ICABE

Authors: Simon Grima, Inna Romānova, Frank Bezzina, Frank Chetcuti Dimech

Abstract:

The introduction of the Directive on Alternative Investment Fund Managers (AIFM Directive 2011/61/EU) in 2013 means a radical transformation of the EU regulatory landscape for the whole alternative investment fund industry. Taking into account the growing meaning of the alternative investment fund industry in Europe, the aim of the paper is to assess the impact the Directive on Alternative Investment Fund Managers (AIFMD) will have on the Alternative Investment Fund Managers (AIFMs) managing Alternative Investment Funds (AIFs) in the EU.
The research is based on the case of Malta, which is a quickly growing financial centre. The main findings are based on an analysis of questionnaire responses conducted with key players in the fund industry regulated and licensed by the Malta Financial Services Authority. This study provides an extensive analysis of the AIFMD and its impact on Malta’s financial service industry. It has highlighted various factors that will have a positive or negative impact on the industry resulting from the AIFMD.
The paper provides recommendations for further development of the Maltese fund industry in the context of the AIFMD that can be partially applied to other fund domiciles.

Key Words: Alternative Investment Fund Managers Directive (AIFMD), investment fund managers, incentives, disincentives, Malta.

JEL Classification Codes: C23, C24

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