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AIFMD Level 2 Regulation

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AIFMD level 2 regulation the UK version of Commission delegated regulation (EU) No 231/2013 supplementing Directive 2011/16/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision, which is part of UK law by virtue of the EUW This Regulation covers the following amendments to Delegated Regulation (EU) 231/2013: Article 1(1) lays down a definition of 'sustainability risks' that is aligned with the definition of 'sustainability risks' in point (22) of Article 2 of Regulation (EU) 2019/20889 37(14) IA Commission Implementing Regulation (EU) No 448/2013 of 15 May 2013 establishing a procedure for determining the Member State of reference of a non-EU AIFM pursuant to Directive 2011/61/EU of the European Parliament and of the Council 67(5) DA Commission Delegated Regulation (EU) 2015/514 of 18 December Page 1 of 2 single Regulation. (2) It is important to ensure that the objectives of Directive 2011/61/EU are achieved uniformly throughout the Member States, to enhance the integrity of the internal market and offer legal certainty for its participants, including institutional investors, competent authorities and other stakeholders, by adopting a Regulation. Th

AIFMD level 2 regulation - FCA Handboo

  1. with respect to risk management and liquidity management requirements. AIFMD Level 2 sets out detailed requirements with respect to risk management (Articles 38-45) and liquidity management (Articles 46-49). While this is somewhat understandable as UCITS are subjec
  2. Articles 6 to 11 of the AIFMD level 2 regulation provide detailed rules on the calculation of levels of leverage, articles 38 to 47 of the AIFMD level 2 regulation provide detailed rules on risk management and article 112 of the AIFMD level 2 regulation provides detailed rules on circumstances when competent authorities may impose leverage limits or other restrictions on the management of AIFs
  3. AIFMD Level 2 Regulation means the Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision
  4. The European Commission adopted the long-heralded Alternative Investment Fund Managers Directive (AIFMD), level 2, implementing regulation (the Regulation) on 19 December 2012. [1] The Regulation, when it enters into force, will be directly applicable in all EU member states and will not require any transposition into member-state law
  5. − Level 1 Directive entered into force on 21 July 2011 − EU Member States have to implement the Directive into local law by 22 July 2013 − Many Member States have commenced consultation process on transposition, but rules still being written − Draft Level 2 Regulation published on 19 December 2012, objection period expires next wee

These Regulations implement in part Directive 2011/61/EU of the European Parliament and of the Council on Alternative Investment Fund Managers (AIFMD), Regulation (EU) No 231/2013 supplementing AIFMD, Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds, and an element of Directive 2011/89/EU of the European Parliament and of the Council amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138. The long-awaited Implementing Regulations for the AIFM Directive (so-called Level 2) were published by the European Commission on December 19, 2012. Completing a winding legislative r oad that commenced with the publication of the first draft of the AIFM Directive in mid-2009, the Regulation s will affect fund managers of almos AIFMD to a non-EEA AIF, which has an EEA AIFM Level 2 Regulations Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervisio

Articles 2 to 5 of the Level 2 Regulations provide further detail on how such assets under management should be calculated. Notably, in calculating the total assets under management, the AIFM must look to all AIFs for which the AIFM is appointed as the external AIFM or is the internal AIFM, and for each such AIF The Level 2 Regulations are an extensive set of implementing measures that provide details on the framework established by the Directive. As with the Directive, the Level 2 Regulations may apply to..

Both categories are subject to the AIFM Regulations, the AIFMD Level 2 Regulation and the Central Bank's AIF Rulebook. RIAIFs are subject to less investment and eligible asset restrictions than UCITS but are subject to a regime more restrictive than the QIAIF Regime Directive 2011/61/EU is a legal act of the European Union on the financial regulation of hedge funds, private equity, real estate funds, and other Alternative Investment Fund Managers in the European Union. The Directive requires all covered AIFMs to obtain authorisation, and make various disclosures as a condition of operation. It followed the global financial crisis. Before, the alternative investment industry had not been regulated at EU level. It was reported in May 2014. December 19, 2012, Delegated Regulation (the Level 2 Regulation). An AIFM intending to delegate any functions to a third party must notify its regulator before the delegation arrangements become effective and must comply with numerous conditions set out in the Directive and elaborated in the Level 2 Regulation

