A New Lighter Regime For Sub-thresholds Alternative Investment Fund Managers

ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE 2011/61/EU (THE "AIFMD").

A new law governing the licencing and operation of the Alternative Investment Fund Managers below the thresholds set by the Alternative Investment Fund Managers Directive 2011/61/EU (the "AIFMD") was enacted on the 3rd of July 2020. The new law governs the establishment, the authorization procedure, the legal requirements and the operation of the so-called Mini Managers.

The Mini Managers are entitled to manage Alternative Investment Funds ("AIFs") whose assets under management do not exceed the amount of Euro 100 million, including assets acquired through the use of leverage or the amount of Euro 500 million without the use of leverage, with no redemption rights exercisable during a period of 5 years from the date of the initial investment.