Regulation of Alternative Investment Fund Managers: The End of the Beginning?
In force now for some time, one might think that the basis for implementation of the Alternative Investment Fund Managers Directive (AIFMD) should now be settled and so there may be little to say in a keynote introductory chapter. More likely, though, the evolvement of the regulation of AIFMs is only just beginning.
In this chapter, approaching this topic with experience from a particularly wide-ranging field of view of what is a diverse fund marketplace acting for a broad range of fund managers (remembering that the vast majority of the EU-based fund managers are UK-based), we seek to highlight first where there is now a positive impact, or at least a clear impact – and secondly where we are now seeing unintended consequences. Finally, we look at the major work which remains to be done or where further change is on the horizon.