Wednesday December 19 2012

News Source: Fund Regulation

Focus: AIFMD

Type: General

Country: European Union




The European Commission has acted to solidly underpin the new rules for Alternative Investment Fund Managers (AIFM) by adopting a Delegated Regulation supplementing the Directive on Alternative Investment Fund Managers (AIFMD) on 19 December 2012.

The AIFMD is part of the Union`s response to the financial crisis, and aims to create a comprehensive and effective regulatory and supervisory environment for alternative investment fund managers in Europe. The Delegated Regulation is a precondition for the application of the AIFMD in EU countries and was adopted to supplement certain elements of the AIFMD. These rules concern the:

  • conditions and procedure for the determination and authorisation of AIFMs, including the capital requirements applicable to AIFMs;
  • operating conditions for AIFMs, including rules on remuneration, conflicts of interest, risk management, liquidity management, investment in securitisation positions, organisational requirements, rules on valuation;
  • conditions for delegation;
  • rules on depositaries, including the depositary`s tasks and liability;
  • reporting requirements and leverage calculation;
  • rules for cooperation arrangements.

The Delegated Regulation that was adopted on 19 December 2012 is subject to a three-month scrutiny period by the European Parliament and the Council and will enter into force, provided that neither co-legislator objects, at the end of this period and the day following publication in the Official Journal.

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