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EU AIFMD disclosure, reporting and anti-asset stripping requirements

EU AIFMD disclosure, reporting and anti-asset stripping requirements This Practice Note examines disclosure and reporting obligations in the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD). It includes ongoing investor disclosures by alternative investment fund managers (AIFMs), the preparation of annual reports for alternative investment funds (AIF), and reporting and disclosure obligations to regulators. Additionally, it addresses the extra disclosure requirements for AIFMs managing leveraged AIFs and those managing private equity funds (AIFs that acquire control of non-listed companies), as well as the AIFMD rules designed to prevent asset stripping. What is the AIFMD? The AIFMD (Directive 2011/61/EU) came into effect in EU Member States on 22 July 2013 and covers the management, administration and marketing of AIFs across the EU. AIFMD, as implemented, applies to all EU AIFMs that manage one or more AIFs, irrespective of whether those AIFs are EU AIFs or non-EU AIFs. The AIFMD, as implemented in EU Member States, also applies to: • non-EU AIFMs who manage EU AIFs, and • (in part) to non-EU...

Project finance—Export Credit Agencies, multilateral lenders and development finance institutions

Project finance—Export Credit Agencies, multilateral lenders and development finance institutions Projects are typically financed on a limited recourse basis through one or more sources, including: • government contributions • senior debt provided by commercial lenders and/or funds, and • equity provided by project sponsors However, in certain jurisdictions, senior debt provided by commercial lenders and/or funds may be difficult to obtain due to the limitations on local liquidity and/or actual or perceived local political risks (see Practice Note: Project risks and risk allocation—Legal and political risk in a project finance transaction). This funding gap in developing markets may be bridged by funding provided by institutional lenders, such as Export Credit Agencies (ECAs) and multilateral or bilateral (national) Development Finance Institutions (DFIs). Alternatively, lenders providing senior debt may be supported by an ECA or DFI by means of a guarantee or other form of insurance cover. Typically, ECAs are involved in projects abroad to promote their national industries in the context of international trade, for example, where a national...

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Project lawyers’ completion documents list—waste to energy projects (merchant)—template

Project lawyers’ completion documents list—waste to energy projects (merchant)—template PROJECT DETAILS PROJECT NAME: [insert name of project] CLIENT: [insert name of client] [Insert name of firm] PROJECT LEAD: [insert name of client/lead partner] PROJECT PARTIES PROJECT PARTY DETAILS Account Bank(s) [insert name of Account Bank] (Company Registration No. [insert number]) whose registered office is at [insert registered office of Account Bank] Agent [insert name of Agent] (Company Registration No. [insert number]) whose registered office is at [insert registered office of Agent] Architect [insert name of Architect] (Company Registration No. [insert number]) whose registered office is at [insert registered office of Architect] Arrangers [insert name of Arrangers] (Company Registration No. [insert number]) whose registered office is at [insert registered office of Arrangers] Construction Contractor [insert name of Construction Contractor] (Company Registration No. [insert number]) whose registered office is at [insert registered office of Construction Contractor] Construction Contractor Parent Company [insert name of Construction Contractor Parent Company] (Company Registration No. [insert number]) whose registered office is at...