Alternative Investment Management Association
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 among 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.