(1) An authorised Irish AIFM may market to professional investors in the European Union units or shares of a non-EU AIF it manages and of an EU feeder AIF that does not fulfil the requirements referred to in Regulation 32(1)(b) as soon as the conditions specified in this Regulation are met. (2) An authorised AIFM from another Member State may market to professional investors in the State units or shares of an non-EU AIF it manages and of an EU feeder AIF that does not fulfil the requirements. The level 2 regulation will be directly effective in each EU member state and therefore will apply to managers falling within the scope of AIFMD without requiring any implementing measures to be adopted by national legislators or regulators. The link below will direct you to the text of the level 2 regulation These Regulations implement in part Directive 2011/61/EU of the European Parliament and of the Council on Alternative Investment Fund Managers (AIFMD), Regulation (EU) No 231/2013 supplementing AIFMD, Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds, and an element of Directive 2011/89/EU of the.

AIFMD Level 2: Commission Delegated Regulation (EU) No 231/2013. AIFM Regulations: European Union (Alternative Investment Fund Managers) Regulations 2013 (SI No. 257 of 2013). AIF Rulebook: The Central Bank's rulebook in relation to AIFs which contains chapters. AIFMs are obliged to have procedures in place to monitor on an on-going basis their total AUM. The AIFMD Regulation provides for occasional breaches of the threshold (e.g. where the AUM exceeds €100 million or €500 million for a period depending on the types of AIFM). If an AIFM finds that its AUM has exceeded a threshold then The AIFMD Level 2 Regulations were published by the European Commission on 19 December 2012. Your AIFMD challenges. The AIFMD heavily affects the non-UCITS sector. The directive significantly impacts the current organisational structure and business practice of the non-UCITS sector Please confirm the total assets under management relating to all AIFs to which you will be appointed AIFM, excluding any AIFs subject to transitional arrangements under regulations 74 and 75 of the AIFMD UK Regulations. This should be calculated as set out in Article 2 of the AIFMD level 2 regulation Adoption of the regulation accelerates implementation of the Alternative Investment Fund Managers Directive throughout the EU. The European Commission adopted the long-heralded Alternative Investment Fund Managers Directive (AIFMD), level 2, implementing regulation (the Regulation) on 19 December 2012. The Regulation, when it enters into force, will be directly applicable in all EU member.

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The Level 2 Regulations sets forth four examples in which an AIF Manager will be considered a letter-box entity: the AIF Manager no longer retains the necessary expertise and resources to supervise the delegated tasks effectively and... the AIF Manager no longer has the power to carry out certain. Level-playing field concerns regarding the regulation of other financial intermediaries: firms regulated by the Markets in Financial Instruments Directive (MiFID), credit institutions, or undertakings for the collective investment in transferable securities (UCITS) managers that provide similar services

(2) Currently competent authorities and industry apply the asset segregation requirements laid down in Delegated Regulation (EU) No 231/2013 differently. While depositaries, which are at the first level of a custody chain, have the obligation to provide a AIFMD Level 2 sets out detailed requirements with respect to risk management (Articles 38-45) and liquidity management (Articles 46-49). While this is 1 and Level 2 Directives and Regulations may add unnecessary complexity for market participants and supervisors. 2 AIFMD Level 2 Regulation Commission Delegated Regulation (EU) No 231/2013 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision 2 ESMA. AIFMD Level 2 Regulation : Commission Delegated Regulation (EU) No 231/2013 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision: 2: ESMA Regulation

