OECD High-Level Principles of Long Term Investing Financing by Institutional Investors
8:
1102:"Directive on Alternative Investment Fund Managers ('AIFMD'): Frequently Asked Questions"
400:
on the procedure for establishing the member state of reference for non-EU fund managers.
374:
370:
217:
71:
1692:
1575:
2219:
2207:
1915:"Malta publishes final AIFMD implementing measures: Malta is open for AIFMD business"
1601:"Uncertainty over extent to which AIFMD passport will be afforded to non-EU managers"
1074:
916:
693:
490:
193:
Directive 2011/61/EU was prompted as part of a wider regulatory effort undertaken by
157:, real estate funds, and other "Alternative Investment Fund Managers" (AIFMs) in the
471:
1986:
165:. Before, the alternative investment industry had not been regulated at EU level.
1333:
1068:
320:
316:
1690:
949:(Report). Organization for Economic Cooperation and Development. September 2013.
2248:
1276:"Alternative Investment Fund Managers Directive: AIFMs managing leveraged AIFs"
312:
158:
154:
142:
2138:"European hedge funds close at record pace as higher costs, poor returns bite"
450:
The AIFM directive was transposed into France's national law on 27 July 2013.
2257:
1463:
381:
The directive has so far been supplemented by three Level II Regulations:
1326:"AIFMD's Impact on Non-EU Managers of Non-EU Alternative Investment Funds"
482:
358:
245:
170:
150:
1043:"ESMA clarifies final guidelines on reporting obligations under AIFMD"
1821:"European Commission Publishes AIFMD Level 2 Implementing Regulation"
1770:"Half of managers yet to apply for AIFMD authorisation, survey finds"
1691:
European Securities and Markets Authority (ESMA) (16 November 2011).
986:"Directive 2004/39/EC of the European Parliament and of the council"
467:
350:
2055:"Hedge Fund Readiness for AIFMD Is Lacking as Deadline Approaches"
751:"AIFMD update: only a third of EU states have implemented rules"
585:
574:
460:
411:
354:
185:
for not complying with implementation of Directive 2011/61/EU.
182:
178:
1627:"Call for evidence on AIFMD passport and third country AIFMs"
426:
425:
On 27 June 2013 (the measures were released on 25 June 2013)
361:, seven other non-EU countries are also under consideration.
174:
1839:"ESMA publishes final guidelines on Key Concepts of AIFMD"
1383:"This is Why AIFMD Annex IV Reports Demand More Attention"
2086:"Foreign hedge funds could lose as Europe tightens rules"
828:"Germany, France 'gold-plating' AIFMD rules, says survey"
289:
1933:"MFSA Statement on the AIFMD. Retrieved on 27 June 2013"
628:"Alternative Investment Fund Managers Directive (AIFMD)"
1202:
522:
Institutions for Occupational Retirement Directive 2003
1857:"ESMA publishes final guidelines on AIFM remuneration"
326:
298:
1576:"The AIFMD Deadline Tomorrow: Is The Industry Ready?"
855:"Ireland – Status of the AIFMD implemention [
852:
533:
Undertakings for Collective Investment Directive 2009
1719:"ESMA approves Guernsey AIFMD cooperation agreement"
1649:"EXTENSION OF FUNDS PASSPORT TO 12 NON-EU COUNTRIES"
555:
Alternative Investment Fund Managers Directive 2011
398:
Commission Implementing Regulation (EU) No 448/2013
392:
Commission Implementing Regulation (EU) No 447/2013
131:
Alternative Investment Fund Managers Directive 2011
2109:
1356:"SEI introduces AIFMD Annex IV reporting solution"
908:
685:
2255:
1745:"The British Virgin Islands – AIFMD one year on"
1546:"Why competition is vital to Europe's investors"
1490:"The British Virgin Islands – AIFMD one year on"
1464:"AIFMD: Time to Back Up on Reverse Solicitation"
1235:. European Securities and Market Authority. 2013
1224:
1222:
1207:(Report). Official Journal of the European Union
386:Commission Delegated Regulation (EU) No 231/2013
323:in the first 24 months from acquiring control).
