Alternative investments

• Provisional request for advice on AIFMD level 2 measures
• Directive on Alternative Investment Fund Managers
• Proposal for a Directive on Alternative Investment Fund Managers
• Proceedings from High-Level Conference on Private Equity and Hedge Funds
• Feedback on public consultation on Hedge Funds
• Expert Group on Alternative Investment Funds

Provisional request for advice on AIFMD level 2 measures

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.

• Letter from the Director General
• Mandate
• Letter from the Director General extending the deadline

Directive on Alternative Investment Fund Managers

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.

• European Commission statement (11.11.2010)
• Frequently asked questions

Proposal for a Directive on Alternative Investment Fund Managers

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.

• Press Release (29.04.2009)
• Frequently asked Questions (FAQs)
• Proposal
• Impact Assessment
  • Full text
  • Executive Summary

Proceedings from High-Level Conference on Private Equity and Hedge Funds

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.

• Programme
• Flash report from the conference

Presentations and/or speeches made by the speakers

Keynote speech: Opening remarks by Commissioner McCreevy

Poul Nyrup Rasmussen, Member of the European Parliament, President of the Party of European Socialists

Sir Michael Rake, British Telecom and Chairman of the (Walker Guidelines) Compliance Monitoring Group

Prof. Nick Bacon, Nottingham University Business School and Prof. Michael Wright, Director Centre for Management Buyout Research, Nottingham University Business School

Gabriela Tschirkova, Asset Management, Internal Market and Services, European Commission

Mr Jean-Pierre Jouyet, Président, Autorité des Marchés Financiers

Mr Aerdt Houben, Director Financial Stability Division, De Nederlandsche Bank

Mr Jean-René Giraud, Director of development, EDHEC Risk & Asset Management Research Centre

Feedback on public consultation on Hedge Funds

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).

• Press Release (18.12.2008)
• Consultation and Feedback

Expert Group on Alternative Investment Funds