AIFM legislation and regulations
AIF(M)s are subject to a lot of legislation and regulations relevant to alternative investment fund managers. Here is an overview of some key directives and measures.
Level 1 (directive and implementation directive)
European:
• AIFM Directive English
National:
• Financial Supervision Act (Wet op het financieel toezicht)
• Market Conduct Supervision (Financial Institutions) Decree (Besluit Gedragstoezicht financiële ondernemingen Wft)
Level 2 (European Commission elaboration measures)
• EC Level II Regulation No 231/2013 (exemptions, conduct of business, depositary, leverage, transparency and supervision)
• EC Regulation No 448/2013 (determining reference Member State non-EU AIFM)
• EC Regulation No 447/2013 (opt-in procedure)
• EC Regulation No 694/2014 (open/closed ended AIFs)
Level 3 (further elaborations ESMA)
Other: VC and SEF Regulations
The European legislator has adopted two separate regulations for Venture Capital (VC) and Social Entrepreneurship Funds (SEFs). These regulations create a regime for VC and SEF managers in which, provided they manage less than €500 million in assets and meet a number of additional requirements, they can qualify for a European passport without having to meet all the requirements of the AIFM Directive.
• Venture Capital: EuVECA Regulation
• Social Entrepreneurship Funds: EuSEF Regulation
In addition, Regulation 2017/1991 applies. This incorporates amendments to the two regulations referred to above.
'Business or investment' policy rule
The AFM has withdrawn its ‘Business or investment’ policy rule.
The advent of the AIFM directive has broadened the regulation of alternative investment fund managers.