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Real estate investment management becomes regulated - AIFMD and Dodd Frank

When the original paper was published in 2010, two major pieces of fund management regulation were imminent, the Alternative Investment Fund Managers’ Directive (AIFMD) in Europe and the regulation for the Dodd-Frank Wall Street

Reform and Consumer Protection Act in the US. The AIFMD was passed by the EU Parliament on 11th November 2010 and the Dodd-Frank Act had already been enacted in July 2010. In both cases, the detailed regulation was awaited at the

time of our original paper. The rules for both are complex and have added materially to the regulatory burden of managers.

 

AIFMD

 

22nd July 2013 was the implementation date for AIFMD across Europe.  Managers had to be authorised by their local regulator and comply with the copious requirements of the directive in respect of:

 

i)   Regulatory capital;

ii)  Disclosure and transparency;

iii) Policies and procedures;

iv) Remuneration;

v) Appointment of a depository.

 

The application of AIFMD remains a key consideration for managers.

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