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Delegated and implementing acts

Commission 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.

Directive on Alternative Investment Fund Managers

On 29 April 2009 the European Commission 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 aimed at providing robust and harmonised regulatory standards for all AIFM within scope and enhancing the transparency of the activities of AIFM and the funds they manage towards investors and public authorities.

On 11 November 2010 political agreement was reached by the European Parliament and the Council of Ministers on the text for the Directive.

Commission original proposal

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.