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ARTICLE · 11 JULY 2013

Release Of The Final Report On Draft Regulatory Technical Standards On Types Of AIFMs

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The RTS aims to clarify the concepts of "AIFM of open-ended AIF(s)" and of "AIFM of closed-ended AIF(s)".

LuxembourgFinance and Banking
Bonn Steichen & Partners
Bonn Steichen & Partners

The Draft

Within the framework of Directive 2011/61/EU of the European Parliament and of the Council of June 8th 2011 on alternative investment fund managers ("AIFMD"), the European Securities and Markets Authority ("ESMA") issued the Draft regulatory technical standards (the "RTS") on types of AIFMs on April 2nd 2013.

The RTS aims to clarify the concepts of "AIFM of open-ended AIF(s)" and of "AIFM of closed-ended AIF(s)", ("AIF" being an alternative investment fund within the meaning of the AIFMD).

The distinction between these two concepts has a huge impact on the application on the AIFMs of the liquidity management rules, the valuation procedures and the transitional provisions laid down in the AIFMD.

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