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The Law of 12 July 2013 implementing the Alternative Investment Fund Managers Directive (AIFMD) in Luxembourg and the EU Commission Delegated Regulation 231/2013 (Level 2 Regulation) set up the new regulatory framework for Alternative Investment Fund (AIF) risk management. While compliance gaps for AIFM already in line with UCITS regulations have proved to be limited (with the notable exception of regulatory reporting, remuneration and risk management of illiquid assets), compliance may be more challenging for private equity and real estate managers, for which most of the AIFMD requirements are completely new.
Among the challenges faced, risk management requirements for private equity and real estate raise many questions and concerns within the industry. Identifying...
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