2021:
800:
544:Markets in Financial Instruments Directive 2004
1513:
1461:
1323:
1070:EU Securities and Financial Markets Regulation
1009:"Hedge Funds Face Compliance Hurdles of AIFMD"
63:Alternative Investment Fund Managers Directive
2161:
2135:
2052:
1742:
1716:
1573:
1569:
1567:
1540:
1538:
1536:
1487:
1457:
1455:
1434:"AIFM Directive for US Private Fund Managers"
1219:
1172:"AIFM Directive for US Private Fund Managers"
1066:
1040:
1036:
1034:
1006:
498:
2083:
2046:
2015:
2009:"La directive AIFM est en vigueur en France"
1619:
1203:The European Commission (19 December 2012).
774:
722:
436:
412:Principality of Liechtenstein (1 April 2013)
2103:
1660:
1658:
1516:"AIFMD offers passport to European markets"
1348:
1169:
1000:
882:
725:"Industry grapples with regulatory changes"
236:
1564:
1533:
1452:
1400:
1319:
1317:
1281:. Financial Services Commission. 2013: 3–5
1031:
803:"AIFMD rules put Germany on the sidelines"
794:
655:
653:
512:
505:
491:
2205:
1406:
1060:
915:. Fundación Univ. San Pablo. p. 36.
748:
718:
716:
692:. Fundación Univ. San Pablo. p. 36.
406:European Securities and Markets Authority
203:European Securities and Markets Authority
2155:
2077:
1655:
1380:
1374:
978:
953:
846:
445:
2129:
1507:
1314:
966:. European Commission. 19 December 2012
777:"Countries lag on AIFMD implementation"
659:
650:
622:
620:
618:
616:
614:
612:
610:
420:
280:
216:When the directive was approved by the
14:
2284:European Union financial market policy
2256:
2168:World Finance: The Voice of the Market
1788:
1710:
1684:
1198:
1196:
1194:
1192:
768:
713:
290:Ch III, Operating conditions for AIFMs
2110:Vittorio Hernandez (11 August 2014).
2022:Fishburn Hedges (10 September 2012).
1762:
820:
742:
486:
988:. European Commission. 21 April 2004
607:
240:
226:President of the European Commission
1965:"Laws, regulations and other texts"
1593:
1268:
1189:
936:
343:
327:Chs VI-VIII, Marketing and passport
299:Chs IV-V, Transparency requirements
24:
2162:Sandra Kilhof (15 November 2014).
2136:Nishant Kumar (16 February 2015).
853:Donnacha O'Connor (27 June 2014).
634:. 12 November 2014. Archived from
466:According to a study conducted by
431:Malta Financial Services Authority
25:
2300:
2242:
723:Monica Gagna (15 December 2014).
364:
1514:Michelle Moran (30 March 2015).
1041:Jonathan Boyd (1 October 2013).
801:Becky Pritchard (3 March 2014).
775:Sophie Baker (28 January 2013).
244:
51:
2199:
2181:
2164:"AIFMD compliance falls behind"
2001:
1979:
1957:
1925:
1907:
1893:
1867:
1849:
1831:
1813:
1736:
1641:
1481:
1462:David Lawrence (8 April 2014).
1426:
1324:William Younge (30 July 2013).
1170:Neil Robson (24 October 2014).
1163:
1138:
1116:
1094:
902:
883:Neil Robson (8 December 2014).
876:
315:firms, and partly aims to stop
2053:Ivy Schmerken (17 July 2014).
1743:Tim Clipstone (27 June 2014).
1574:Saul Griffith (21 July 2014).
1488:Tim Clipstone (27 June 2014).
1007:Ivy Schmerken (30 July 2014).
679:
199:global market downturn of 2008
13:
1:
2084:Simon Jessop (21 July 2014).
1717:Jonathan Boyd (31 May 2013).
1146:"Official Journal L 174/2011"
188:
76:Council of the European Union
2116:International Business Times
2030:. Multifonds. Archived from
1801:(Report). KPMG. 22 July 2014
453:
207:European Systemic Risk Board
7:
1409:"2014 Q2 Webinar Programme"
1387:Wallstreet & Technology
1073:. Oxford University Press.
