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Alternative investment fund managers (AIFM) - Directive 2011/61/EU | European Commission On 10 June 2020 the European Commission published a report addressed to the European Parliament and the Council assessing the scope and the functioning of the alternative investment fund managers directive (AIFMD). Further details on the reached conclusions are presented in the European Commission staff working document

Alternative investment fund managers (AIFM) - Directive

  1. g activities under this Directive before 22 July 2013 shall take all necessary measures to comply with national law stem
  2. The review clause of the AIFMD requires the European Commission to carry out an assessment and to provide the European Parliament and the Council with a report on the application and the scope of the AIFMD. The purpose of this Commission Staff Working Document (SWD) is to complement the report adopted by the European Commission and t
  3. Report on the operation of the alternative investment fund managers directive (AIFMD) Managers of alternative investment funds (AIFMs) are responsible for the management of a significant amount of invested assets in the Union and account for significant amounts of trading in markets for financial instruments
  4. On 22 October 2020, the European Commission (EC) launched a consultation on the review of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers ( AIFMD ). This consultation follows the EC's June 2020 report on the AIFMD's scope and application that was submitted to the European.
  5. The Commission aims to improve the utility of the AIFM passport and the overall competitiveness of the EU AIF industry. Views are sought on the scope of the AIFM licence, its potential extension to smaller AIFMs and level playing field concerns in relation to the regulation of other financial intermediaries, like MiFID investment firms, credit institutions or UCITS managers that provide similar services
  6. g review of the Alternative Investment Fund Managers Directive (AIFMD). AIFMD has provided a successful framework for alternative funds in Europe since.

EU AIFs managed by the EU AIFM and the management of EU AIFs established in Member States other than the home Member State of the AIFM. This Directive also provides for the conditions subject to which authorised EU AIFMs are entitled to market non-EU AIFs to profes­ sional investors in the Union and the conditions subjec In line with the Commission's Green Paper on corporate governance in the financial sector (2), persons who effectively direct the business of the AIFM should also commit sufficient time to perform their functions in the AIFM and act with honesty, integrity and independence of mind to, inter alia, effectively assess and challenge the decisions of the senior management 2. The AIFMD framework is made up of the following EU legislation: • Directive 2011/61/EU 1, which was adopted in 2011. It is a 'framework' Level 1 Directive which has been supplemented by technical delegated and implementing measures. • Commission Regulation (EU) No 231/2013 2, Commission Regulation (EU) No 447/201 Managers (hereinafter 'AIFMs'), including risk and liquidity management, valuation and delegation, requirements detailing the functions and duties of deposi­ taries of Alternative Investment Funds (hereinafter 'AIFs'), rules on transparency and specific requirements relating to third countries. It is important that all these supple The European Commission has published its long awaited report into the application and scope of AIFMD. The report is generally positive and concludes that overall AIFMD has been successful in meeting its objectives. However, the report does highlight some areas in which amendments would be welcome or have been suggested by stakeholders

What is AIFMD 2? - Merlys

Report assessing the application and - European Commissio

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Managers Directive (AIFMD), ESMA would like to take this opportunity with this letter to highlight some areas of AIFMD where improvements could be made. As you know, the AIFMD has provided a solid framework for alternative investment funds in Europe. It gave a basis for consistent supervision of alternative managers in the EU, thu On 10 June 2020, the European Commission published a short report (the Report) on the application and scope of the Alternative Investment Fund Managers Directive (the AIFMD). This is a further step towards the Commission's proposal to amend the AIFMD, which is expected in September and follows publication in 2019 of the Commission's detailed survey of the operation and impact. The Commission also considers the prospect of encompassing smaller AIFMs and level-playing field concerns between AIFs and other financial intermediaries that provide similar services. A number of questions also look for feedback on functioning of the AIFM passport to enhance cross-border marketing and investor access

