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AIFMD and the SFAMA AIFMD Center

Introduction

Following the financial crisis of 2008 many regulatory initiatives have been implemented around the world in order to prevent systemic risk. Attention has been directed towards banks but also towards the Alternative Investment industry, a less regulated sector (in particular hedge funds, private equity funds and real estate funds).

The Alternative Investment Fund Managers Directive ("AIFMD") is part of the European Union's response to the financial crisis, and aims to create a comprehensive and effective regulatory and supervisory environment for alternative investment fund managers in the European Union.

AIFMD came into force on 21 July 2011 and had to be transposed into the national law of EU member states by 22 July 2013.

As a general matter, AIFMD introduces a passport system for the marketing of EU or non EU Alternative Investment Funds ("AIF") in the EU ("EU-marketing passport") as well as the possibility for EU and non EU Alternative Investment Funds Managers ("AIFM") to manage EU or non EU AIF on a cross-border basis ("EU-management passport").

The EU-marketing passport shall automatically be available to EU-AIFM managing EU AIF.

AIFMD introduces a different set of rules for Non-EU AIF and Non-EU AIFM from 2013, 2015 and 2018 onwards. The provided EU-marketing and EU-management passport shall not be available for non-EU AIF and non-EU AIFM until 2015 at the earliest.

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With this AIFMD Center we would like to give you necessary information, including European resources, in order to understand AIFMD and to exploit the opportunities of this regulation for your business. We also would like to draw you attention to some important issues. For more details on the implementation of AIFMD, please don't hesitate to contact SFAMA (tel: +41 61 278 98 00 - Email: office@sfama.ch).

Please note that for non-EU AIFM, a Swiss set-up approved by FINMA does not automatically mean that it is acceptable as such in the European Union.

Please note that this website is not intended in any way to be a substitute for specific legal advice. You should not act upon any information within this website without first seeking professional legal counsel.

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