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Alternative Investment Management Association Representing the global hedge fund industry

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European Capital Markets Regulation

Given the transition to a single rule book in financial services across the EU and the EU legislator's willingness to have all financial markets, products and actors covered by regulation, the EU institutions have begun to focus more closely on the development and maintenance of European capital markets and the impact of European regulation in this area.

On 25 March 2013 the European Commission issued a Green Paper in order to start a broad debate on how to foster the supply of long-term financing and how to improve and diversify the system of financial intermediation for long-term investment in Europe. Alongside the Green Paper, the European Parliament's Economic and Monetary Affairs Committee launched a public consultation on ways to further enhance the coherence of EU financial services legislation.

Following those consultations the European Commission proposed a European Long-Term Investment Funds Regulation and certain Member States began to give additional thought to the concept of loan origination in funds.

Relevant documents

ECON - public consultation on the coherence of EU financial services legislation (March 2013) 

AIMA documents

Submission - long-term financing of the European economy (June 2013)

Submission - Enhancing the coherence of EU financial services legislation (June 2013)

Submission - The Challenges of Long-Term Investment Funds (May 2013)

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Sub Menu

  1. AIMA's Policy Principles
  2. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
      2. European Capital Markets Regulation
      3. MiFID / MiFIR
      4. UCITS
      5. European Venture Capital Directive
      6. Shareholder Rights Directive
      7. European Long Term Investment Fund Regulation
      8. Loan Origination Funds
      9. Capital Raising
      10. AIFMD-Related Events
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Systemically Important Financial Institutions ('SIFIs')
    6. Remuneration
      1. UK
      2. United States
      3. CRD IV and CRR
      4. AIFMD
      5. MiFID
    7. Shadow Banking
    8. Volcker Rule
    9. Other
    10. Systemic Risk Reporting
    11. Dealing Commision
    12. Corporate Governance
  3. Markets Regulation
    1. Bank/Capital Regulation
      1. Capital Requirements Directive
      2. EU Bank Structural Reforms
    2. Derivatives/Clearing
      1. EMIR
        1. EMIR Level 1
        2. EMIR Level 2
        3. EMIR UK Implementation
        4. ESMA technical advice on equivalence
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Dodd-Frank Act Title VII
      5. Hong Kong
      6. IOSCO
      7. Singapore
    3. High Frequency Trading
      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
      6. Germany
      7. CFTC Automated Trading
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
      2. Indices as Benchmarks
    6. Position Limits
      1. MiFID / MiFIR
      2. CFTC Position Limits
    7. Resolution of Financial Institutions
      1. Europe
        1. EU Bank Recovery and Resolution Directive
        2. EU Non-Bank Recovery and Resolution
      2. CPSS-IOSCO
      3. Financial Stability Board
      4. UK
      5. USA
    8. Short Selling
      1. EU Short Selling Regulation
        1. SSR Docs
          1. SSR Level 1 - Consultations, legislative process and releated AIMA documents
          2. SSR Level 2 consultations, legislative process and related AIMA documents
          3. SSR Review
      2. Hong Kong Short Selling Regulation
      3. US Short Selling Regulation
      4. Short Selling Bans
    9. Securities Settlement
    10. Shadow Banking
      1. International Shadow Banking
      2. EU Shadow Banking
    11. Trading
      1. MiFID / MiFIR
        1. MiFIDII MiFIR Level 1 Consultations, legislative process and related AIMA documents
        2. MiFIDII MiFIR Level 2 Consultations, legislative process and related AIMA documents
      2. Dodd-Frank Act
  4. Tax Affairs
    1. Automatic Exchange of Information (AEOI)
      1. FATCA
      2. EU - AEFI
      3. OECD - Global Standard on AEFI
    2. Australia - Investment Manager Regime (IMR)
    3. BEPS
    4. FAIFs and FINROFs
    5. FIN 48 and IAS 12
    6. Financial Transaction Tax (FTT)
    7. UK Investment Management Exemption (IME)
    8. UK Offshore Funds Regime
    9. Other
  5. Search
  6. Resources
    1. Guidance Notes
    2. Jurisdictional Guides
    3. Noticeboard
      1. AIFMD
      2. BEPS
      3. CFTC Registration and Exemptions
      4. Dealing Commission
      5. Derivatives
      6. FATCA
      7. FTT
      8. High Frequency Trading
      9. MiFID / MiFIR
      10. Other Hot Asset Management Topics
      11. Other Hot Markets Topics
      12. Position Limits
      13. UK Partnership Tax Review
      14. Trading
      15. Volcker Rule
    4. Hedge Fund Manager Training
    5. Quarterly Regulatory Update
    6. Webinar Programme
    7. Regulatory Compliance Association
      1. About the Regulatory Compliance Association
      2. RCA Curricula and initiatives for alternative investment firms
      3. Meet the regulators and Sr. Fellows