AIMA

The Alternative Investment Management Association

Alternative Investment Management Association

AIFMD

In April 2009, the European Commission proposed a Directive on Alternative Investment Fund Managers (AIFMs) with the objective of creating a comprehensive and effective regulatory and supervisory framework for AIFMs at the European level. The proposed Directive was aimed at providing harmonised regulatory standards for all AIFMs within scope.  The final agreement on the framework Directive (Level I) was achieved in November 2010 and the text entered into force on 21 July 2011.

The European Securities and Markets Authority (ESMA) was requested by the Commission to provide technical advice on the implementing measures of the AIFMD (Level 2).  ESMA’s final technical advice was submitted to the Commission on 16 November 2011. The Commission is expected to adopt implementing measures based on ESMA's advice in the course of 2012.  Member States will then have until July 2013 to transpose the Directive and its implementing measures. 

ESMA is also expected to develop guidelines in a number of areas, such as remuneration.

Key legislative documents

Final text of the AIFM Directive  (published by European Council on 13 May 2011)

AIMA documents

Analysis of ESMA's Technical Advice to the European Commission (November 2011)

Response to ESMA consultation on supervision and third countries (September 2011)

Response to ESMA consultation on AIFMD Level 2 (September 2011) - accessible by registered members only

Response to ESMA Article 3 discussion paper (May 2011) - accessible by registered members only

Response to ESMA consultation on AIFMD Level 2 (January 2011) - accessible by registered members only

AIFMD Level 2 - Additional Response re Depositaries (March 2011) - accessible by registered members only

AIFMD Level 2 timeline - accessible by registered members only

Overview of the AIFM Directive (November 2010) - accessible by registered members only

Trialogues Note - accessible by registered members only

Detailed analysis by AIMA of certain key provisions of the ECON and ECOFIN versions of AIFM Directive text (19 May 10) - accessible by registered members only

Position Paper on AIFM Directive (September 2009)

Position Paper on AIFM Directive - Executive Summary (September 2009)

AIFM Directive timeline (1 June 2010)

Comments on the Rapporteur’s Draft Report (January 2010) - accessible by registered users only

Institutional Investor script - accessible by registered users only

AIMA Newsletter sent to UK MPs and senior civil servants explaining the value of the industry (spring 2009)

AIMA Newsletter for Members of the European Parliament (autumn 2009)

CESR documents

Call for Evidence - Implementing measures of the Alternative Investment Fund Managers Directive (December 2010)

ESMA documents

ESMA's technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive (November 2011)

ESMA's draft technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive in relation to supervision and third countries (August 2011)

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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 Markets in Financial Instruments (MiFID)
      4. FATCA
      5. FSA Remuneration Code
      6. Market Abuse Directive
      7. Securities Law Directive
      8. Short Selling
      9. UK Stewardship Code
      10. US Dodd-Frank Wall Street Reform and Consumer Protection Act
    2. Guidance Notes
    3. Quarterly Regulatory Update
 
Sponsoring members of AIMA
  • CME Group
  • FundLab
  • Deutsche Bank Global Prime Finance
  • Ernst & Young
  • Man Investments
  • Fauchier Partners
  • Simmons & Simmons