With effect from 23 July 2013 the Alternative Investment Fund manager Directive (AIFMD) came into effect across the whole of the EU. The directive prescribes a minimum size of €100m of assets under management, before a manager, or a self-managed AIF, falls within the scope of AIFMD. However, the method of measuring assets in relation to derivatives requires the assets to be measured at a gross level thereby aggregating, rather than offsetting, long and short positions. Consequently the impact of leverage could bring AIFs or managers with relatively low net assets within the full scope of the directive.

Where an AIF is below the €100m limit and therefore out of scope, the directive still requires the AIF to be registered with the requisite regulatory authority and to provide annual returns.

The FSC have issued guidance notes on how the directive will operate in Gibraltar which are available from their website,

For further information on any aspects of AIFMD, and how it might affect the servicing of your AIF, please contact Malcolm Ruffell on:

T +350 200 76458
F +350 200 60832

E Malcolm [email protected]

46 The Sails Tower
Queensway Quay
PO Box 1403