On 10 June 2020, the European Commission (the Commission) published its long-awaited Report to the European Parliament and the Council assessing the scope and application of the EU Alternative Investment Fund Managers Directive (AIFMD).The Report was mandated under Article 69 of the AIFMD and follows KPMG's report to the Commission on the. Given the European Commission's ongoing efforts to establish a capital markets union (CMU), on 22 October 2020, the European Commission (EC) published the much anticipated public consultation on AIFMD review. Background. Article 69 of AIFMD requires the EC to review the application and the scope of AIFMD From 27 March 2015 the application of Jersey's AIFMD regime to a self-managed AIF which is a Certified Fund under the CIF Law is as follows: The self-managed AIF (in its capacity as AIF) is required to hold a CIF Certificate pursuant to the CIF Law. Pursuant to Article 2 (1) (b) of the AIF Order and (and subject to the Commission firstly. The Commission is still considering the need for further proposals in this area and so it will be interesting to see if and when the Commission will put forward any suggested amendments to AIFMD. Given the political climate and the continuing delays to the AIFMD review process, it is unlikely that the AIFMD II process will be launched with particular urgency The European Securities and Markets Authority (ESMA) has published the letter it received from the European Commission (EC) in respect of its advice on the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU AIFMs and AIFs, and ESMA's opinion on the functioning of the passport for EU AIFMs and on the national private placement regime

Report on the operation of the - European Commissio

In June 2020, the European Commission's review for the European Parliament on the functioning of the AIFMD reported that the regulation was working well. It had helped create an internationally-recognised European market for alternative investment funds, strong investor protection and contributed to market efficiency and integrity European Commission ESRB/2020/0015 1049 Bruxelles/Brussel Belgium ECB-PUBLIC ESRB considerations regarding the AIFMD 3 February 2020 Dear Sean, With this letter I am providing the information which your staff requested on the shortcomings of the current AIFMD framework The Commission has, therefore, invited feedback from stakeholders on proposed amendments to certain articles of the AIFMD and UCITS Level 2 Regulations. This follows work by the European Securities and Markets Authority (ESMA) on asset segregation - in particular, its Opinion, Asset segregation and application of depositary delegation rules to CSDs of 20 July 2017 (the ESMA Opinion) As part of that review, the Commission engaged KPMG on a report to look at whether the AIFMD's objectives have been met, by assessing a number of the AIFMD requirements against five principles: effectiveness, efficiency, coherence, relevance and EU added value On 22 October 2020, the European Commission published a public consultation on the Alternative Investment Fund Managers Directive (AIFMD). The consultation is part of the Commission's ongoing review of the directive and seeks the views of stakeholders on how to achieve a more effective and efficient functioning of the EU alternative investment fund (AIF) market as part of the overall.

The Commission notes that any change to the AIFMD definitions of types of investors needs to take into account the interaction of AIFMD with the relevant provisions of MiFID II. The report also notes that financial intermediaries , such as banks and insurance companies, actively promote mainly in-house funds to retail investors, rather than offering a broader range of third-party AIFs Finance Watch calls for allowing both qualitative and quantitative approaches to assess sustainability risks and requiring all AIFMs - regardless of their size - to consider potential adverse impacts of investment decisions on the environment and society. Also argue that AIFMD framework needs adjusting to ensure financial stability

As a first step in the AIFMD review process, an external contractor -KPMG- was commissioned to conduct a general survey and to provide an assessment of the AIFMD regulatory framework. In anticipation of a public consultation, the Commission is preparing a report for the co-legislators which it aims to publish in the first half of 2020 Commission to delay their decision on the potential application of the AIFMD passport to Singapore; and • ESMA considers that more time is needed to complete its assessment on the potential application of the AIFMD passport to Hong Kong, because notably detailed information on the Hong Kong regulatory framework remains incomplete The AIFMD Regulation requires the Commission to undertake a review of the application of Article 82 (the Article dealing with letter box entities) and, if necessary, to take measures to further specify conditions under which the AIFM should be deemed t It is important, however, to recognise that the AIFMD review is at an early stage and there is no certainty that the Commission will implement the ESMA recommendations in full, or at all, but they.

