The Application of Spanish CFC Rules to Investments in EU Alternative Funds: Current Overview and the Impact of the ATAD Directive

Abstract

This article focuses on the application of the Spanish controlled foreign company (CFC) rules to EU alternative investment funds (AIFs) as defined in article 4(1)(a) of Directive 2011/61/UE of the European Parliament and the Council of 8 June 2011 on Alternative Investment Fund Managers (AIFM Directive). The focus of the article is in particular on AIFs managed by AIF managers that meet all the requirements of the AIFM Directive and, therefore, can be freely distributed throughout the European Union at least among professional investors.