In order to harmonize the regulatory framework governing the European fund market, the European Commission has revised the existing Alternative Investment Fund Manager Directive – Directive 2011/61/EU (the “AIFMD”), with the introduction of the Alternative Investment Fund Manager Directive II (“AIFMD II”).
The European Commission sees a particular need for change in the areas of delegation agreements, liquidity risk management, regulatory reporting, the provision of custody and depositary services and lending by alternative investment funds (“AIFs”), whilst the definitions of AIFs and also of managers of AIFs (“AIFMs”) do not change.
In the following, we will summarize these changes with a particular focus on the key points for non-EU fund managers, non-EU-fund marketing requirements and the national private placement regime (“NPPR”).