Regulatory AlertsEssential Concepts in the Alternative Investment Fund Managers Directive
The French Autorité des Marchés Financiers (AMF) implements ESMA's orientations regarding essential concepts within the Alternative Investment Fund Managers Directive (AIFMD). This position clarifies the definitions used to characterize an alternative investment fund (AIF), including the qualification as a collective investment undertaking. It provides specific guidance on the notion of capital raising, investor number conditions, and the existence of a defined investment policy.
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II - Investment Products II. 1 - Collective Investments II. 1.3. Specific Provisions for AIFs II. 1.3.1. Common Provisions
Doctrine AIFM
Essential Concepts in the Alternative Investment Fund Managers Directive
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Applicable as of October 13, 2013 Position DOC-2013-16
Download Viewed Version Summary The AMF applies the ESMA orientations regarding the essential concepts contained in the AIFM Directive (ESMA/2013/611). The AMF integrates these into a position that clarifies the various concepts defining an alternative investment fund (AIF). Clarifications are thus provided regarding the qualification as a collective investment undertaking, the notion of capital raising, the condition related to the number of investors, and the existence of a defined investment policy.
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Article L. 214-24 I of the Monetary and Financial Code
Orientations on the essential concepts contained in the directive on alternative investment fund managers (ESMA/2013/611) Legal notices: Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02