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Vol 21 No 9 Sept/Oct 2016

Book of the Month

Cover of Goode on Commercial Law

Goode on Commercial Law

Edited by: Ewan McKendrick
Price: £170.00

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This book is now Out of Print.
A new edition has been published, the details can be seen here:
The Alternative Investment Fund Managers Directive 2nd ed isbn 9789041149862

The Alternative Investment Fund Managers Directive: European Regulation of Investment Funds

Edited by: Dirk Zetzsche

ISBN13: 9789041140449
New Edition ISBN: 9789041149862
Published: November 2012
Publisher: Kluwer Law International
Country of Publication: The Netherlands
Format: Hardback
Price: Out of print

The Alternative Investment Fund Managers Directive (AIFMD) may be the most important European asset management regulation of the early 21st century.

However, a preponderance of practitioners and academics in the field argue that, in its present form, the directive is seriously out of touch with both the system of European financial law and industry practice. In this first in-depth analytical and critical discussion of the content and system of the directive, thirty-four contributing authors – academics, lawyers, consultants, fund supervisors, and fund industry experts – examine the AIFMD from every angle.

They cover structure, regulatory history, scope, appointment and authorization of the manager, rules on delegation, reporting requirements, transitional provisions, and the objectives stipulated in the recitals and other official documents. The challenging implications and contexts they examine include the following:-

  • connection with systemic risk and the financial crisis;
  • impact on money laundering and financial crime;
  • nexus with insurance for negligent conduct;
  • connection with corporate governance doctrine;
  • risk management;
  • transparency;
  • the cross-border dimension;
  • liability for lost assets; and
  • impact on alternative investment strategies.
Ten country reports add a national perspective to the discussion of the European regulation. These chapters deal with the potential interactions among the AIFMD and the relevant laws and regulations of Italy, Switzerland, Luxembourg, The Netherlands, Austria, Liechtenstein, the United Kingdom, Germany, France, and Ireland.

The former are Europe’s most vibrant financial centres and markets. Designed to spur a critical attitude towards the emerging new European financial markets framework presaged by the AIFMD, this much-needed discussion not only elaborates on the inconsistencies and difficulties sure to be encountered when applying the directive, but also provides potential solutions to the problems it raises.