The European Union’s (EU’s) alternative investment fund managers directive (AIFMD) has been in effect for more than four months now, yet a number of issues still remain unresolved. At the heart of these matters is how to address some of the unexpected conflicts of interest that are emerging out of the directive.
The most obvious relates to the decision by a number of standalone fund administrators to create depository-lite entities as permitted under Article 36 of the directive. These entities
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