Directive on Alternative Investment Fund Managers
29.11.2010Company: Amcham
On 11 November 2010, the European Parliament passed the proposed Directive on Alternative Investment Fund Managers, which will regulate the system of professional managers of special collective investment funds (mostly real estate funds and qualified investor funds in the Czech Republic).
This involves the regulation of the system of management companies and depositaries, rather than the regulation of the funds – these will remain within the jurisdiction of national law enforcement authorities. The directive primarily regulates the Member States’ duties to register and supervise managers. It also sets out the requirements for a minimum capital adequacy for managers, the minimum prerequisites for companies’ qualifications, the requirements for valuation of assets in funds, the minimum requirements for reported data and includes the duties to arrange insurance against damage caused by management administration.
Other important changes to take note of will be any changes to reporting and management of funds which are financed by debt and also any changes in the rules governing negotiations with employees during acquisitions of interests in unlisted companies.
We can also expect an amendment to the Collective Investment Act which will implement the directive. The Directive must be implemented by January 2013. We expect a number of changes, especially with regard to management companies’ duties to demand information from funds and deliver it to the regulator (Czech National Bank).
We will carefully observe any future development in this legislation and keep you informed of any changes.
If you would like any more information, please do not hesitate to contact your advisor at TACOMA.
Jaromír Zbroj, Head of TACOMA Tax
Tel.: +420 226 219 000
Mobile: +420 731 411 268
E-mail: jaromir.zbroj@tacoma.eu
Daniel Kovačovič, TAX Senior Assistant
Mobile: +420 733 353 670
E-mail: daniel.kovacovic@tacoma.eu
www.tacoma.eu
