The European Commission adopted a Delegated Regulation supplementing Directive 2011/61/EU – 17.12.2013
On 17 December 2013 the European Commission has adopted a Delegated Regulation supplementing Directive 2011/61/EU with regard to regulatory technical standards determining types of alternative investment fund managers.
The Delegated Regulation determines whether an Alternative Investment Fund Manager (AIFM) is an AIFM of open-ended AIF(s) and/or closed-ended AIF(s). Under the Alternative Investment Fund Managers Directive AIFMs have to follow specific rules depending on whether or not they are AIFMs of open-ended and/or closed-AIFs. Therefore, it is important to foresee detailed rules determining whether an AIFM is managing open-ended and/or closed-ended AIF(s).
Commission Implementing Regulation (EU) No 447/2013 – 16.05.2013
The Commission Implementing Regulation (EU) No 447/2013 of 15 May 2013 establishing the procedure for AIFMs which choose to opt in under Directive 2011/61/EU of the European Parliament and of the Council has been published in the Official Journal of the European Union on 16 May 2013.
Commission Implementing Regulation (EU) No 448/2013 – 16.05.2013
The Commission Implementing Regulation (EU) No 448/2013 of 15 May 2013 establishing a procedure for determining the Member State of reference of a non-EU AIFM pursuant to Directive 2011/61/EU of the European Parliament and of the Council has been published in the Official Journal of the European Union on 16 May 2013.
Commission Delegated Regulation on Alternative Investment Fund Managers – 22.03.2013
The Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision has been published in the Official Journal of the European Union on 22 March 2013.
Transposition of the Alternative Investment Fund Managers Directive
The European Commission has published answers to questions received in relation to the transposition of Directive 2011/61/EU on Alternative Investment Fund Managers. The questions and answers may be accessed on the dedicated webpage for
Questions on Single Market Legislation
Provisional request for advice on AIFMD level 2 measures – 02.12.2010
On 2 December 2010 the Commission sent to the Committee of European Securities Regulators (CESR) a provisional request for technical advice on level 2 measures concerning the future Directive on Alternative Investment Fund Managers. The provisional character of this mandate was related to the fact that at that time the new Directive still awaited its final adoption. Due to the significant number of implementing powers the provisional request has been divided into four parts: Part I covers general provisions, authorisation and operating conditions. Part II is devoted to implementing measures regarding the depositary. Part III covers Transparency Requirements and Leverage. Part IV covers implementing measures regarding supervision. The deadline for the delivery of the advice by CESR/ESMA is 16 September 2011.
Directive on Alternative Investment Fund Managers – 11.11.2010
Political agreement has been reached by the European Parliament and the Council of Ministers on the text for a Directive on Alternative Investment Fund Managers
Proposal for a Directive on Alternative Investment Fund Managers – 29.04.2009
The European Commission has proposed a Directive on Alternative Investment Fund Managers (AIFMs) with the objective to create a comprehensive and effective regulatory and supervisory framework for AIFMs at the European level. The proposed Directive will provide robust and harmonised regulatory standards for all AIFM within scope and will enhance the transparency of the activities of AIFM and the funds they manage towards investors and public authorities. This will enable Member States to improve the macro-prudential oversight of the sector and to take coordinated action as necessary to ensure the proper functioning of financial markets. The proposal will help to overcome gaps and inconsistencies in existing regulatory frameworks at national level and will provide a secure basis for the development of the internal market.
Proceedings from High-Level Conference on Private Equity and Hedge Funds – 26-27.02.2009
The European Commission organised a High-Level Conference on Private Equity and Hedge Funds, on 26th and 27th February 2009.
The conference brought together representatives of the hedge fund and private equity industries, investors, members of the regulatory community and other experts to discuss emerging policy issues in these sectors. The conference focused in particular on financial stability, transparency and investor protection. The conclusions from these discussions, coupled with the results of the public consultation on hedge funds, will feed in to the European Commission’s review of the adequacy of supervisory and regulatory arrangements for all financial market actors in the context of the financial crisis.
Presentations and/or speeches made by the speakers
Feedback on public consultation on Hedge Funds – 18.12.2008
The European Commission held a public consultation on hedge funds. The consultation, which has now closed, sought input from all interested parties on a range of issues relating to the activities of hedge funds. Over 100 responses were received from a range of stakeholders. A summary of the contributions received has been published, accompanied by individual contributions (except where respondents requested confidentiality).
Expert Group on Alternative Investment Funds – 2006
- 16.11.2006 – Public Consultation on Expert Group Reports:
- Feedback statement to the responses on the Expert Group Reports
- The comments to the Expert Group Reports can be accessed via the following link.
- 04.07.2006 – Reports of the Expert Group on Alternative Investment Funds:
- 31.01.2006 – Creation of the Expert Group on Alternative Investment Funds: