On 9 August the European Central Bank (ECB) published an opinion on the amendments proposed by the European Commission to the AlFMD last November.

The ECB’s opinion sets out its views on the various aspects of the AIFMD review including:

• Liquidity management and macro-prudential tools:
  • That AIFMs should be required to use several, rather than one, liquidity management tools (LMTs);
  • The introduction of requirements for loan-origination funds and liquidity measures that target specific assets or liabilities;
  • The importance of ex-ante LMTs and other macroprudential tools to support financial stability;
• Reporting:
  • Eliminating duplicate reporting requirements under national and union legislation, and the need for collaboration between ESMA and ECB
  • The desirability of ESMA making AIFMD reporting data available to the ECB and other central banks

For further information please contact Sam Koslover ([email protected])