tailieunhanh - AIFMD Client Memorandum - Investment Management & Funds Practice

A fully integrated and interconnected European Single Market covering telecoms, energy and transport is a prerequisite for competitiveness, jobs and growth. Achieving this requires affordable, accessible, efficient and secure network infrastructure. Accelerating the roll out of the digital economy will bring benefits across all sectors, through enhanced productivity, efficiency and innovation. Europe must have state-of-the-art digital networks to retain and build its global competitive position, to be able to handle the explosion in internet use and exchange of data and to fully exploit the efficiency gains and innovative services allowed by major online developments. In energy, significant investments in electricity grids and other energy networks will help make. | LOYENSz LOEFF ATTORNEYS AT LAW TAX ADVISERS CIVIL LAW NOTARIES Investment Management Funds Practice AIFMD Client Memorandum April 2012 loyens loeff INDEX PARAGRAPH PAGE 1 2 HOW DO YOU IDENTIFY THE AIFM .1 3 IS THE AIFMD APPLICABLE TO YOU .2 Scope - In or out of Grand-Fathering Opt-in 4 WHAT IF YOU Are a NON-EU AIFM .5 5 6 CAPITAL REQUIREMENTS FOR THE General Initial Capital and Own Funds Additional Own Funds Additional Own Funds Requirement for Potential Professional Liability Computation Risks to be Professional Indemnity 7 Regulatory Sub-delegation .13 Letter-box Entity 8 OPERATIONAL AND ORGANISATIONAL Operational Requirements Policies .14 Organisational 9 TRANSPARENCY Annual Disclosure to Reporting to Regulator .21 10 CONCLUSION .22 SCHEDULE 1 Third Country Conditions and Requirements LOYENS LOEFF 1 1 INTRODUCTION This memorandum aims to provide an overview of the key elements of Directive 2011 61 EU of the European Parliament and of the European Council of 8 June 2011 on Alternative Investment Fund Managers the AIFMD and is written particularly with a view to managers of investment funds investing in non-liquid assets. This memorandum may help you in determining the consequences the AIFMD will have with respect to the business and affairs of your investment management organisation and the funds managed by you. The AIFMD entered into force as of 21 July 2011 and must be implemented by the Member States of the European Union EU into national law not later than 22 July 2013. On 16 November 2011 following various market consultations the European Securities and Markets Authority ESMA issued a final report which provides ESMA s .