662:"The long and winding road"
632:Financial Conduct Authority
478:
338:Financial Action Task Force
231:
97:L 174, 1 July 2011, p. 1–73
10:
2305:
2269:2011 in the European Union
1989:. Luxembourg Fund Partners
909:Astrid B. Boening (2012).
686:Astrid B. Boening (2012).
565:Solvency II Directive 2009
2279:European Union directives
1407:CME Group (7 July 2014).
912:The EU as a Global Player
749:Bill Prew (23 May 2014).
689:The EU as a Global Player
571:
562:
551:
540:
529:
518:
437:Luxembourg (12 July 2013)
123:
115:
107:
102:
89:
81:
67:
59:
50:
41:
34:
1330:Mondaq Business Briefing
601:
237:Ch I, General provisions
36:European Union directive
1520:Financial Times Advisor
1438:The National Law Review
1176:The National Law Review
889:The National Law Review
729:Financial Times Advisor
470:, most of the UK-based
163:global financial crisis
2059:Wall Street & Tech
1302:Cite journal requires
1256:Cite journal requires
1067:Niamh Moloney (2014).
513:Investment law sources
2289:Investment management
2249:Text of the directive
1875:"FMA - Authorization"
1666:"UCITS V – an update"
446:France (27 July 2013)
173:, (Germany), France,
1336:on 24 September 2015
596:Directive 2009/65/EC
591:Directive 2014/65/EU
421:Malta (27 June 2013)
281:Ch II, Authorisation
147:financial regulation
30:Directive 2011/61/EU
18:Directive 2011/61/EU
2193:Deloitte Luxembourg
1919:ganadoadvocates.com
1881:on 20 December 2016
1863:. 15 February 2013.
1861:ganadoadvocates.com
1843:ganadoadvocates.com
1827:. 19 December 2012.
1825:ganadoadvocates.com
1362:. 12 September 2014
1013:Wallstreet and Tech
832:FTSE Global Markets
371:European Commission
222:José Manuel Barroso
218:European Parliament
124:Current legislation
72:European Parliament
31:
1945:on 2 February 2018
1796:AIFMDTransposition
1607:. 16 February 2015
1126:. 11 November 2010
1104:. 11 November 2010
638:on 24 January 2015
256:. You can help by
29:
2227:Missing or empty
1723:Investment Europe
1672:. 9 December 2014
1552:. 15 January 2015
1440:. 24 October 2014
1150:eur-lex.europa.eu
1047:Investment Europe
834:. 11 October 2013
755:Investment Europe
581:
580:
274:
273:
128:
127:
16:(Redirected from
2296:
2237:
2236:
2230:
2225:
2223:
2215:
2203:
2197:
2196:
2185:
2179:
2178:
2176:
2174:
2159:
2153:
2152:
2150:
2148:
2133:
2127:
2126:
2124:
2122:
2107:
2101:
2100:
2098:
2096:
2081:
2075:
2074:
2072:
2070:
2061:. Archived from
2050:
2044:
2043:
2041:
2039:
2019:
2013:
2012:
2005:
1999:
1998:
1996:
1994:
1983:
1977:
1976:
1974:
1972:
1961:
1955:
1954:
1952:
1950:
1944:
1938:. Archived from
1937:
1929:
1923:
1922:
1911:
1905:
1904:
1897:
1891:
1890:
1888:
1886:
1877:. Archived from
1871:
1865:
1864:
1853:
1847:
1846:
1835:
1829:
1828:
1817:
1811:
1810:
1808:
1806:
1800:
1792:
1786:
1785:
1783:
1781:
1766:
1760:
1759:
1757:
1755:
1740:
1734:
1733:
1731:
1729:
1714:
1708:
1707:
1705:
1703:
1697:
1688:
1682:
1681:
1679:
1677:
1662:
1653:
1652:
1645:
1639:
1638:
1636:
1634:
1623:
1617:
1616:
1614:
1612:
1597:
1591:
1590:
1588:
1586:
1571:
1562:
1561:
1559:
1557:
1542:
1531:
1530:
1528:
1526:
1511:
1505:
1504:
1502:
1500:
1485:
1479:
1478:
1476:
1474:
1468:FIN Alternatives
1459:
1450:
1449:
1447:
1445:
1430:
1424:
1423:
1421:
1419:
1404:
1398:
1397:
1395:
1393:
1378:
1372:
1371:
1369:
1367:
1352:
1346:
1345:
1343:
1341:
1332:. Archived from
