The Financial Law 2019 introduced important innovations regarding the Independent Experts of Real Estate AIF and in particular:
• possibility of renewal of the appointment of I.E. for a second three years term;
• conflict of interest limited to the individual fund and not to the entire GEFIA (and subsidiaries and associated companies);
• case by case verification of the independence of the Expert, deriving from other assignments entrusted by the AIFM.
In fact, the restrictions introduced by Ministerial Decree 30/2015 are repealed ex lege.
The AIFMD and, better still, the AIFMR specify that the conflict of interest should be obligatorily considered at the level of the AIFM not only of the AIF as the legislative novella here considered indicates. Preamble no. 48 of the AFMR states:
“An AIFM should, for each of the EU AIFs it manages and for each of the AIFs it markets in the Union, make available an annual report for each financial year no later than 6 months following the end of the financial year in accordance with this Directive. That 6-month period should be without prejudice to the right of the Member States to impose a shorter period”.
The meeting will deal with, in a practical way, the new legislative giving ideas for a correct management of the issue.
The event if free of charge but it is compulsory the reservation.