Amendments to the operating requirements for AIFMs

The Rulebook on Amendments to the Rulebook on Operating Requirements for Alternative Investment Fund Management Companies published in “Službeni glasnik RS” (RS Official Gazette) No 72/2021, on 16 July 2021. The Rulebook comes into force on 24 July 2021.

The amendments to the Rulebook are to facilitate the operations of alternative investment fund management companies and to make the requirements and procedure of authorization more straightforward.

New Article 5a itemizes the documents required from management companies of open-ended investment funds subject to public offering, by the Securities Commission, to be submitted with the application to manage alternative investment funds (AIFs).

The Rulebook specifies that the management companies already authorized by the Commission to manage open-ended investment funds subject to public offering shall not be required to file with the Commission another set of documents already submitted in the original authorization process.

The current staff capacities requirements have been made less stringent – for all alternative investment funds save for the hedge funds, funds of funds, umbrella funds and master funds.

The provisions on the professional experience of the person proposed for a management member have been also amended – for closed-ended AIFs subject to public offering or subject to private placement investing in real estate, reflecting the nature of their investment policies, without compromising the protection of investors. 

Procedures for the issuance of authorizations to AIFMs initiated to the date of coming into force of this Rulebook shall continue according to provisions from the Law and this Rulebook.