1321:
1312:
1311:
1305:
1300:
1298:
1290:
1288:
1286:
1280:
1272:
1266:
1265:
1259:
1254:
1252:
1244:
1242:
1240:
1234:
1226:
1217:
1216:
1214:
1212:
1200:
1187:
1186:
1184:
1182:
1167:
1161:
1160:
1158:
1156:
1142:
1136:
1135:
1133:
1131:
1120:
1114:
1113:
1111:
1109:
1098:
1092:
1091:
1089:
1087:
1064:
1058:
1057:
1055:
1053:
1038:
1029:
1028:
1026:
1024:
1015:. Archived from
1004:
998:
997:
995:
993:
982:
976:
975:
973:
971:
965:
957:
951:
950:
948:
940:
934:
933:
931:
929:
906:
900:
899:
897:
895:
880:
874:
873:
871:
869:
850:
844:
843:
841:
839:
824:
818:
817:
815:
813:
798:
792:
791:
789:
787:
772:
766:
765:
763:
761:
746:
740:
739:
737:
735:
720:
711:
710:
708:
706:
683:
677:
676:
674:
672:
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119:21 July 2011
26:
2264:2011 in law
2038:11 February
1885:11 December
1805:17 December
1780:15 December
1754:18 December
1728:19 December
1702:17 December
1676:16 December
1605:COO Connect
1585:11 February
1556:11 February
1499:11 February
1473:11 February
1444:11 February
1418:19 December
1392:18 December
1366:15 December
1340:18 December
1211:17 December
1205:Regulations
1023:15 December
671:15 December
359:Switzerland
195:G20 nations
151:hedge funds
111:8 June 2011
2258:Categories
2229:|url=
1670:The Lawyer
1413:COOConnect
1285:13 January
1239:13 January
642:13 January
375:transposed
189:Background
171:Luxembourg
135:2011/61/EU
82:Made under
42:Text with
1993:6 October
1971:6 October
1749:Hedgeweek
1580:ValueWalk
1494:HedgeWeek
1360:HedgeWeek
863:Hedgeweek
454:Reception
353:, Japan,
139:directive
108:Date made
93:reference
46:relevance
2220:cite web
1698:(Report)
1181:20 April
1086:20 April
1052:20 April
992:16 April
970:20 April
928:20 April
734:20 April
705:20 April
479:See also
468:Deloitte
351:Guernsey
340:(FATF).
265:May 2016
232:Contents
2212:2383445
2189:"AIFMD"
2142:Reuters
2090:Reuters
1987:"AIFMD"
1949:14 June
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1633:15 July
1611:22 July
1525:21 July
1155:23 July
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838:21 July
812:21 July
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760:21 July
224:, then
145:on the
141:of the
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103:History
91:Journal
85:Art. 53
68:Made by
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2121:9 June
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2069:9 June
2011:. AMF.
1967:. CSSF
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696:
586:EU law
575:EU law
461:Preqin
355:Jersey
183:Poland
179:Latvia
1943:(PDF)
1936:(PDF)
1901:"LLV"
1799:(PDF)
1696:(PDF)
1279:(PDF)
1233:(PDF)
964:(PDF)
947:(PDF)
602:Notes
427:Malta
175:Malta
60:Title
2233:help
2208:SSRN
2175:2015
2149:2015
2123:2015
2097:2015
2071:2015
2040:2015
1995:2014
1973:2014
1951:2020
1887:2016
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1308:help
1287:2015
1262:help
1241:2015
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1183:2015
1157:2016
1132:2015
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1075:ISBN
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994:2015
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917:ISBN
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694:ISBN
673:2014
644:2015
573:See
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