Watch out! Here comes Annex IV
The European Union’s (EU) Alternative Investment Fund Managers Directive (AIFMD) is an all-embracing piece of legislation that will have an enormous impact on the operations, business practices and cost overheads of New City Initiative members.It imposes many onerous restrictions on EU investment fund managers, and non-EU firms marketing to institutional investors in the region. For example, it requires them to appoint a depositary bank; to implement restrictions on remuneration packages; and to submit to stringent regulatory and investor reporting obligations. The appointment of a depositary bank to provide safekeeping of assets, cash-flow monitoring and oversight has proved less burdensome than…
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