|
By Dr. Sebastiaan Hooghiemstra, senior associate in the investment management practice of Loyens Loeff in Luxembourg
Since the adoption of the AIFMD, the distinction between open-ended and closed-ended AIFs has been one of the foundational taxonomies of European fund regulation. Yet the definition of open-ended funds, as laid down in Commission Delegated Regulation (EU) No 694/2014 of 17 December 2013 (“CDR 2014”), reflects regulatory assumptions shaped more than a decade ago by traditional fund models. Designed against the backdrop of classic open-ended funds and fully locked-up closed-ended vehicles, that definition is increasingly ill-suited to today’s market reality.
The rapid rise of evergreen structures,...
|