The Scope of the EU Alternative Investment Fund Managers Directive (2011/61/EU) and Its Significance for EU Investment Funds Law

Abstract

This study aims to analyse the provisions of the Alternative Investment Fund Managers Directive of the European Parliament and of the Council (2011/61/EU) which pertain to its scope. It is divided into two Sections:

(a) Section A offers an overview of the legal framework governing alternative investment funds (AIFs) and their managers (AIFMs) in the EU, which forms part of EU investment funds law. The impact of international regulatory initiatives on the elaboration of this legal framework is also discussed therein.

(b) In Section B the author analyses the provisions of Directive 2011/61/EU (as well as the Commission’s delegated and implementing acts and the ESMA’s Guidelines adopted on the basis of this Directive) which govern its scope (under 1) and exceptions therefrom (under 2). The related issue of the determination of AIFMs is also discussed (under 3).

Keywords: alternative investment funds (AIFs), alternative investment fund managers, EU investment funds law, national private placement regime (NPPR), European venture capital funds, European social entrepreneurship funds, European long-term investment funds, Lamfalussy process, ESMA, UCITS,

JEL Classification: D44, D82, D83, D92, E22, E44, F21, F65, G1, G21, G23, G24, K22, K33, K10, N24