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ARTICLE · 27 JANUARY 2015

Disclosure And Transparency Under The AIFMD - A New Standard?

MFSA – Malta Financial Services Authority
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The Alternative Investment Fund Manager Directive and the Commission Delegated Regulation (EU) No 231/2013 introduce new rules for Alternative Investment Funds.

MaltaFinance and Banking
Joseph Agius
Joseph Agius
Jonathan Sammut
Jonathan Sammut
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The Alternative Investment Fund Manager Directive ('AIFMD')1 and the Commission Delegated Regulation (EU) No 231/2013 ('the Delegated Regulation') 2 introduce new rules for Alternative Investment Funds ('AIFs') (including hedge funds, private equity and real estate funds). This should bring about change in a scenario where previously these structures were not regulated through pan-European initiatives, but were largely subject to national regimes and codes of conduct issued by industry associations.

As two facets of the same coin, provisions on disclosure and transparency focus on a new minimum standard of information with the aim of ensuring enhanced investor protection as part of the G20 response to the financial crisis. This commentary examines these provisions and makes some key considerations of their impact from a regulatory point of view.

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