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).
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:
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conditions and procedure for the determination and authorisation of AIFMs, including the capital requirements applicable to AIFMs;
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operating conditions for AIFMs, including rules on remuneration, conflicts of interest, risk management, liquidity management, investment in securitisation positions, organisational requirements, rules on valuation;
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conditions for delegation;
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rules on depositaries, including the depositary's tasks and liability;
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reporting requirements and leverage calculation;
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rules for cooperation arrangements.
The Delegated Regulation adopted today 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.
More information
http://ec.europa.eu/internal_market/investment/alternative_investments/index_en.htm
