The Valuation Provisions Of AIFMD

Introduction

Directive 2011/ 61/EU on Alternative Investment Fund Managers (the "Directive"), which was agreed by the European Parliament on 11 November, 2010 was finally adopted on 21 July, 2011. Member States have until 22 July 2013 to implement its provisions. Readers should note that at the date of publication, Level 2 Commission Regulation on implementing the Directive has not yet been published in final form, and all information in this document is subject to change, following such publication.

In this paper we focus on the provisions of the Directive which relate to the valuation of Alternative Investment Funds ("AIFs"). These provisions are set out in Article 19 of the Directive and are also examined by ESMA in its technical advice to the European Commission on possible implementing measures of the Directive.