In July 2013 the Alternative Investment Fund Manager Directive
2011/61/EU (AIFMD) was implemented. After an almost two-year delay
since its initial draft, the implementation of the directive set
important standards for marketing, capital raising, valuation, risk
monitoring and reporting, as well as compliance and accountability
for alternative investment funds. The directive applied, among
others, to hedge funds, real estate funds and private equity
funds.
With its implementation just before the financial crisis,
investor protection was at the heart of the AIFMD. Besides the
previously existing key players, such as the fund manager and fund
administrator, the depositary was introduced for providing a
'supervisory' role for funds that have to comply with the
AIFMD or for marketing non-EU funds to EU investors (so-called
'Depo-light' regime).
