Comment by Joy Dunbar, Editor of Absolute UCITS
UCITS is in many ways just the older and more established fund sibling of the Alternative Investment Fund Managers Directive.
European financial regulators, legislators and politicians created these respective fund structure regulations under very different circumstances.
The UCITS Directive was established to create a harmonised, uniformed and cross-border fund structure between different member states.
The AIFMD was the European response to the global financial crisis.
But as fund structure siblings they share many similarities as well as differences.
Why is this significant?
Since the AIFMD was formed initially in 2009, European regulators