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The Directive on Alternative Investment Fund Managers: Comparative Analysis of Certain Aspects of the Regulatory Regimes of Europe, Canada and the United States of America

The Alternative Investment Fund Managers Directive ("AIFMD"), adopted by the European Union on 11 November 2010, has introduced a harmonized set of rules for alternative investment funds (“AIFs”) in Europe.
This thesis discusses potential financial risks for the AIFs industry arising from the European regulatory reform, which started before the current financial crisis, and compares relevant European, Canadian and US rules governing AIFs. This comparative analysis is based on four main criteria: i) registration and authorization requirements, ii) general financial transparency requirements, iii) capital requirements, and iv) remuneration restrictions.
The analysis of AIFs regulatory reform in Europe leads to three main conclusions. First, the AIFMD requirements are much stricter than analogue regimes in Canada and the United States. Second, as a consequence of this regulation, European AIFs may be in disadvantage. Third, the complexity of the present European institutional framework is not able to fully implement the European regulatory reform.

Identiferoai:union.ndltd.org:TORONTO/oai:tspace.library.utoronto.ca:1807/32243
Date21 March 2012
CreatorsHernandez, Miguel A.
ContributorsIacobucci, Edward
Source SetsUniversity of Toronto
Languageen_ca
Detected LanguageEnglish
TypeThesis

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