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The Alternative Investment Fund Managers Directive : and its Impact on Norwegian Private Equity

机译：另类投资基金管理人指令：及其对挪威私募股权的影响

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The financial crisis, together with more or less related events such as the fall of Lehman Brothers and the Bernard Madoff fraud got the ball rolling at the European Commission about introducing aEuropean Directive which would aim at harmonizing the regulatory framework for alternative investment funds across the EEA. This resulted in the Alternative Investment Fund Managers’ Directive (AIFMD), an all‐encompassing controversial set of regulations which is to be transposed to national law by mid‐2013.This paper discusses possible implications of the Directive for the Norwegian private equity market.Private equity is only one of the target activities of the AIFMD. In Norway the Directive impliesextensive additional regulation, as private equity is hardly regulated to this day. This translates intohigher compliance costs. The major changes will imply the need for private equity fund managers torequest authorization; the requirement to appoint depositaries for each managed fund; marketingrequirements posing a possible obstacle to accessing foreign capital; and transparency requirements radically changing the way in which activities are communicated externally from PE fund managers. The Directive will probably take a heavier toll on venture capital funds, which represent a large part of capital under management in Norway and are usually smaller, compared to buyout funds, thus feeling the additional costs weighing more heavily with respect to the size of the fund. Regulatorsshould attempt mitigating the costs of the transition, especially for venture capital funds, through e.g. favorable tax schemes or other incentive mechanisms.
机译：金融危机以及雷曼兄弟倒台和伯纳德·马多夫（Bernard Madoff）欺诈等或多或少相关的事件，使欧盟委员会开始引入一项欧洲指令，旨在协调整个EEA的另类投资基金的监管框架。 。这导致了另类投资基金管理人指令（AIFMD），这是一整套有争议的法规，将于2013年年中转换为国家法律。本文讨论了该指令对挪威私募股权市场的潜在影响。私募股权只是AIFMD的目标活动之一。在挪威，该指令意味着要进行广泛的附加监管，因为迄今为止，私人股本几乎不受监管。这意味着更高的合规成本。重大变化将意味着需要私募股权基金经理要求授权；要求为每个管理基金任命存托人；市场需求构成了获取外资的可能障碍;透明度要求从根本上改变了私募股权基金经理与外界进行活动交流的方式。该指令可能会给风险投资基金带来更大的损失，这占挪威管理的资本的很大一部分，与买断基金相比，风险资本通常较小，因此，相对于基金规模而言，额外成本的负担更为沉重。监管机构应尝试通过例如以下方式减轻过渡成本，特别是对于风险投资基金而言有利的税收计划或其他激励机制。

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