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ID 1196. Issues related to Article 37 AIFMD Back

Relevant provisions
Article 37(13) of Directive 2011/61/EU

Question
According to Article 37 (13) second subparagraph AIFMD any disputes between the AIFM or the AIF and EU investors of the relevant AIF shall be settled in accordance with the law of and subject to the jurisdiction of a Member State. How should this provision be adapted by the member states?

Answer
Member States may determine the appropriate jurisdiction taking into account the relevant legal instruments of private international law which Member States might be part of. In principle Article 37(13) requires that the relevant applicable law and jurisdiction are of an EU Member State, not necessarily of the Member State of reference. Per a contrario, the Member States could not allow that the applicable law and jurisdictions be the one from a non-EU country.

Date
Submitted on 25/03/2013