The directive on alternative investment fund managers (AIFMD) empowers the Commission to adopt delegated and implementing acts to specify how competent authorities and market participants shall comply with the obligations laid down in the directive.. Latest 12 July 2018. Delegated Regulation amending Commission Delegated Regulations (EU) No 231/2013 with regard to the safekeeping duties of. reporting under article 110 of the AIFMD level 2 regulation (see SUP 16.18.4EU) for that AIF. (v) Above-threshold non-EEA AIFMs must report the information required by FUND 3.4.2R, FUND 3.4.3R, FUND 3.4.5R and FUND 3.4.6 which apply as a result of regulation 59 of The Alternative Investment Fund Manager If you are an Alternative Investment Fund Manager (AIFM) you must be authorised (full-scope AIFM) or registered if you manage Alternative Investment Funds (AIFs) with assets under management below certain thresholds. Sub-threshold AIFMs may not benefit from the AIFMD's marketing and management passports; however, they have the right to opt-in to full authorisation to access AIFMD passports 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 Question Answer Shall an internally managed AIF whose portfolio includes assets below the thresholds referred to in Article 3 par. 2 of AIFMD be considered as AIFM for the application of Article 3 par. 3 and 4 of AIFMD? Yes, for the purposes of Article 3(2) it is no

Furthermore, while the SSPE exemption works in practice and has been updated in AIFMD through the ECB regulation itself, if it could be accomplished through AIFMD Level 2 or Level 3 measures, an update and an expansion of its scope in order to reflect changes in EU legislation since the AIFMD exemption was put in place would be helpful AIFMD: the level 2 regime - a pan-European perspective 2 May 2013. 2 What we will cover today Introduction and overview - Ash Saluja Delegation and depository issues - Jérôme Sutour − Draft Level 2 Regulation published on 19 December 2012, objection period expires next wee Publication of AIFMD Level 2 measures bring regulated alternative investment fund industry in Europe closer to reality 20 Dec 2012 | Press Releases On 19 December 2012, the European Commission published the so-called Level 2 measures to supplement certain elements of the Alternative Investment Fund Manager Directive (AIFMD) AIFMD Level 2 means Commission Delegated Regulation (EU) No. 231/2013.. Sample 1. Sample 2 AIFMD had to be implemented nationally by 22 July 2013. The Level 2 Regulation was originally expected in the first quarter of 2012 but ongoing negotiations delayed its release until December 2012. This has made the time frame for compliance even tighter. AIFMs need to be ready to submit their application for authorization by 22 July 2014

(4) Regulations 29(1), (2) and (3) and 30 shall apply also to an AIFM that manages one or more than one AIF that acquires control over issuers. For the purposes of those Regulations, paragraphs (1) and (2) of this Regulation shall apply with the necessary modifications non-EU AIFM marketing outside of the EU a non-EU fund which invest in EU equities does not come within the scope of the AIFMD, as this would involve product regulation and the AIFMD is regulating the AIF managers. The alternative investment funds under AIFMD cover all the main investment funds other than UCITS The self-managed AIF (in its capacity as AIFM) is also required to (i) register for the conduct of AIFSB under Article 2(11) of the FS(J)L; or (ii) be approved, as a 'sub-threshold' manager within the meaning of paragraph 2.1 of the AIF Codes, for the purposes of the AIF Order and Regulations and, in either case, comply with the applicable sections of the AIF Codes relating to it in its. convert derivatives positions (using the conversion methodologies set out in Annex II of the Level 2 Regulations and paragraphs (4) to (9) and (14) of Annex I of the Level 2 Regulations) into the equivalent position in the underlying asset, provided certain conditions are met The AIFMD Level 2 Regulation clearly requires the depository. to reconcile all cash flow movements on a daily basis, to compare own records of cash positions to those of the AIFM. Whether the accounts - cash and collection - are held with third parties or not.

Commission Delegated Regulation (EU) No 231/2013 of 19

  1. AIFM level information and higher level AIF informationunder Articles 24(1) and 3(3)(d). This information must be provided by all AIFMs in scope of the reporting. Referred to as Part 1 in the reporting matrix (slides 9-11) and encompassing the per the AIFMD regulations (Article 2
  2. CS Level 2 egulation SF and consequential changes to the Handbook C1614 Summary of our proposals 1.11 The UCITS V Level 2 Regulation will apply to firms on 13 October 2016. Affected firms should familiarise themselves with the Level 2 measures and ensure they comply with the new requirements by 13 October 2016
  3. our detailed summary of the ESAs' Level 2 proposals under the SFDR our note summarising the wider EU ESG initiatives our note providing key details of the Framework Regulation our note outlining the key proposals to amend MiFID2, UCITS and AIFMD in relation to sustainabilit

