AIFMD – How to get there? Phase 1 Get the Facts

AIFMD – How to get there?
Phase 1
Get the Facts
Mapping exercise
What does AIFMD say?
Scope
In/exempted/excluded/grand-fathered/out
n
n
Organisational requirements
- Conducting persons/substance
- Capital requirements
-Valuation
Manager’s maturity regarding organisational requirements
and operating conditions
Operating conditions
- Risk and liquidity management systems
- Conflicts of interests policy
- Remuneration policies
n
n

Transparency requirements
n
Contractual arrangements with delegates and depositary
Impact assessment
n
n
Timeline
n
What are your connections with the EU?
- EU AIFM
- Marketing in the EU
- Management of EU AIF
-None
n
Map the options
- EU AIFM seek authorisation: management passport +
marketing passport
- Third-country level playing field
- Non-EU AIFM + non-EU AIF marketing via private
placement regimes
n
Phase 2
Get Ready
What does AIFMD say?
Structuring your business model
Need to appoint a single AIFM
Internal or external AIFM
Plug and play: UCITS ManCo with AIFM license
Convert Chapter 16 ManCo to AIFM
nSet up AIFM
nAIF internally managed
n
n
n
n
Increase of capital + insurance
Capital requirements
n
Conducting persons
n
n
Job descriptions/employment contracts
Delegation
n
Risk and liquidity management
Conflicts of interests
n
n
Remuneration policies
n

Design the best strategy
n
Set up delegation model
n
Design the framework of risk and liquidity management
and conflicts of interests
n
Structure your remuneration policies including tax aspects
n
Implement the transparency requirements
Transparency
n
Valuation
n
Depositary
n
n
n
n
Determine the valuation approach
Design framework with depositary
VAT planning
Avoid corporate tax pitfalls
n
n
Phase 3
Get On Board
Go
What does AIFMD say?
Authorisation + passport notification
Authorisation process
- Application form
- Constitutional documents
- Framework agreement between AIFM and its AIFs
- Agreements with service providers
- Preparation of the risk management process
- Preparation of the conflicts of interests policy
- Organisational rules handbook
n
Registration
n
Ongoing compliance
n

Filing with the CSSF and
ongoing compliance
n
Notification in other Member States (management and/or
marketing)
n
Registration process for AIF below the thresholds
n
Ongoing compliance review
n
AIFM
Valuation
Investment Advisor/
Manager
Portfolio Management
Independent Valuer
NAV Calculation
Other functions:
-Administration
-Marketing
Risk Management
Risk Manager
-Transparency
-etc.
Depositary
Management
Company
Central Administration
Non EU AIF
EU AIF
Lux. AIF
SICAV
Lux. AIF
FCP
For further information, please contact:
Pierre Beissel
Co-head of Private Equity
Tel: (352) 40 78 78 792
Email: [email protected]
Claude Kremer
Head of Investment Management
Tel: (352) 40 78 78 507
Email: [email protected]
Gilles Dusemon
Co-head of Private Equity
Tel: (352) 40 78 78 921
Email: [email protected]
Claude Niedner
Head of Real Estate
Tel: (352) 40 78 78 515
Email: [email protected]
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