Gibraltar FSC – AIFMD Fund
The Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) is a European Directive which was transposed into Gibraltar legislation via the Financial Services (Alternative Investment Fund Managers) Regulations 2013. The European Commission has supplemented the AIFMD with a Delegated Regulation, more commonly known as the level 2 implementing measures (Level 2).
With the implementation of the AIFMD, all EU funds will either be Undertakings for Collective Investment in Transferable Securities (UCITS) or Alternative Investment Funds (AIFs). Therefore, the scope of the AIFMD is very large and covers Experienced Investor Funds (EIFs), authorised funds, private funds and some recognised funds. The AIFMD however does not directly regulate the operations of AIFs but instead regulates the managers of the AIFs; i.e. the alternative investment fund managers (AIFMs).
Small AIFMs” are AIFMs which either directly or indirectly, through a company with which the AIFM is linked by common management or control, or by substantive direct or indirect holding, manage portfolios of AIFs whose assets under management:
(a) including any assets acquired through use of leverage, in total do not exceed a threshold of EUR100 million; or
(b) in total do not exceed a threshold of EUR500 million when the portfolios of AIFs consist of AIFs that are unleveraged and have no redemption rights exercisable during a period of 5 years following the date of initial investment in each AIF.
The above thresholds are commonly referred to as the “de minimis thresholds”.
Although Small AIFMs do not fall within the full scope of AIFMD they are still required to register with the FSC in accordance with Article 3 of the AIFMD. However, small non-EU AIFMS which manage EU AIFs (this includes Gibraltar AIFs) only have to register with the FSC if they are marketing the EU AIF in Gibraltar until 2015.
Only Articles 3(3), (4) and 46 of the AIFMD apply to Small AIFMS.
For further information, please refer to the Gibraltar FSC information page “AIFMD – Small AIFMs”.
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Since the establishment of the World Commission on Environment and Development by the United Nations, sustainable development has become more and more interpreted and accepted as an overarching concept to ensure the continuity of our planet. Sustainable development is defined as development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
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