empowered, by law or regulation, to supervise AIFMs; (5) « autorités compétentes d'un FIA de l'Union européenne » : les autorités nationales d'un Éta Alternative investment fund managers (AIFM) - Directive 2011/61/EU Law details Information about Directive 2011/61/EU including date of entry into force and links to summary and consolidated version
The Law on Alternative Investment Fund Managers (consolidated up to L.133 (I)/2019) 05 February 2021. Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014. Regulation (EU) 2019/1156 on facilitating cross-border. Law on Alternative Investment Fund Managers (AIFM) - Update June 2018. This brochure contains the amended Law of 12 July 2013 on alternative investment fund managers (AIFM) in French and English. Cette brochure contient la loi modifiée du 12 juillet 2013 relative aux gestionnaires de fonds d'investissement alternatifs (« AIFM ») en français et. Define AIFM Law. means the Alternative Investment Fund Managers Law of 2013 Where an AIFM manages one or more AIFs which acquire control over a non-listed company or an issuer, the AIFM should, for a period of 24 months following the acquisition of control of the company by the AIFs, first, not be allowed to facilitate, support or instruct any distribution, capital reduction, share redemption and/or acquisition of own shares by the company in accordance with this Directive; second, in so far as the AIFM is authorised to vote on behalf of the AIFs at the meetings of.
law or regulation to supervise AIFMs. In Luxembourg, the CSSF is the competent authority for the supervision of AIFMs subject to this Law; (4) supervisory authorities in relation to non-EU AIFMs: the national authorities of a third country which are empowered by law or regulation to supervise AIFMs; (5 The AIFMD aims to regulate Alternative Investment Funds Managers (AIFMs) of Alternative Investment funds (AIFs). AIFs being basically defined as all non-UCITS funds, thereby covering hedge and private equity funds but also real estate structures and 'plain vanilla' long only non UCITS funds The AIFM Law, implementing the AIFMD, only applies to those AIFMs which exceed the thresholds set out in the legislation, namely where the AIFM's assets under management do not exceed €100 million; or €500 million where the funds in question restrict redemption rights for a period of at least five years and where no leverage is used. AIFMs which do not exceed these thresholds are.
. However, please note that this provision has not been transposed into UK law, and the position will need to be checked on a country-by-country basis AIFM Law must appoint an AIFM. Eligible investors No restrictions in relation to the eligible investors. Taxation Tax treatment dependent on the legal form of the vehicle. 10 RAIF Overview The reserved alternative investment fund (RAIF) was introduced by the law of 23 July 2016 (the RAIF Law). The RAIF regime was introduced to allow fund sponsors to structure a type of alternative investment. Luxembourg fully implemented the AIFMD with the adoption of the AIFM Law on July 12, 2013, an important step in the ongoing development of the alternative investment fund industry and the strengthening of Luxembourg's position as a global investment fund hub
An EU AIFM will be required to regularly report to the regulator of its home Member State on aggregated information on the main instruments in which it trades, the markets of which it is a member or actively trades and the diversification of the AIF's portfolio, including its principal exposures and most important concentrations of each of the AIFs it manages accordance with national company law. Directive 2011/61/EU requires AIFMs to provide certain information to competent authorities, including the percentage of the AIF's assets which are subject to special arrangements arising from their illiquid nature. This Regulation clarifies the meaning of special arrangements so that AIFMs know exactly wha under AIFMD Quick Reference Guide According to the law of 12 July 2013 on alternative fund managers (the AIFM Law), access to the status of alternative investment fund manager (AIFM) is subject to prior authorisation by the Luxembourg Commission for the Supervision of the Financial Sector (the CSSF). The AIFM Law and the Europea
