The Alternative Investment Fund Managers Directive (“AIFMD”)
The AIFMD is a European Union law that was introduced ostensibly to bring hedge funds and private equity funds under the supervision of an appropriate regulatory body. For the UK, this is the Financial Conduct Authority (“FCA”). The AIFMD came in to force on 22 July 2014.
The AIFMD was drafted very widely and, whether by accident or design, the great majority of investment trusts, including Herald Investment Trust Plc (“HIT”), have been caught by its scope. As an Alternative Investment Fund (”AIF”) HIT is required to appoint an Alternative Investment Fund Manager (“AIFM”), which must be regulated by the FCA, and which must ensure that the AIF complies with the AIFMD. Herald Investment Management Limited (“HIML”) has been appointed as the AIFM for HIT.
Entitlement to information
AIFMD compliance requires an AIF to make certain information available to shareholders and prospective shareholders. Much of that information has, historically, always been available to shareholders (and others) via the HIML website.
The link below is to a document produced by HIML which closely follows an FCA form called ‘FUND 3.2.2R Disclosures’. The form sets out the material that HIT is obliged to make available to shareholders and potential shareholders. The form points out where on the HIML website this material is available and, if relevant, the particular page number of certain documents (usually, the HIT annual report and accounts) where the prescribed information can be accessed.
HIT’s Fund 3.2.2R Disclosures form will be kept updated as required. Any shareholder or potential shareholder who wishes to discuss any aspect of the AIFMD should contact Andrew Miller at Herald Investment Management Limited: firstname.lastname@example.org or 0207 553 6300.