MID-TERM EXAM SAMPLE ANSWERS 1) Critically discuss the different approaches followed by the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive and the Alternative Investment Fund Managers (AIFMs) Directive. Are retail investors adequately protected by EU regulation? -The first UCITS Directive was issued in 1985 in order to harmonise the EU Member States’ regulation on collective investment schemes addressed to retail investors. -The EU legislator also aimed at increasing the level of protection for the investors. -Over time the first Directive has been amended in order to unify the EU market of UCITS schemes also due to the provision of the EU passport. -The AIFMD, by contrast, was issued in 2011 as a response to global financial crisis 2007-2009 in order to make subject to regulation even vehicles which in the past enjoyed a regulatory void, such as hedge funds and private equity funds.
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- Fall '19