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For investment managers based in the UK, a key consideration is the impact of Brexit. This is discussed here.


The EU is currently undertaking a major consultation on the AIFMD, which runs until January 2021. John is part of the working group that is drafting a response on behalf of the Association of Real Estate Funds (AREF) and is chairing an AREF webinar on this on 16th December. You can find details and register here.


Dodd Frank


The Dodd–Frank Wall Street Reform and Consumer Protection Act is much broader in its application than AIFMD, being a comprehensive financial services regulation

package. Our key concern in 2010 was the potential extra-territorial aspects - how far would it affect non-US fund managers.


Dodd-Frank was partially repealed in 2018.




We provide regular updates in our newsletters.


You can find them here.


You can register to be on the distribution list here.

Tel: 0207 237 0374

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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.




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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