IMPACT OF THE AIFMD ON EUROPEAN HEDGE FUND INDUSTRY: CASES OF THE UNITED KINGDOM AND FRANCE
i List of Abbreviations iv Introduction 1 Structure of the Thesis 4 Chapter 1 Overview of the European Alternative Investment Industry 5 1.1. Alternative Investment Industry A Divisible Whole. 5 1.2. Hedge Funds the Riskiest of all Alternatives 7 1.3. Hedge Fund Industry in the UK 12 1.4. Hedge Fund Industry in France 16 Chapter 2 Alternative Investment Fund Managers Directive: a Single Market Tool 20 2.1. Regulatory History: from UCITS Directive to AIFMD 20 2.2. Lamfalussy Process and the role of ESMA 24 2.3. AIFMD: What It Is All About 27 2.3.1. Authorization 28 2.3.2. Operating Principles 29 2.3.3. Organizational Requirements 32 2.3.4. Depositary 34 2.3.5. Transparency Requirements 36 2.3.6. Marketing. 38 Chapter 3 Impact of AIFMD 40 3.1. Transposition in the UK 41 3.2. Transposition in France 43 3.3. Benefits for the Industry 46 3.4. Negative Impact on the Industry 47 Conclusion 51 Bibliography 54 C E U eT D C ol le ct io n iv List of Abbreviations AFG French Asset Management Association AIF Alternative Investment Fund AIFM Alternative Investment Fund Manager AIFMD, THE DIRECTIVE Alternative Investment Fund Managers Directive AMF Autorite des Marches Financiers (Authority of Financial Markets) [Fr. COB Commission des Operations De Bourse [Commission on the Operations of Stock Exchange) [Fr. COMMISSION Commission of The European Union DODD FRANK ACT Dodd Frank Wall Street Reform and Consumer Protection Act DP Discussion Paper ECJ European Court of Justice EEA European Economic Area ESMA European Securities And Markets Authority EU, THE UNION European Union EUR Euro EVCA European Private Equity and Venture Capital Association FCA Financial Conduct Authority FCIMT Fonds Communs d'Intervention sur les Marches a Terme (Futures and Options Funds) [Fr] FSMA Financial Services and Markets Act FIA Financial Investment Advisor FSA Financial Services Authority G20 The Group of Twenty Major Economies HM GOVERNMENT Her Majesty's Government HM TREASURY Her Majesty's Treasury INC. Incorporated INT. International C E U eT D C ol le ct io n v IORPD Directive on the Activities and Supervision of Institutions for Occupational Retirement Provision J. Journal MIFID Directive on Markets in Financial Instruments OPCVM ARIA Organisme De Placement Collectif En Valeurs Mobilieres Agrees a Regles d'Investissement Alleges (Undertaking For Collective Investment in Transferable Securities with Simplified Investment Rules) [Fr. OPCVM CONTRACTUELS Organisme De Placement Collectif En Valeurs Mobilieres Contractuels (Contractual Undertaking For Collective Investment in Transferable Securities) [Fr. PFIA ACT The Private Fund Investment Advisers Registration Act Of 2010 REV. Review SEC Securities and Exchange Commission SICAV Societe D'investissement a Capital Variable (OpenEnded Collective Investment Scheme) [Fr. TFEU Treaty On The Functioning Of The European Union UCITS Undertakings For The Collective Investment Of Transferable Securities UCITS DIRECTIVE Directive on Undertakings for the Collective Investment of Transferable Securities UK United Kingdom of Great Britain and Northern Ireland US United States of America USD Unites States Dollar