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In a letter dated August 18, 2020, the European Securities and Markets Authority (ESMA) wrote to the European Commission (EC) on certain topics it considers a priority to address in the context of the EC's review of the Alternative Investment Fund Managers Directive (AIFMD), which is occurring seven years after the AIFMD was passed into law on July 22, 2013 The AIFMD itself also requires that on a periodic basis, the Commission should review the application and the scope of the AIFMD. The Commission also assessed the AIFMD's impact on investors, AIFs, Alternative Investment Fund Managers (AIFMs) in the EU and in third countries in order to establish the degree to which the objectives pursued by the AIFMD have been achieved

ALFI response to European Commission consultation on the AIFMD review Page | 5 Question 3.1 Please explain your answer to question 3, providing quantitative and qualitative reasons to substantiate it: 5000 character(s) maximum For each of the items above and the choices we made, we have provided in addition to th The Commission Q&A on the AIFMD provided specific guidance on the interpretation of the transitional provisions under Article 61(1) of the AIFMD.8 According to Article 61(1) of the AIFMD, AIFMs performing activities under the AIFMD before 22 July 2013 have one year from that date to submit an application for authorisation The Commission is obliged to carry out a review of the application and scope of the AIFMD under Article 69 of the AIFMD. The Commission's Final Report on the findings from the survey is the first step of this review. The survey sought to identify areas where further reflection is needed and it is clear to us tha

New ESG changes to MiFID II, AIFMD and the UCITS Directive

AIFMD reporting AIMFD reporting means reporting as referred to in the AIFM Directive (2011/61/EU) and the European Commission Regulation (2013/231). The reporting obligations under the AIFM Directive have been implemented in national legislation (Act on alternative investment fund managers (162/2014) and Ministry of Finance Decree on alternative investment fund managers (226/2014)) On 22 October 2020 the European Commission (the Commission) published a wide ranging consultation (the Consultation) on the European Securities and Markets Authority's (ESMA) proposed review of the Alternative Investment Fund Managers Directive 1 (the AIFMD). The Consultation signals the appetite for significant amendments to the AIFMD On 18 August, 2020, the European Securities and Markets Authority (ESMA), the EU's securities markets regulator, issued a letter to the European Commission (Commission), highlighting areas to consider during the forthcoming review of the Alternative Investment Fund Managers Directive (AIFMD)

Commission AIFMD Review Consultation INREV Response Download. AIFMD Review Consultation Briefing . Published on 19 Nov 2020 Share. Jeff Rupp, INREV Public Affairs Director, presented on the recently launched European Commission consultation on AIFMD. Video Presentation The Commission is still considering the need for further proposals in this area and so it will be interesting to see if and when the Commission will put forward any suggested amendments to AIFMD

In a letter dated 18 August 2020 to the European Commission, ESMA sets out its recommendations for changes that could be made to the Alternative Investment Fund Managers Directive (AIFMD) framework as part of the Commission's review of the AIFMD. ESMA recommends changes in 19 areas including harmonising the AIFMD and UCITS regimes; delegation and substance; liquidity management tools. the Commission understands that a Guernsey AIFMD equivalent regime may assist in this application process. Furthermore, at the time of this consultation paper, the implementation of AIFMD across the whole of the EEA is unclear. Potentially some EEA Member States may require a non-EE AIFMD may in due course differ from those recommended by ESMA, the Letter provides a clear indication of areas in which amendments may be made. Background • Article 69 of the AIFMD requires the European Commission to commence a review on the application and scope of the AIFMD by 22 July 2017. As a result, th

AIFMD II: European Commission kicks off the review process

On 22 October 2020, the European Commission (the Commission) published a public consultation (the Consultation) on the review of Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD). Market participants are invited to reply via an online questionnaire by 29 January 2021. Based on the Consultation and other meetings with stakeholders, the Commission plans to publish [ AIFMD, UCITS and MiFID On 8 June 2020, the European Commission published draft amendments to the MiFID, AIFMD and UCITS regimes, as part of the EU Action Plan on Financing Sustainable Growth. The proposed amendments focus on the integration of sustainability into existing organisational rules and conduct of business rules under the three regimes It has also called on the Commission to revise the legislation to eliminate any legal uncertainty around the precise application of rules in certain specific cases, citing by way of example whether or not the AIFMD/UCITS/MiFID rules should apply in respect of discretionary portfolio management or investment advices on assets that do not qualify as financial instruments under section C of. The European Commission published its consultation on the review of the Alternative Investment Fund Managers Directive (AIFMD) in October 2020. The consultation contains 102 questions which touch on several topics

