Alternative Investment Funds in Europe: Law and Practice

by Lodewijk Van Setten, Danny Busch

Overview

The book provides a full and practical review of the impact of the highly controversial European Directive on Alternative Investment Fund Managers, which was adopted after much debate in October 2010 (AIFMD).

The AIFMD is intended to be a regulatory response to systematic risks that came to light in the financial crisis and will have a broad and material impact on the manner in which investment managers may operate and offer non-retail funds (including hedge funds, private equity funds, real estate funds and infrastructure funds), which were previously largely unregulated. The AIFMD not only regulates fund managers based in the EU, but also seeks to regulate non-EU managers who seek to offer non-EU funds to EU investors. Accordingly, the AIFMD will impact all fund offerings to professional investors based in the EU, potentially severely limiting the range of investments available to EU pension funds, insurance companies and other institutional investors.

The book begins with a detailed review of the AIFMD itself, including the 'Level 2' rules. The bulk of the book consists of chapters that analyse and explain the national implementation legislation of the EU Member States. Through this structure, the work provides the reader with fast-track access to the regulation at European and national level of non-retail EU and non-EU funds and fund managers, which are caught by the AIFMD.

Product Details

ISBN-13:	9780199657728
Publisher:	Oxford University Press
Publication date:	07/29/2014
Series:	Oxford EU Financial Regulation
Pages:	554
Product dimensions:	9.70(w) x 7.00(h) x 1.40(d)

About the Author

Lodewijk Van Setten, Managing Director and International Counsel, Morgan Stanley Investment Management; Visiting Professor of Law, King's College London,Danny Busch, Professor of Financial Law, University of Nijmegen, Netherlands

Lodewijk van Setten is Managing Director and International Counsel at Morgan Stanley Investment Management, and Visiting Professor at King's College, London. He wrote The Law of Institutional Investment Management (OUP, 2009) and is well-known in the UK which is the principal European market for alternative funds.

Danny Busch is Professor of Financial Law at the Institute for Financial Law, University of Nijmegen and practised with De Brauw Blackstone Westbroek (Amsterdam). He is a member of the Consultative Working Group (CWG) which advises the Investor Protection and Intermediaries Standing Committee (IPISC) on aspects of the current review of the European Markets in Financial Instruments Directive (MiFID).

Table of Contents

1. Introduction, Danny Busch & Lodewijk Van Setten2. The European AIFMD, Danny Busch & Lodewijk Van Setten3. United Kingdom, David Rouch4. Belgium, Bert Verdoodt5. France, Stephane Puel6. Germany, Dr Thomas Paul & Dr. Christian Schmies7. Ireland, Michael Jackson & Dualta Counihan8. Italy, Francesco Crocenzi9. Luxembourg, Claude Kremer, Michele Eisenhuth, Gilles Dusemon & Catherine Martougin10. Netherlands, Kees Groffen & Bernard Spoor11. Spain, Salvador Ruiz Bachs & Prof Emilio Diaz Ruiz12. Sweden, Dan Hanqvist13. Conclusions, Danny Busch & Lodewijk Van Setten