Common use of AIFMD Clause in Contracts

AIFMD. See also, ▇ ▇ ▇▇▇▇▇▇▇▇, “Introduction: Overview, Regulatory History and Technique, Transition”, in ▇ ▇ ▇▇▇▇▇▇▇▇ (ed), The Alternative Investment Fund Managers Directive: European Regulation of Alternative Investment Funds (2012) 1 at 6. 327 UCITS will be discussed in greater detail below. See also, Recital 3 AIFMD. See also, OJ l 302, 17.11.2209, page 32. 328 European Securities and Markets Authority (n 277) 1 at 40. 329 Articles 32 (1) and 39 (1) and (2) AIFMD. 330 Recital 1 AIFMD. by which the assets are held) and an Alternative Investment Fund Manager (that manages the fund’s assets and dictates the investment strategy). This distinction is important because the Alternative Investment Fund is generally based ‘offshore’ in a tax efficient jurisdiction and therefore beyond the reach of the national regulator, whereas Alternative Investment Fund Managers are typically based ‘onshore’ and are increasingly subject to regulatory oversight. For this reason, the AIFMD “does not regulate” Alternative Investment Funds.331