The Alternative Investment Fund Managers Directive (AIFMD) provides an EU framework for the regulation and oversight of alternative investment fund managers. Similar to the UCITS Directive for retail funds, the AIFMD will also enable alternative investment funds auithorised in one member state to sold across the EU under a marketing passport.
Key provisions of the AIFMD relate to:
- Capital requirements
- Risk / liquidity management
- Conflicts of interest
- Depositary requirements / liability
- Transparency and reporting
The AIFMD will have far-reaching impacts on how alternative investment managers distribute their funds, remunerate their employees and generally conduct their business.
The AIFMD was agreed in November 2010 and officially published on 1st July 2011 with the national transposition deadline set as 21st July 2013.
In December 2010 the European Commission issued a request for guidance to the newly formed European Securities and Markets Authority (“ESMA”) in relation to the many implementing measures.
ESMA launched consultations over July/August 2011 and is expected to provide its final advice to the European Commission by 16th November 2011.
|ESMA issues consultations on AIFMD implementing measures|
|AIFMD: what do AIFMs need to know?|
|AIFMD: an introduction|
|AIFMD technical summary|