The Implementation Of The AIFM-Directive In Germany – What

On August 19, the European Securities and Markets Authority (ESMA) published a letter it sent to the European Commission on its proposed areas of recommendation for the upcoming review of the Alternative Investment Fund Managers Directive (AIFMD) The Commission began its review in 2018 with a general survey 2 about the functioning of the AIFMD. The results of that survey were published in January 2019. The Commission noted that most of the AIFMD provisions were assessed as having achieved their objectives, but also identified areas requiring further analysis, including in respect of

European Commission consults on AIFMD review Financial

AIFMD TIMELINE 29 APR 09: EU Commission proposes new AIFMD Directive 11 NOV 10: EU Parliament and Council of Ministers vote through AIFMD 23 FEB 11: ESMA launches discussion paper on technical standards 2 OCT 12: Netherlands •irst EU member state to introduce Directive 19 DEC 12: EU Commission adopts implementing rule On 22 October, the European Commission launched a public consultation on the review of the Alternative Investment Fund Managers Directive (AIFMD).. While the consultation does not constitute a final policy position taken by the Commission, the views reflected in the consultation paper provide an indication on the approach the Commission may take The European Commission adopted the long-heralded Alternative Investment Fund Managers Directive (AIFMD), level 2, implementing regulation (the Regulation) on 19 December 2012. The Regulation, when it enters into force, will be directly applicable in all EU member states and will not require any transposition into member-state law

While not recommending the creation of such a passport in AIFMD and the UCITS Directive, ESMA believes the Commission should study the benefits and risks further in the context of the AIFMD Review. Next Steps. The Commission is expected to issue a consultation on its proposed changes to AIFMD in Q4 2020 European Commission (the Commission) on possible implementing measures (also known as the Level 2 measures) under the Alternative Investment Fund Managers Directive (AIFMD or the Directive). Notwithstanding this risk, the industry now has a clearer picture of what the full AIFMD regulatory framework will mean for it and we expect tha Gibraltar Financial Services Commission. Introduction. The Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) is a European Directive which was transposed into Gibraltar legislation via the Financial Services (Alternative Investment Fund Managers) Regulations 2013

The AIFMD Rules, 2013 Page 1 The AIFMD Rules, 2013 The Guernsey Financial Services Commission in exercise of the powers conferred on it by sections 12, 14, 15, 16 and 20 of the Protection of Investors (Bailiwick of Guernsey), Law 1987, as amended hereby makes the following rules:- 1. INTRODUCTION 1.1 Citation, commencement and applicatio In June 2020, the Commission assessed the application and scope of the AIFMD. 3 Its findings were based, among other things, on the KPMG report ordered by the Commission in 2017, more recent feedback from the European Securities Market Authority (ESMA) and the recommendation of the European Systemic Risk Board (ESRB), whose influence on AIFMD II is likely to increase in the light of liquidity. AIFMD Review - the key areas of focus for depositaries On 22 October 2020, the European Commission launched a public consultation on the review of the Alternative Investment Fund Managers Directive (the AIFMD Review). The public consultation follows the European Commission's review report from Jun requirements laid down in the AIFMD and its supplementing AIFMR, including taking measures to manage risks and to ensure the requisite transparency regarding the activities of their managed AIFs. On 10 June 2020, the European Commission submitted its report to the European Parliament and the Council on the scope and the application of the AIFMD 5 Final Report - ESMA's technical advice to the European Commission on integrating sustainability risks and factors in the UCITS Directive and AIFMD (ESMA34-45-688). 6 Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 o

ESMA recommends priority topics in AIFMD revie

Summary The European Commission (the Commission) has published its long-awaited Consultation on AIFMD. It covers a range of subjects, under the broad headings of authorisation/scope, investor protection, international relations, financial stability, investment in private companies, sustainability/ESG and miscellaneous. Crafted as a series of questions, in both multiple choice and open format. On 10 June 2020 the Commission issued its own report to the European Parliament and the Council on the application and scope of the AIFMD.And on 18 August 2020, ESMA sent a letter to the Commission to recommend topics to include in this review.. Then on 22 October 2020, the Commission launched the consultation on the AIFMD review.. This consultation aims