Depositaries AIFMD Linklater

If appropriate, the Commission must then make proposals including possible amendments to AIFMD or the Level 2 Delegated Regulation under it. To assist with this work, KPMG was commissioned to conduct a survey of the industry, looking at whether the specific rules of AIFMD are effective and coherent Directive 2011/ 61/EU on Alternative Investment Fund Managers (AIFMD) must be implemented by EU member states by 22 July 2013. AIFMD is supplemented by a delegated regulation (AIFMD Regulation). AIFMD regulates the activities of Alternative Investment Fund Managers (AIFMs) and their Alternative Investment Funds (AIFs)

FUND 3.7 Risk management - FCA Handboo

For further details on the content of such policies and procedures as set out in the Level 2 Regulations, click here. The authorised AIFM must also ensure that there is a consistent application of valuation policies and procedures across all of the AIFs it manages, taking into account the investment strategies and types of assets held by the AIFs, and, if applicable, whether the AIFs use. (AIFMD) into national law by 22 July 2013. Th is article examines the 5% risk retention and related requirements imposed by Art 17 of the AIFMD and expanded upon in the Level 2 Delegated Regulation relating to the AIFMD (the Level 2 Regulation). Given the breadth of the defi nition of securitisation The Regulation itself has now been sent to the European Parliament and Council for approval and, as it is not expected to be opposed, should receive their approval in April 2013. Overview of Depositary Provisions The AIFMD does not purport to regulate AIFs directly. Accordingly it does not require AIF 1 Directive 2011/61/EU was adopted in 2011. It is a framework Level 1 Directive which has been supplemented by delegated regulations. 2 Commission Delegated Regulations (EU) No 231/2013, supplementing Directive 2011/61/E The AIFMD and its delegated regulation (Level 2) oblige an AIFM to identify, document, measure and monitor all risks that are relevant for each of its AIFs with adequate frequency. Risks that have to be monitored generally include market, credit, liquidity, counterparty and operational risks

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AIFMD Implementation Planners. Our AIFMD Implementation Planner will guide AIMA member firms through some of the key questions they will need to answer in order to determine whether and how they fall in scope of the Directive as well as private a high level summary of the key legislation provisions of both the Level 1 and Level 2 texts When the Alternative Investment Fund Managers Directive (AIFMD) came into force in 2011, it had two principal objectives: to provide a secure regulatory framework for the management and distribution of alternative investment funds (AIFs) in the European Union, and to ensure the mitigation of systemic risks associated with management of alternative assets An AIFM which manages AIFs that employ leverage on a substantial basis must also report information about the overall level of leverage employed by each AIF. (The phrase on a substantial basis is defined in Article 111 of the AIFMD Level 2 Delegated Regulation.

The European Commission adopted the long-heralded Alternative Investment Fund Managers Directive (AIFMD), level 2, implementing regulation (the Regulation) on 19 December 2012 The verifications required under Article 95(a) of the AIFMD Level 2 Regulation are meant to ensure that the AIF and/or the AIFM acting on behalf of the AIF comply with the applicable laws and regulations applying to the AIF including fund rules, instruments of incorporation (e.g. investment restrictions, leverage limits, etc.)

