Directive on Alternative Investment Fund Managers

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The European Commission's Directive on Alternative Investment Fund Managers (AIFMD) is a proposed regulatory and supervisory framework for alternative fund managers (AIFMs) in Europe. The proposal provides more transparency to the investors and regulators associated with alternative investment funds. The funds being discussed in the proposal include hedge funds and private equity.

In a release by the commission, the proposal set out specific goals for AIFMs. AIFMD aims to:

  • "Ensure that all AIFM are subject to appropriate authorization and registration requirements;
  • Provide a framework for the enhanced monitoring of macro-prudential risks, e.g. through sharing of relevant data among supervisor;
  • Improve risk management and organizational safeguards to mitigate micro-prudential risks;
  • Enhance investor protection;
  • Improve public accountability for AIF holding controlling stakes in companies;
  • Develop the single market for AIFM."[1]

On December 2, 2010, the commission sent a provisional request for comments to the Committee of European Securities Regulators (CESR), later replaced by the European Securities and Markets Authority (ESMA).[2] The original deadline for advice was September 16, 2011, and an additional letter extended that date to November 16, 2011.[3]

References

  1. Directive on Alternative Investment Fund Managers (AIFMs) : Frequently Asked Questions. Europa.
  2. Provisional request for a technical advice on the Directive for Alternative Investment Fund Managers (AIFM) level 2 measures (PDF). European Commission.
  3. [http://ec.europa.eu/internal_market/investment/docs/alternative_investments/level2/note_en.pdf Provisional request for a technical advice on the Directive for Alternative Investment Fund Managers (AIFM) level 2 measures: Extension of deadline (PDF)]. European Commission.