Directive 2011/61/EU of the European Parliament and of the

With the EC AIFMD consultation open until January 2021, the Commission last week hosted a three hour webcast with leading experts to discuss how a new framework may harmonise the regulatory rules while balancing the objectives of financial stability, investor protection and market integration AIFMD review: ALFI response to European Commission consultation 1 Feb 2021 | Statements and Position Papers On 29 January 2021, ALFI responded to the consultation on the review of the Alternative Investment Fund Manager Directive (AIFMD), which was published by the European Commission in October last year KPMG, as part of its mandate from the European Commission in connection with the AIFMD review, has created a survey to assist with a study into how the AIFMD has worked in practice and to what extent the Directive's objectives have been met. The online survey (accessible here) can be completed until 29 March (new extended deadline)

AIFMD Review - the key areas of focus for depositariesOn 22 October 2020, the European Commission launched a public consultation on the review of the Alternative Investment Fund Managers. Related News 25 Feb 2021 The Investment Limited Partnership: A common law, EU-based partnership for investment funds Regulatory Updates, AIFMD 15 Feb 2021 Member Publication: Liquidity Risk Management Framework AIFMD, UCITS 9 Feb 2021 Webinar Recording: CP86 Dear Chair - Getting the plan right AIFMD, UCITS 22 Oct 2020 European Commission publishes AIFMD consultation AIFMD 3 Apr 2019 CBI update.

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EUR-Lex - 32013R0231 - EN - EUR-Le

DG FISMA - European Commission . john.berrigan@ec.europa.eu. Object: The AIFMD Review re. delegation provisions . Dear Mr. Berrigan, In the context of the ongoing review of the Alternative Investment Fund Managers Directive (AIFMD) , the International Investment Funds Association (IIFA) 1. wishes to express concerns in light of th Should the AIFMD delegation rules be complemented? Should AIFMD standards apply regardless of the location of a third party? PROGRAMME . 15.55 - 16.30 Introductory remarks by speakers. 16.30 - 17.30 Panel discussion and Q&A . Speakers. Sven Gentner Head of Unit C4 - Asset Management, DG FISMA, European Commission On 10 January 2019, the European Commission published a Report on the operation of the alternative investment fund managers Directive (AIFMD).This report is a first step in the AIFMD review process and will ultimately lead to the revision of the rules

PPT - AIFMD – timeline for Dec 2010 – Dec 2012: Level 2

2021. Responses will be used by the European Commission to inform its decision on what, if any, amendments to propose to the current AIFMD framework. BACKGROUND Article 69 of the AIFMD requires the European Commission to undertake a review on the application and scope of the AIFMD and to make proposals for amendments to the AIFMD, if appropriate On 10 January 2019, the European Commission (Commission) published a report on the impact of the Alternative Investment Fund Managers Directive (AIFMD). It provides and assesses evidence for the Commission's mandatory review of the AIFMD and sets out the findings of a survey conducted by KPMG of the stakeholders affected by the AIFMD AIFMD Application The Commission in order to assist the Regulated Entities with the preparation of the XML file has created the AIFMD application which the Regulated Entities can use to create their XML file. The AIFMD Application is available as a ZIP file and contains the following European Commission - Press Release details page - European Press release Brussels, 19 December 2012 Commission The European Commission has acted to solidly underpin the new rules for Alternative Investment Fund Managers (AIFM) by today adopting a Delegated Regulation supplementing the Directive on Alternative Investment Fund Managers (AIFMD)(see MEMO/10/572) Cyprus Securities and Exchange Commission | Επιτροπή Κεφαλαιαγοράς AIFMD Application version 1.1.21.12 (27/01/2021) 27 January 2021 CRYSTAL REPORTS REDISTRIBUTABLE (32BIT) CRYSTAL REPORTS REDISTRIBUTABLE (32BIT The commission's model CDF schemes (see section 8.2) contain all the provisions needed for compliance with AIFMD. The same approach to: the use of resolutions under s280 Charities Act 2011, o

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