CP12/32: Implementation of the Alternative ... - BVCA admin

3
Scope
November 2012
CP12/32
Implementation of the Alternative Investment Fund Managers Directive
3.1 This chapter covers matters of scope insofar as this is possible given continuing work by
ESMA and the Commission. It is intended to be helpful by indicating to firms whether they
are managing AIFs and therefore likely to be in scope of the Directive.
Meaning of ‘AIF’ and ‘AIFM’
3.2 The terms ‘AIF’ and ‘AIFM’ are defined in Article 4 of the Directive. AIFMs are ‘legal
persons whose regular business is managing one or more AIFs’. 18 As a result, the definition
for AIFMs is heavily dependent on the definition of an AIF.
3.3 An AIF is a collective investment undertaking that raises capital from a number of investors,
with a view to investing it in accordance with a defined investment policy for the benefit of
those investors, and that does not require authorisation under the UCITS Directive. 19 This
definition captures a very broad group of collective investment undertakings, apart from
those authorised as UCITS schemes in the UK or other EEA Member States. Each AIF
managed within the scope of this Directive must have a single AIFM. 20
3.4 The scope provisions in Article 2 AIFMD refer to different categories of AIFMs and AIFs
based on their place of establishment:
• AIFMs based in the EEA managing AIFs based in the EEA, whether the AIFM and the
AIF are based in the same Member State or different Member States.
• AIFMs based in the EEA managing AIFs outside of the EEA, whether or not those AIFs
are marketed in the EEA.
• AIFMs outside the EEA managing AIFs based in the EEA.
• AIFMs outside the EEA marketing AIFs in the EEA, whether those AIFs are based in
the EEA or outside of the EEA.
18 Article 4(1)(b) AIFMD. See definition of ‘alternative investment fund manager’ in Glossary.
19 Article 4(1)(a) AIFMD. See definition of ‘alternative investment fund’ in Glossary.
20 Article 5(1) AIFMD.
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