Asset Management Regulation - Finance Unlocked

AIFMD Level 2 Regulation legal definition of AIFMD Level

The AIFMD, as its name suggests, is a directive that regulates Alternative Investment Fund Managers (AIFs). It is the EU framework directive, complemented by the important, directly applicable AIFMD Level II Regulation (Commission Delegated Regulation (EU) No. 231/2013 as regards exemptions, operating conditions, depositaries, leverage, transparency and supervision) The European Commission's Level 2 Regulation sets out the frequency of reporting by AIFMs and whether this needs to be done on a quarterly, semi-annual or annual basis. This is dependent on the AIFM's assets under management calculated in accordance with Article 2 of the Level 2 Regulation. The table below indicate On December 17 th 2015, the European Commission adopted the long-awaited awaited official draft of the Level 2 Regulation, supplementing Directive 2009/65/EC of July 13 th 2009 (the UCITS Directive) as amended by Directive 2014/19/EU of July 23 rd 2014 (the UCITS V Directive) (the Regulation), with regard to the obligations of UCITS depositaries AIFs are funds that are not regulated at EU level by the Undertakings for Collective Investment in Transferable Securities EEA AIFMs currently marketing third country AIFs - Regulation 14 To see the changes proposed to MiFID 2 Level 2 product governance obligations, click here. AIFMD Changes proposed to AIFMD Delegated Regulation (EU) 231/2013 Article 1 Definitions [] 6. 'sustainability risk' means sustainability risk as defined in Article 2, point (22), of Regulation (EU) 2019/2088 of the European Parliament and of the.

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European Commission Publishes AIFMD, Level 2, Implementing

2 Background: On 11 November 2011 ESMA delivered technical advice to the European Commission on the depositary rules under the AIFMD. Based on this advice, the European Commission adopted the Level 2 Regulation on 19 December 2012. ESMA's Q&A of 30 September 2014 clarifies some of the depositary provisions under th Please join us for the winter session of our quarterly Morgan Lewis Hedge Fund University TM Webinar Series, where we will discuss important issues surrounding the EU Alternative Investment Fund Managers Directive (AIFMD) in light of the European Commission's recent adoption of the AIFMD, Level 2, implementing regulation on December 19, 2012

The Alternative Investment Fund Managers Regulations 201

Related News 25 Feb 2021 The Investment Limited Partnership: A common law, EU-based partnership for investment funds Regulatory Updates, AIFMD 15 Feb 2021 Member Publication: Liquidity Risk Management Framework AIFMD, UCITS 9 Feb 2021 Webinar Recording: CP86 Dear Chair - Getting the plan right AIFMD, UCITS 22 Oct 2020 European Commission publishes AIFMD consultation AIFMD 3 Apr 2019 CBI update. Alternative Investment Fund Managers Directive (AIFMD) - Level 2 The European Parliament ECON Committee agreed on a final text to the AIFM Directive which would include clauses on asset stripping and remuneration as well as a compromise on marketing passports

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Authorisation Exemptions AIFMD Linklater

Prior to the Alternative Investment Fund Managers Directive (AIFMD), supplemented by its Level 2 Delegated Regulation (Delegated Regulation) and guidelines from the European Securities Markets Authority (ESMA), the framework for Alternative Investment Funds was derived from the Financial Services and Markets Act 2000 (FSMA) and the principal regulatory authority, the. European Commission Delegated Regulation of 19 December 2012 supplementing Level 1 AIFM Directive with regard to exemptions, general operating conditions, depositaries, leverage, transparency, and supervision, as amended from time to time (Level 2 AIFMD Regulation) AIFMD Level 2 Regulation. Commission Delegated Regulation (EU) No 231/2013 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision [OJ L 83, 22.3.2013, p. 1-95]. UCITS Level 2 Directiv

European Commission adopts AIFMD level 2 regulations

The full AIFMD requirements and Level 2 regulations do not apply to sub-threshold AIFMs. For current operators of unregulated collective investment schemes (CISs) that will be in the category of sub-threshold AIFMs after implementation of the AIFMD (termed small authorised UK AIFMs of unauthorised AIFs), the current FSA Conduct of Business Sourcebook (COBS) rules will continue to apply as. and the Taxonomy Regulation (Regulation (EU) 2020/852). If you want a copy of our separate briefing on these, let us know. The latest ESG proposals would amend: - the MiFID Delegated Regulation (2017/565/EU)1 - the MiFID Delegated Directive (2017/593/EU)2 - the AIFMD Delegated Regulation (231/2013/EU) Directive or AIFMD) as implemented in local law via local domestic legislation which in Ireland is the European Union (Alternative Investment Fund Managers) Regulations, 2013 (the AIFM Regulations), and Delegated Regulation EU 231/2013 (the Level 2 Regulations) ESMA suggests that the Commission review the provisions around deeming an AIFM a letter-box entity in the AIFMD Level 2 Regulation and reconsider and/or complement the qualitative criteria set out therein with clear quantitative criteria, or provide a list of core functions that cannot be delegated and must always be performed internally within the AIFM 2. Delegation and substance ESMA highlights that the UCITS framework lacks the level of detail of delegation rules in the AIFMD level 2 provisions and finds that the allocation of responsibilities lacks clarity with respect to the supervision of structures making extensive use of cross-border delegation

