With the exception of UCITS, the AIFMD covers all funds marketed in Europe. The governance and organizational structure required of AIFMs represent a significant change for most AIFMs that were previously not subject to regulation, or subject to light regulation. AIFMs also need to comply with detailed conduct of business requirements. These requirements are comparable to those applicable to a UCITS management company while some go beyond UCITS requirements.
Rather than viewing the Directive as purely a compliance burden, Valsen has identified ways that the Directive can increase business opportunities. These include, among others, regaining investors’ trust, accessing European markets and reaching out to new ones.