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The Alternative Investment Management Association

Alternative Investment Management Association

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EU Asset Management Regulation

Asset management activity in the EU is regulated by a number of Directives. Broadly speaking, asset management can be divided into collective and individual portfolio management. The Markets in Financial Instruments Directive (MiFID) regulates the performance of individual portfolio management. The Undertakings for Collective Investment in Transferable Securities (UCITS) Directive and the Alternative Investment Fund Managers Directive (AIFMD) regulate the management of pooled assets raised from a number of investors (collective portfolio management).

There is significant overlap between the three Directives.  Both UCITS and AIFMD allow the regulated entity, in addition to collective portfolio management, to carry out individual portfolio management. Conversely, MiFID firms may also manage portfolios of UCITS and alternative investment funds. 

Recently, the European Commission has also published a proposal for the specific regulation of Venture Capital Funds.

 

Alternative Investment Fund Managers Directive

UCITS 

Venture Capital

MiFID / MiFIR 

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Sub Menu

  1. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
        1. AIFMD Archive
          1. AIMA Documents
          2. Official Papers
          3. Expert Opinions
          4. Directive Press
          5. Quotes
      2. UCITS
        1. ETFs and Structured UCITS
      3. Venture Capital
      4. MiFID / MiFIR
    2. US Hedge Fund Regulation
      1. Registration and Reporting
      2. Incentive-Based Compensation
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Regulation of NBFCs / SIFIS
    6. Supervision
      1. UK regulatory reform
      2. European Supervisory Authorities
      3. US Self-Regulatory Organisations
    7. Remuneration
      1. UK
      2. US
      3. AIFMD
    8. Shadow Banking
    9. Volcker Rule
    10. Other
  2. Markets Regulation
    1. Bank/Capital Regulation
      1. Capital Requirements Directive
    2. Derivatives/Clearing
      1. EMIR
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Dodd-Frank Act Title VII
      5. Hong Kong
      6. IOSCO
    3. High Frequency Trading
      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
    6. Position Limits
      1. MiFID / MiFIR
      2. CFTC
    7. Resolution of Financial Institutions
    8. Short Selling
      1. EU Short Selling Regulation
      2. Hong Kong Short Sellling Regulation
      3. US Short Selling Regulation
      4. Short Selling Bans
    9. Trading
      1. MiFID / MiFIR
      2. Dodd-Frank Act
  3. Tax Affairs
    1. EU Savings Directive
    2. FAIFs and FINROFs
    3. FATCA
    4. FIN 48 and IAS 12
    5. Financial Transaction Tax
    6. Investment Manager Exemption
    7. UK Offshore Funds Regime
    8. Other
  4. Search
  5. Resources
    1. Noticeboard
      1. Bribery Act
      2. EU Directive on Alternative Investment Fund Managers
      3. EU Directive on Alternative Investment Fund Managers - Level II
      4. EU Directive on Markets in Financial Instruments (MiFID)
      5. FATCA
      6. FTT
      7. FSA Remuneration Code
      8. General
      9. Market Abuse Directive
      10. MF Global
      11. Securities Law Directive
      12. Short Selling
      13. UK Stewardship Code
      14. US Dodd-Frank Wall Street Reform and Consumer Protection Act
    2. Guidance Notes
    3. Quarterly Regulatory Update
 
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