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sure that they are fit for purpose. But in the case of AIFMD and the UCITS Directive this has been an on-going process and finetuning of these texts via level 2, 3 and 4 measures has not stopped since the level 1 was adopted and is currently continuing (see Annex 2) The European Commission's (Commission) Level 2 Regulation (which is legislation subordinate to the AIFM Directive and is intended to flesh out its framework provisions) defines financial instruments that can be held in custody as assets that are (i) transferable securities, money market instruments or units in collective investment undertakings and (ii) capable of being registered or.

Directive 2011/61/EU - Wikipedi

In addition, any changes to the AIFMD regime would lead to additional costs and (administrative) burden for the industry as members will need to re-adapt and get to grips with new requirements. If necessary, improvements to the AIFMD regime can be sought via Level 2 or 3 measures, or in the context of other legislative reviews The AIFMD is one of the pillars of EU regulation for asset managers and investment funds, which have a crucial role to play in the development of the Capital Markets Union (CMU) and the post Covid-19 economic recovery in the EU The AIFMD Level 2 Regulation contains the elements and line items of the balance sheet and income and expenditure account 5 and the requirements for the report on the activities of the financial year 6. The layout and terminology of line items should be consistent with the fund's accounting standards and comply with local law

S.I. No. 257/2013 - European Union (Alternative Investment ..

This website uses cookies. Analytical cookies help us improve our website by providing insight on how visitors interact with our site, and necessary cookies which the website needs to function properly The CSSF-regulated world AIFs AIF Legislation • •EU Directive 2011/61/EU (the AIFMD) • be distributed in all other EU Luxembourg Law of 12 July 2013 (the AIFMD Law) Success • AIFs aim to replicate the success of UCITS for all investment funds that are not UCITS. Key for success Once approved in one EU Member State, an AIF ca For example, the German legislator has applied many of the AIFMD level 2 rules to UCITSD management companies. Finally, under the less prominent title 'amendments to definitions', ESMA proposes to clarify and/or define a number of important terms that could have a significant impact on the scope of application of the AIFMD These requirements are outlined in Regulation EU/2019/2088 (SFDR) and will enter into force at 10 March 2021. Additional requirements will be set in Level 2 regulation (Regulatory Technical Standards), which needs to be finalised. Based on these new requirements (management companies of) AIFs should incorporate the following information i The AIFMD, as its name suggests, is a directive that regulates Alternative Investment Fund Managers (AIFs). It is the EU framework directive, complemented by the important, directly applicable AIFMD Level II Regulation (Commission Delegated Regulation (EU) No. 231/2013 as regards exemptions, operating conditions, depositaries, leverage, transparency and supervision)

of the AIF or the AIFM acting on behalf of the AIF (in which case the provisions of Article 88(2) of the AIFMD Level 2 Regulation apply) 6 3. Commodities (physical) 4. Companies (private) 5. Forestry 6. Infrastructure 7. Intellectual property and income therefrom (includes royalties) 8. Land 9. Life Assurance Policies 10. Loan The Level 2 Regulations issued by the European Commission and which form part of the implementing instruments for AIFMD provides further clarification in relation to the conditions that may cause an AIFM to be considered a letterbox entity pursuant to AIFM. The Level 2 Measures provides that a delegation in the circumstances listed below,. The Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) was transposed in Gibraltar legislation via the Financial Services (Alternative Investment Fund Managers) Regulations 2013. AIFMD does not directly regulate the operations of Alternative Investment Funds (AIFs) but instead regulates the managers of the AIFs; i.e. the alternative investment fund managers (AIFM

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