AIFMD: On the road to implementation
Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive (AIFMD) provides an EU framework for the regulation and oversight of alternative investment fund managers.
In December 2012 the European Commission published its long-awaited Regulation that will provide the basis for implementing AIFMD across the EU by 22 July 2013.
For the first time, Alternative Investment Fund Managers (AIFMs) will be required to seek authorisation under a new and comprehensive EU regulatory framework with far-reaching business impacts.
AIFMs need to take a range of actions to ensure compliance and continued access to EU markets.
Key provisions of the AIFMD relate to:
- Authorisation
- Organisational and operational requirements
- Remuneration
- Conflicts of interest
- Risk management
- Liquidity management
- Delegation
- Depositary requirements / liability
- Transparency, disclosure to investors and regulatory reporting
- EU marketing and supervisory cooperation (EU Passport)
- Third Country rules (Third Country passport and Private Placement rules)
Read AIFMD - meeting the challenge to understand how we can assist you
Key developments
AIFMD Alert: European Commission Q&A
On 27 March 2013, the European Commission published on its website a series of Q&A which address the key topic of transitional arrangements and other aspects of the Alternative Investment Fund Managers Directive (AIFMD).
AIFMD Alert: ESMA issues final AIFMD remuneration guidelines
ESMA has published its final report setting out guidelines for remuneration under the Alternative Investment Fund Managers Directive. Read our briefing on key changes.
Updated AIF handbook
The Central Bank has published its revised “AIF Handbook” with some notable changes following stakeholder feedback.
AIFMD Alert: Commission Regulation released
The European Commission published on 19 December its long-awaited Regulation that provides the basis for implementing AIFMD across the EU by 22 July 2013. The Regulation includes some notable changes from ESMA’s technical advice. ESMA has additionally published two consultation papers.
The Central Bank’s consultation on AIFMD
The Central Bank of Ireland has issued a consultation paper (CP 60) on the implementation of the Alternative Investment Fund Managers Directive (AIFMD) in Ireland. A new “AIF Handbook” will replace existing rules. Read our briefing paper.
ESMA consults on remuneration guidelines
ESMA sets out draft guidelines on how AIFMs will be required to implement remuneration policies to comply with the remuneration provisions of AIFMD. The proposed guidelines represent significant change for the industry.
ESMA releases ‘key concepts’ discussion paper
ESMA has released a discussion paper addressing key concepts of AIFMD and types of AIFM. The discussion paper covers the definition of an AIFM, appointment of an AIFM, the definition of an AIF as well as the treatment of UCITS management companies and interaction with the MiFID regime.
ESMA’s final advice to the European Commission on AIFMD implementing measures
On 16 November 2012 ESMA published its detailed technical advice to the European Commission. Read our key impacts briefing.
Contact us
Mike Hartwell
Partner, Head of Investment Management
T: + 353 1 417 2303
Brian Jackson
Partner, Investment Management advisory
T: +353 1 417 2975
Sinead Ovenden
Director, Enterprise Risk Services
T: +353 1 417 2545
Patrick Rooney
Manager, Investment Management Advisory
T: +353 1 417 2962
Or any member of our team