Scope Of Authorization: AIFM whose authorisation under section 8 of the AIFM Law of 2013 covers the Investment management Functions of section 6(5) and the services of sections 6(6)(a) και 6(6)(b)(i) Fortified Capital Ltd: Licence Number: AIFM02/56/2013 Licence Date: 21/07/2014: Company Registration Number: 327912 (Registration Date: ) Telephone: 22 367 610, Fax: 22 027 200: E-Mail: info. Preamble 17 and Article 3(2) of the AIFMD provides to EU member states the option to apply a lighter regime for AIFMs that fall below the thresholds set out it in the AIFMD and the Cyprus AIFM Law, as their assets under management (AuM), in total, either do not exceed €100 million ($119 million) for leveraged AIFs, or €500 million for unleveraged AIFs that do not grant to investors. Appointment of an AIFM SICARs that qualify as AIFs are required to appoint an AIFM, unless they benefit from the limited exceptions provided by the AIFM Law. The AIFM can be established in Luxembourg, in another EU Member State or in a third country. SICARs may either appoint an external AIFM or choose to be internally managed Zusammenfassung Informationen zu verschiedenen Nachhaltigkeitskriterien müssen zukünftig sowohl auf der Webseite als auch in den Marketingunterlagen veröffentlicht werden. Diese Verpflichtungen gelten bereits erstmalig zum 10. März 2021. Die Verpflichtungen betreffen insbesondere alle AIFM sowie Anlageberater in den sogenannten Beratermodellen Structuring under corporate law Zurück zum Menü Zurück AIFM-RL) unterwirft die Europäische Union (EU) sämtliche offene und geschlossene Fonds mit mehreren Investoren, die nicht in den Wirkungsbereich der OGAW-Richtlinie fallen (die sogenannten alternativen Investmentfonds), ihrer Aufsicht... Veröffentlichung. Umsetzung der AIFM-Richtlinie in Deutschland . Download. PDF 1 MB.
AIFMD: overview Practical Law UK Practice Note Overview 1-503-3820 (Approx. 51 pages) The AIFMD introduced a harmonised regulatory framework across the EU for EU-established managers of alternative investment funds (AIFs). Key issues covered in the AIFMD include authorisation, capital requirements, conduct of business standards, remuneration, valuation of assets, delegation, depositaries. .g. UCI Law2, SIF Law3, SICAR Law4, Financial Sector Law5, etc.) and some tax laws; non-directly AIFMD related changes to existing fund laws and company law, including essentially the modernisation of the existing Luxembourg common limited partnership (société en commandite. under management and the features of the fund, the AIFM can be a sub-threshold AIFM or have to be an authorised AIFM •Have to appoint a depositary in Luxembourg -Duties of the depositary will depend on the AIFMD status of the AIFM •Can only invest in assets qualifying as risk capital under the 2004 law. Liquidity can be tailor-made The AIFM Law has now been amended to allow for the adoption of the draft FIIS Royal Decree which should be during the summer. Key features provided for by the draft FIIS Royal Decree. Light registration: unlike other European fund regimes, the FIIS will not be subject to a prior approval procedure or ongoing supervision of the FSMA. Only a registration with the Ministry of Finance is required.
The AIFM Law defines an AIF as a collective investment undertaking which: • raises external capital from a number of investors with a view to investing it in accordance with a defined investment policy for the benefit of its investors; and • is not an Undertaking for Collective Investment in Transferable Securities (UCITS). The following are specifically excluded: holding companies, joint. However, if the AIFM is granted authorisation during the last quarter of the year, the AIFM should re-port according to the frequency applicable to the AIFM before the authorisation (i.e. yearly reporting). Authorised AIFMs should report the information required under Article 24 of the AIFMD. 20. For example, if the AIFM is granted authorisation in Q1, it should not report at the end of Q1 but.
