Valuation, Risk Measurement and Marketing Requirements
of the European AIFMD:   Is Your Firm Prepared?

Objective:   This Webinar provides AI managers and advisors with what they need to do to meet the Directive's guidelines relating to the "independence of the valuation and risk managements functions" from investment decision making. This separation is new and has significant resource requirements for AI funds and their respective managers. The Webinar will also outline the Directive's requirements for selling investments in Europe and how these will impact investment firms both within and outside the Euro zone. The experts will also respond to questions submitted during and after the webinar.

July 22, 2013, is a date that every Alternative Investment Fund which does business in Europe should be aware of. This is the date that the Alternative Investment Fund Managers Directive (AIFMD) goes into effect. The Directive establishes common requirements governing the authorization and supervision of any Alternative Investment Fund Manager which is located in the European Union or sells to clients in the Union.

The Webinar will cover the following three topics:

Topic 1:   The Valuation of Illiquid Assets: Standards, Methods

Dr. Stanley Feldman, CEO and Founder of
Axiom Valuation Solutions

The Directive states:

"AIFMs shall ensure that the valuation function is either performed by:
(a) an external valuer, being a legal or natural person independent from the AIF, the AIFM and any other persons with close links to the AIF or the AIFM; or
(b) the AIFM itself, provided that the valuation task is functionally independent from the portfolio management and the remuneration policy and other
measures ensure that conflicts of interest are mitigated and that undue influence upon the employees is prevented."

The Directive does not specifically spell out how the valuation should be done. This portion of the Webinar will explore the standards and methods consistent with IFRS rules which should be used in the valuation process.


Topic 2:   Risk Measurement: Implementing Robust Methods
             for Back-Testing, Stress Testing and Scenario Analysis

Dr. Thomas Klepsch, Vice Chairman of the
European Bond Commission and Senior
Advisor to Axiom Valuation Solutions Europe (AVSE)



"AIFMs shall functionally and hierarchically separate the functions of risk management from the operating units, including from the
functions of portfolio management." -- AIFM Directive

Topic 2 looks at the methods used to satisfy the Directive's risk management requirements and the proper implementation of these methods. Specific attention will be paid to Back-Testing, Stress Testing, and Scenario Analysis


Topic 3:   Marketing Funds: Navigating the European Directive's
              Regulatory Landscape

Angelo Lercara, LL.M. EuR, Partner
Dechert LLP, Munich

The Directive has specific requirements that have to be complied with to market funds in Europe. This section will look at the regulatory landscape for satisfying those requirements and is pertinent to funds operating in Europe as well as funds operating outside of Europe who sell into Europe, either currently or intend to in the future.