UK regulator’s perspective on the development of the AIFMD
The Alternative Investment Fund Managers Directive (the AIFMD) must be brought into force in the national law of each of the EU Member States by 22 July 2013. The AIFMD was adopted at EU level on 21 July 2011.
The next two years will see work and negotiation by legislators, regulators and interested parties – including the private equity and fund management communities – on the detailed measures and rules that will implement the AIFMD.
That process kicked off in earnest with the publication for consultation on 13 July 2013 by the European Securities and Markets Authority (ESMA) of the first part of its draft technical advice to the European Commission on possible implementing measures for the AIFMD. Feedback is requested by 13 September 2011. The draft advice is here (438 pages) and covers:
- General provisions, authorisation and operating conditions.
- Implementing measures regarding the depositary.
- Transparency requirements and leverage.
On 21 July 2011 the Director of Conduct Policy at the Financial Services Authority gave a speech setting out her perspective on the development of the AIFMD. This speech is a good summary of some of the main issues that the AIFMD raises for fund management community and can be read here (somewhat shorter at 4 pages).
For a high-level summary of the AIFMD, see this post - which also includes links to various British Venture Capital Association publications on the AIFMD.
The useful European Commission page on the AIFMD, which pulls together various source material, is here.
UPDATE 24 August 2011: ESMA published the second part of its draft technical advice to the European Commission on possible implementing measures for the AIFMD on 23 August 2011. More details in this post.
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