Neue Regeln zum Pre-Marketing für AIFM Kategorie: Aktuelles, Newsletter 20. Mai 2020 | Auflage und Vertrieb von Investmentvermögen werden bislang in den EU-Mitgliedstaaten rechtlich unterschiedlich gehandhabt. Das betrifft auch vorvertriebliche Marketing-Maßnahmen. Um gleiche Wettbewerbsbedingungen für den grenzüberschreitenden Vertrieb zu schaffen, wurde im Juni 2019 die EU-Richtlinie. The AIFM Law amends fifteen existing Luxembourg laws, including the law of 17 December 2010 on undertakings for collective investment, as amended (the UCI Law), the law of 13 February 2007. AIFM means a person who in the course of business is managing one or more AIFs; authority of a Member State in accordance with the relevant Law implementing the AIFMD in the Member State; EU Connected Manager means a person who carries on or purports to carry on securities investment business in relation to any of the activities set out in paragraphs 5, 6 or 7 of Schedule 2. The Directive was enacted into UK law and will be retained, subject to modifications which ensure that it will still work post Brexit, but without changing the underlying policy objective or regulatory framework, so: whatever flavour Brexit eventually takes, the Directive is set to be an integral part of the UK's future regulatory framework, with the UK version known as UK AIFMD Moreover, the 2013 law provided for a special taxation regime with a reduced tax rate on carried interest with a view to attracting fund managers to Luxembourg. In 2018, the European Commission has launched the review process for the AIFMD and the ABBL will actively participate in the first consultations launched by the European authorities
The Commission de Surveillance du Secteur Financier (CSSF) issued on February 20, 2014 an updated version of the frequently asked questions (FAQ) relating to the Luxembourg Law of July 12, 2013 on alternative investment fund managers (the AIFM Law). Such update concerns the valuation of AIF's assets, in particular when it is performed by an external valuer AIFMD broadly supports the traditional position that it is the manager (or AIFM), rather than the Alternative Investment Fund, which is subject to regulation. However, whilst historically there have been very few operational requirements imposed at the level of the fund itself, to the extent AIFMD applies, the AIFM must now ensure that certain requirements are imposed upon the fund, such as. Law implementing the AIFMD Nach der abschließenden Beratung im Finanzaus-schuss des Bundestags letzterWoche wurden einige -zum Teil sehr erfreuliche -Änderungsanträge zu dem Kabinettsentwurf des die AIFM-Richtlinie umset-zenden Kapitalanlagegesetzesbuches(KAGB) (vgl. hierzu unsere Mandanteninformation vom 13. De- zember 2012) beantragt. After the final consultation ofthe Financial. Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part), 9 of 1998, 4 of 2001, 36 of 2002, 29 of 2006, 12 of 2008, 32 of 2011, 31 of 2012, 16 of 2014, 12 of 2015 and 13 of 2019. Revised under the authority of the Law Revision Law (1999 Revision). Originally enacted — Law 13 of 1993-28th June, 1993 Law 18 of 1993-24th September, 199
The entry into force of AIFMD 1 resulted in a double layer of regulation, (39) of the AIFM Law. Examples of such SIFs or SICARs are entities whose access is limited to a predefined group of investors or which have only one investor within the meaning of the ESMA/2013/600, Final Report, and Guidelines on key concepts of the AIFMD. 8 The sub-threshold exemption applies to AIFMs managing. AIFM and Chapter 15 of the UCI Law Type of Funds managed by the Company UCITS Investment vehicles other than UCITS and AIFs AIFs UCITS and AIFs All captions and notes in the illustrative annual report which are not applicable to the activity of your Management Company should be deleted and others might need to be added based on the options offered by Articles 35, 46 and 65 of the Accounting. Amendment of AIFM Law in view of the implementation of a new real estate investment vehicle, the FIIS. On 20 July 2016, the Parliament voted on Program Act II modifying amongst others the Belgian Act of 19 April 2014 on alternative investment funds and their managers (AIFM Law). These modifications were necessary to enable the adoption of a new royal decree implementing a new regime for real. ESMA AIFMD Guidlines : Lux AIFM Law 2013 : SFAMA CISA AIFMD : CSSF AIFMD FAQs : UCITS / MIFID : MiFID Directive 2008 : MiFID FAQs. UCITS IV Directive : Lux UCITS Law 2010 : UCITS V : NEWS & ARTICLES : CASE STUDIES : FORUMS & SEMINARS : COMPLAINTS : PROFESSIONAL INTRODUCERS : IFA TERMS OF BUSINESS: Luxembourg is Europe's number one investment centre and the world's leading hub for global. LUXEMBOURG LAW OF 12 JULY 2013 ON ALTERNATIVE INVESTMENT FUND MANAGERS - FAQ Version: 17 - January 2021 3/85 E. Law of 2013 impact on non-regulated AIF 28 F. Product overview 29 5. Is the status of a credit institution or an investment firm under the Law of 1993 compatible with an AIFM status under the Law of 2013? 29 A. www.cssf.l
Under AIFMD, an AIFM is required to establish remuneration policies which encourage sound risk management and do not promote excessive risk-taking. Remuneration refers to all payments or benefits paid by the AIFM, any payments by the QIAIF itself or any transfer of shares in the QIAIF to AIFM identified staff (i.e. those staff whose professional activities have a material impact on the AIFM. Marketing is defined under article 1(9) of the Luxembourg law of 12 July 2013 (the Law) on alternative investment fund managers as a direct or indirect offering or placement, at the initiative of the AIFM or on behalf of the AIFM, of units or shares of an AIF it manages, to or with investors domiciled or with a registered office in the Union A registered AIFM is a firm that manages alternative investment funds (AIFs), which is exempt from most of the requirements of the Alternative Investment Fund Managers Directive (AIFMD) as implemented into Irish law by the European Union (Alternative Investment Fund Managers) Regulations, 2013 (Irish AIFMD Regulations) on the basis that the registered AIFM satisfies at least.
