TAILIEUCHUNG - AIFMD UPDATE WHAT DOES THE AIFMA MEAN FOR YOU?

Alongside cohesion policy, the Connecting Europe Facility5 will be one of the EU's most obvious contributions to cutting through these obstacles by stimulating infrastructure. 2013 should see the facility up and running and key choices made on targeting. It should also see project bonds being rolled out to help harness private sector investment. This will go hand in hand with consolidating regulation. More needs to be done to achieve a true European transport area with European rules: proposals on connecting up in the rail sector and on accelerating the implementation of the Single European Sky should be taken forward as priorities. In the field of energy, the. | Deloitte. AIFMD Update What does the AIFMD mean for you Deirdre Power Partner Investment Management Advisory Deloitte Dublin AIFMD Overview Getting this far has been difficult. Directive finally published in the Official Journal on 1st July 2011 Political agreement reached in November 2010 after 19 months of intense debate and horsetrading Generated the most amendments in the history of the European Parliament Four ESMA papers amounting to over 500 pages Some quotes at the beginning of the journey This is a very dodgy Directive that s been poorly constructed. It was produced in a hurry. It s a process that makes those who support the European Union embarrassed. Treasury Minister Lord Myners 9th November 2009 Almost all of the Directive s provisions need to be redrafted to make them appropriate proportionate and adequate. Patrice Bergé-Vincent of French financial regulator AMF 9th October 2009 2 AIFMD Overview Scope Direct regulation of Alternative Investment Fund Managers AIFM Indirect regulation of Alternative Investment Funds AIF and their service providers Applies if the AIFM or AIF is EU-based or if it is intended to market in the EU An AIF is any fund that is not a UCITS Aims Provide common rules for the authorisation and supervision of AIFM Increase the transparency of AIFM towards investors stakeholders Provide tools for regulators to monitor systemic risk Ensure investor protection Achieve a Single European Market for AIFs EU Passport Increase the accountability of AIFM holding controlling stakes in companies private equity Impacts how an AIFM distributes their funds remunerates their people operates their business and the support needed to do so

• Quỹ đầu tư
• multiemployer plans
• multiple employer
• welfare arrangements
• Preemption
• State flexibility
• construction