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La mise en oeuvre de la directive AIFM sur la place luxembourgeoise

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Labachi, Bilal ULiège
Promotor(s) : Philippe, Denis-Emmanuel ULiège
Date of defense : 4-Sep-2017/11-Sep-2017 • Permalink : http://hdl.handle.net/2268.2/3396
Details
Title : La mise en oeuvre de la directive AIFM sur la place luxembourgeoise
Translated title : [fr] La mise en oeuvre de la directive AIFM sur la place luxembourgeoise
Author : Labachi, Bilal ULiège
Date of defense  : 4-Sep-2017/11-Sep-2017
Advisor(s) : Philippe, Denis-Emmanuel ULiège
Committee's member(s) : Hübner, Georges ULiège
Francis, Yves 
Language : French
Number of pages : 94
Keywords : [fr] AIFM
[fr] investissement alternatif
[fr] Private Equity
[fr] Real Estate
[fr] protection
[fr] risque
[fr] Hedge Funds
[fr] Directive
Discipline(s) : Business & economic sciences > Finance
Target public : Researchers
Professionals of domain
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Banking and Asset Management
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège

Abstract

[en] The Alternative Investment Fund Managers Directive (AIFMD) is a EU directive that aims at placing Private Equity, Real Estate, Hedge Funds and any other alternative investment firms into a regulated framework, in order to monitor and regulate their activity. This directive came in response to the financial crisis in order to establish a regulatory framework for the alternative investment sector, which was not regulated until then.
Like any regulatory decision, it is controversial and this one is no exception. Is it a useful piece of legislation for the sector, which allows the latter to grow within a more secure framework? Or is it a law to have a better control over the players of the industry?
Throughout this research, several experts will share their expertises and, ultimately, the research will draw a conclusion on the general opinion of the sector.
The purpose of this research is to establish whether the AIFMD reaches the objectives of the EU for the investment funds industry. The new regulatory framework requirements are manifold and it is a matter of concerns for the investors who want to know the changes and the consequences for their investments.
The results show that the regulatory framework, thanks to the AIFMD, does not necessarily improve the alternative investment. It complicated the process for the managers who will have more due diligence and will need to provide more documents to the authorities and investors. In return for this heavier regulation, investors have greater protection. It is not the appropriate response to the financial crisis because the alternative investment fund sector did not cause the crisis or barely. Therefore, the process has been complicated and not necessarily for good reasons. This led to a loss of competitiveness compared with other non-European countries. However, there is indeed a greater protection for the investors with all these new requirements for the managers and the depositary. Consequently the objectives are partially met.


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Access TFE - Mise en oeuvre de la directive AIFM au Luxembourg.pdf
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Size: 3.64 MB
Format: Adobe PDF

Annexe(s)

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Access ALFI.pdf
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Access Benjamin Collette.pdf
Description: transcript
Size: 218.05 kB
Format: Adobe PDF
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Access Christophe Masset - Deloitte.pdf
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Size: 333.03 kB
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Access EHP - Jerome wigny.pdf
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Size: 435.99 kB
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Access Monique Bachner - transcript.pdf
Description: transcript
Size: 325.14 kB
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Access Philippe Belche EY.pdf
Description: transcript
Size: 220.02 kB
Format: Adobe PDF

Author

  • Labachi, Bilal ULiège Université de Liège > Master sc. gest., à fin.

Promotor(s)

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