AIFM (call it AIFM1) is managing the assets of an AIF under a delegation arrangement where it is the delegate and another entity is the AIFM (call it AIFM2) of that AIF, then the AUM of that AIF is excluded when calculating the aggregate AUM of AIMF1. Where one AIF invests in another AIF managed by the same external AIFM, that investment can be excluded from the calculation of the AIFM's AUM. Practical Law UK Articles 6-577-8426 (Approx. 10 pages) (AIFMD regime). This regime also relates to the EU single market, but relates to alternative investment fund managers (AIFMs) managing alternative investment funds (AIFs) within the EU (see below, AIFMD regime). National private placement rules (NPPR). This regime imposes rules for selling non-EU funds in the EU at EU level, but also. The AIFMD was transposed into the Luxembourg Law of 12 July 2013 on AIFMs (AIFM Law). Its main objective is to enhance investor protection by increasing the depositary missions and responsibilities. What is a depositary? A depositary is an independent third party that is responsible for the safekeeping of assets of the AIF, performing the cash flow monitoring and the oversight duties of the.
APIS AM is also authorized to perform for UCI clients some of the services contemplated in article 5(4) of the AIFM Law, like individual portfolio management (discretionnary and advisory) or reception and transmission of orders (RTO) on financial instruments. The highly motivated and solution-minded APIS AM team consists of 7 professionals sharing the same values of independence. Responsibilities of the supervisory authority under the Law on Alternative Investment Fund Managers (AIFM Act) The FMA grants alternative investment fund managers (AIFMs) a license under the AIFMG and approves their managed alternative investment funds (AIFs). Risk managers and administrators may also be granted a licence under the AIFMG the laws and regulations of the AIFM's country of establishment do not prevent the effective exercise of their functions under the Directive by the relevant competent authorities. Pursuant to Article 37(8), if the competent authorities of another Member State disagrees with the assessment made by the competent authorities of the AIFM's Member State of reference, they may refer the market to.
In order to enact the AIFMD into domestic law, Germany has adopted a new act, the Capital Investment Code (Kapitalanlagegesetzbuch - KAGB). The AIFMD regime has introduced the new definition of AIF as a collective investment undertaking, which raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors. Co-Investment Vehicles under the AIFM Law: Is your Vehicle an AIF? 30-08-2019 In recent years, more and more co-investment vehicles, of all shapes and sizes, have been used in the Luxembourg alternative investment fund (AIF) domain. Their popularity can be explained by the fact that co-investments allow fund managers to fund larger deals without jeopardising contractual or legal fund. Although AIFMD has now become EU law, it remains a moving target, with limited clarity on the requirements to date, not least due to the finalisation of the outstanding level 2 measures. Our knowledge from holding forums, access to regulators and information from our European network provides us with an insight into some of these key issues to help you comply with the requirements of AIFMD.
Welche Rolle spielt die AIFM-Richtlinie, welchen Einfluss hat sie auf den Fondsstandort Deutschland und wie schätzt David Eckner die Novelle AIFMD II ein? Das erfahren Sie im Video! David Eckner, Manager und Rechtsanwalt bei KPMG Law: AIFM-Richtlinie und Ausblick auf AIFMD II. 26.04.2021. BVK e.V. Residenz am Deutschen Theater Reinhardtstraße 29b 10117 Berlin (+49) 030 - 30 69 82 - 0 (+49. The new AIFMD 2 requirements will apply from 2 August 2021, which is the last date for EU member states to change their domestic law so as to bring it into line with AIFMD 2. By way of brief reminder: Currently, AIFMD only regulates marketing to such investors, and not pre-marketing AIFM-UmsG, AIFM-Umsetzungsgesetz: Status: Passed Law: Description: Das Gesetz dient der Umsetzung der AIFM Richtlinie 2011/61/EU über die Verwalter alternativer Investmentfonds. Ziel der Richtlinie ist es, gemeinsame Anforderungen für die Zulassung von und die Aufsicht über Manager alternativer Investmentfonds (AIF) festzulegen, um für den Umgang mit damit zusammenhängenden Risiken für. The AIFM Law will become effective on the day it is published in the Luxembourg official gazette, which will take place in the coming days but in any case before 22 July 2013 to meet the deadline set under the AIFMD. Luxembourg is among the first EU member states transposing the AIFMD into their national law. The AIFM Law creates an entirely new regime for alternative investment fund managers.
