Legislation and information sources

Legislation

European regulation

A uniform European regulatory system for alternative funds is established by the Alternative Investment Fund Managers Directive (AIFMD).(Alternative Investment Fund Managers Directive, AIFMD).

This Directive applies to all platforms intended for the pooling and investment of capital that are not covered by the UCITS Directive, a piece of legislation regulating standard funds for the public.

Under the AIFMD, fund managers can use a European passport to operate across all EU Member States.

A lighter regime is available to managers whose funds do not exceed EUR 100 million (or EUR 500 million if they do not use leverage and do not guarantee the redemption of shares within five years). The funds of these below-the-threshold managers are subject to the “national” regime applicable in the Czech Republic, which is very similar to the full regulatory regime under the AIFMD.

Czech regulations

Where to look for more information

For more information on investment fund management, please contact us or take a look here:

• ESMA (European Securities and Markets Authority)
• ČNB – financial market supervision
• Czech Capital Market Association