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On 26 April 2017, a trial court in Rotterdam gave its interpretation of the «number of investors» element of the «alternative investment fund» definition. In doing so, the Dutch court had to consider ESMA’s Guidelines on key concepts of the Directive on Alternative Investment Fund Managers (the «AIFMD»),(1) and give an opinion as to whether an investment vehicle invested by a sole shareholder shall (or not) be regarded as an alternative investment fund (AIF) and hence be subject to (or not) the Dutch AIFMD legal regime.

*This article was first published in AGEFI Luxembourg
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