The Alternative Investment Fund Managers Directive (AIFMD) is a European Union law that was introduced ostensibly to bring hedge funds and private equity funds under the supervision of an appropriate regulatory body. For the UK, this is the Financial Conduct Authority (FCA). The AIFMD requires affected companies to appoint an Alternative Investment Fund Manager (AIFM), which must be. AIFM with top-ups (AIFM with MiFID top-up permissions) * 4. Pure UCITS ManCo (ManCo without MiFID top-up permissions) 5. UCITS ManCo with top-ups (ManCo with MiFID top-up permissions) * 6. SuperManCo (AIFM with UCITS permissions, but no MiFID top-up) 7. SuperManCo plus (AIFM with both UCITS and MiFID top-up permissions) MiFID2 applies differently to each structure! * We'll.
The AIFMD Law can be split into two parts: Chapters 1 to 11 establish the legal regime for a Luxembourg alternative investment fund manager or AIFM and conditions to be fulfilled when. Corporate Law Update. Share. In this week's update: Supreme Court guidance on parent company liability for the operations of a subsidiary, guidelines on diversity in the private equity and venture capital sectors, a director did not need to declare his interest in a proposed contract at every meeting it was considered, the Pensions Schemes.
AIFM's AUM (that exclusion also applies where one sub-fund invests in another sub-fund managed by the same AIFM). If the AIFM is managing UCITS funds, the AUM of these funds are excluded. The total AUM calculation must be carried out at least annually using the latest available values (i.e. the latest available value produced during the preceding 12 months). The calculation date should be. aifm.dll, File description: DCS Errors related to aifm.dll can arise for a few different different reasons. For instance, a faulty application, aifm.dll has been deleted or misplaced, corrupted by malicious software present on your PC or a damaged Windows registry Die AIFMD versteht die Verantwortungs- und Delegationsvorschriften umfassend und hält Regeln für solche Fälle bereit, in denen der AIFM über keine Durchgriffsrechte auf dritte Dienstleister verfügt. Diese Vorgaben der AIFMD finden entsprechend Anwendung im Hinblick auf die hier relevanten AML-KYC-Prüfungen und Systeme seitens dritter Dienstleister. Da die FAQ und die VO 12-02 eine. July 2013 to transpose AIFMD into their national law. AIFMD regulates AIFMs and, although not the target of the Directive, indirectly the alternative investment funds (AIFs) that are in scope. The scope is wide, capturing the managers (AIFMs) of Introduction On 19 December 2012 the European Commission finally published its adopted Level 2 Delegated Regulation (Level 2) for the Alternative.
HM Treasury: transposition of the AIFMD - questions and answers (May 2013): Treasury was asked questions during the consultation on AIFMD and published its answers to a number of these; FSA: CP13/09: Implementation of the AIFMD Part 2 (March 2013): our second consultation on rules and guidance to transpose the AIFMD into UK law The 2013 AIFM Law reproduces Art 42 of the AIFMD. Please contact the CSSF for more information. Malta. AIFMD Cooperation Agreement signed with Jersey. Year of EU entry: 2004 Capital city: Valletta Total area: 316 km² Population: 0.4 million Currency: Member of the eurozone since 2008 (€) Schengen area: Member of the Schengen area since 2007 . Private placement regime. Jersey funds can be.
Die Europäische Kommission hat KPMG Law mit einer umfassenden Studie zur Richtlinie über die Verwalter alternativer Investmentfonds (Alternative Investment Fund Managers Directive, oder kurz AIFMD) beauftragt. Ziel ist die Evaluation, wie die Richtlinie sich in der Praxis bewährt hat. Der Auftrag umfasst eine Untersuchung der Regeln der AIFMD sowie der Erfahrungen, die in der Praxis. Arendt & Medernach is the leading independent business law firm in Luxembourg. The firm's international team of 325 legal professionals represents clients in all areas of Luxembourg business law The AIFMD Annex IV transparency reporting requirements represent a major challenge for fund managers. All authorised and registered AIFMs are required to periodically report to their local regulators on each AIF they manage or market within the European Union. The frequency and the content of the reporting depends on the volume of assets under management, the extent to which leverage is used. Malta AIFM. Licensed Malta AIFMs in less than 7 months. Request Info Pack. Over the last two decades, Malta has established itself as an innovative and reliable financial services centre, hosting a variety of financial services businesses and structures including fund managers, fund administrators, forex brokers, payment services providers, investment advisors and insurance principals. The. Sobald der AIFM und der AIF zugelassen sind, werden sie gesondert von der CSSF beaufsichtigt. Die Luxemburger Fondsindustrie ist dabei, die Vorteile und Möglichkeiten der anfangs viel kritisierten AIFM-Richtlinie voll auszuschöpfen. Ein flexibler, aber nicht von der Aufsichtsbehörde überwachter AIF, der daher zeitnah aufgelegt werden kann und voll vom AIFM-Pass profitiert, hat bisher in.
European Commission Delegated Regulation of 19 December 2012 supplementing Level 1 AIFM Directive with regard to exemptions, general operating conditions, depositaries, leverage, transparency, and supervision, as amended from time to time (Level 2 AIFMD Regulation). References to laws are to such laws as amended, consolidated, or re-created. AIFMD applies to Alternative Investment Fund Managers (AIFM) established in EEA Member States, but also to non-EEA AIFMs that manage or market AIFs in the EEA, subject to a number of conditions. For the first time in EEA financial legislation, the Directive provides for an EEA passport for non-EEA AIFMs. This passport could potentially be applicable from 2015 or 2016. The principle of. In practice, it is not always clear whether these vehicles qualify as an AIF and, hence, fall within the scope of the AIFM Law or not. In the absence of a specific definition of co-investment vehicles given by the European Commission, ESMA3 or the CSSF, the aforementioned vehicles are analysed based on (a) the definition of an AIF as provided under Article 1(39) AIFM Law and (b) the.
Our Luxembourg AIFM (Alter Domus Management Company S.A.) Alter Domus Management Company S.A. is a management company authorised under Chapter 15 of the Law of 17 December 2010 relating to Undertakings for Collective Investments in Transferable Securities (UCITS) as well as an Alternative investment fund manager authorised under the Law of 12 July 2013 on alternative investment fund. Jersey-based AIFMs of these funds will need to comply with the relevant sections of the AIF Code, namely in relation to transparency, disclosure, reporting and asset stripping, and either be licensed by the JFSC pursuant to the Financial Services (Jersey) Law 1998 (FSJ Law) as providers of AIF Services Business, or if the AIFM meets the criteria for exemption as a sub-threshold AIFM (see. This website is under the operation of Leon MFO Investments Limited which is licensed by the Cyprus Securities and Exchange Commission (license No. AIFM 37/56/2013).This website is not directed to any persons in any jurisdiction outside Cyprus and is only intended for professional and/or well-informed investors within the meaning of the Cyprus Alternative Investment Funds Law of 2014 as amended This extension is based on the Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD). The AIFMD leaves room for the EU passport (currently reserved to EU AIFMs and AIFs) to be potentially extended to non-EU countries (including Switzerland) in the future. Such a move will bring significant benefits from a market access perspective On 1 January 2021, existing EU law was adopted into UK domestic law with necessary changes to reflect the UK's new status as a non-EU country. The UK version of the AIFMD portfolio company provisions is contained in the Alternative Investment Fund Managers Regulations 2013. These have now been modified so that references to EEA issuers (i.e. listed companies) and EEA non-listed companies now. Update on transposition of the AIFMD in Denmark. 10.27.2014. Download as PDF. This newsletter briefs on certain new developments which we consider to be of significance to non-Danish alternative investment fund managers (AIFM) wishing to market alternative investment funds (AIF) to investors in Denmark